Business Line of Credit – OperatingInTheBlack

The most flexible payment methods out there.

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Loan Amount

$1,000 - $500,000

Loan Term

1-2 Year Maturity

Time to Funds

1-2 Weeks

Interest Rates

8-24%

Are you looking for flexible financing?

Look no further, because business line of credit is exactly what the doctor ordered.

A business line of credit can be likened to a safety net (albeit a financial one) for your business. It is always there whenever you need it, even though you don’t have to use it if you don’t want to. Should you decide to use it, it can cover practically every small business need. The fact that interest is only payable on the funds used and not the complete amount, is another advantage of this line of credit. It also has one of the most flexible payment methods out there.

This line of credit can be used for practically anything.

Apart from being a great financial safety net, business line of credit probably has the most flexible financing option out there. It can be used for practically all small business needs; from hiring staff, to increasing inventory, to equipment buying, payment of invoices, installing cappuccino machines, adding another location, and lots more.

Because line of credit actually revolves, there’s no limit to the number of times you can use it. The funds immediately become available to you once you repay what you used.

The process of applying and qualifying for a line of credit is actually quite straight forward.

Before you can qualify for a business line of credit, you must have been in business for not less than 6 months, with an annual revenue of not less than $50,000, and your credit score must not be less than 560.

You’ll be asked by your lender to give a personal guarantee in form of an agreement, which gives the lender authority to levy your personal assets like house, bank account or car, if you ever default on your line of credit.

There’s no special procedure for applying for business credit cards. All you need to do is to fill out our 10-minute application form.,

Interest is only payable on the funds being used.

The fact that interest is only payable on the funds being used, is probably one of the best things about running a business line of credit. For instance, if you get a business line of credit for $40,000, but use just $20,000 for your office upgrade, your interest payable will only be for the $20,000. This way, you get to save a ton of money that would otherwise have been part of the interest.