Lines of Credit

A line of credit is an open credit account that you can draw from as needed. Different types of lines can be used to buy property or for working capital.

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Lines Of Credit
Advantages

Flexible

$0 Balance = $0 Interest

Bad Credit, No Problem

No Collateral Required

What is a Line of credit?

When you get approved for a line of credit, your lender will determine your credit limit. Borrow as much or as little as you like within that limit and pay back into the account monthly or quarterly to free up more borrowing power.

Lines of credit are a lot like credit cards, but they usually have lower interest rates and higher credit limits. Unlike a credit card, you can secure your line with assets to increase your limit. This is called a “secured line” and your limit is based on the value of the asset instead of your credit score. If you have a higher credit score, you can choose an unsecured line of credit, which does not require collateral.

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How to Effectively Apply Funds

Lines of credit are perfect for small businesses that deal with seasonal fluctuations in revenue throughout the year. Even when business is slow, expenses like utilities, rent, and payroll have to be met. That’s when it’s handy to have an open line of credit. You can cover the bills now instead of waiting for sales to pick up. When business is booming again, just pay down the credit balance to free up more for the future.

Most lenders don’t charge interest to keep a line of credit open, as long as there’s no balance. This makes a line of credit a valuable backup tool for emergency expenses. Having an open line means you can tap into cash whenever you need it, without waiting for a lender to process your loan application. That can save you money on late charges, collection fees, and even default. Ask your broker for more details today.

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Financing Options

Increase spending fliexibility while reducing demand for cash on account.

Banks

Banks are usually the first lenders business owners think of when it comes to lines of credit. Although they can be hard to qualify for and processing times can be lengthy, banks offer competitive rates. You may also find deals that let you bundle services. Ask your broker which bank is right for you.

Private Lenders

Private lenders offer credit lines that are easy to apply to and have shorter application processing times than most banks. If you don’t qualify for a bank loan, consider seeking a line through a private lender. Your broker can help you compare lines across lenders and find the best deal.

SBA

The Small Business Administration backs lines of credit through their CAPLines program. If you qualify as a small business, you can get up to $5M at a flexible interest rate when you use an SBA Preferred Lender. Don’t know where to find one? Ask us to connect you!

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Get started with a quick, no-credit-pull application. We'll begin positioning you for financing before we conduct a discovery call. When we talk, we'll have further questions AND initial insights that may help you accelerate your path to funding.

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Facts, Answers & questions

Q. What is a non-revolving line of credit?

Credit cards and some lines of credit are considered “revolving” meaning that when you pay off the balance, you can use the line again.

Q. What is a non-revolving line of credit?

Credit cards and some lines of credit are considered “revolving” meaning that when you pay off the balance, you can use the line again. Non-revolving lines allow you to charge up to the credit limit, but don’t replenish as you pay on the account. The account closes when the balance is used up.

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Q. How do I get a business line of credit?

First, you should determine which type of line you want. Then, find which lender has the best deal and check their qualification criteria.

Q. How do I get a business line of credit?

First, you should determine which type of line you want. Then, find which lender has the best deal and check their qualification criteria. A broker is your best friend when it comes to finding deals on secured or unsecured lines of credit. Speak to one today.

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Q. Can I get a line of credit with bad credit?

Yes, secured lines of credit let you leverage the value of your company’s assets (real estate, equipment, inventory, etc.) as collateral.

Q. Can I get a line of credit with bad credit?

Yes, secured lines of credit let you leverage the value of your company’s assets (real estate, equipment, inventory, etc.) as collateral. This means your credit score isn’t the main factor in the lender’s decision, it’s the asset’s value. Even if you have a low credit score, our brokers can help you find a line that works for you.

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Q. When is a line of credit not the best fit?

Lines of credit are handy when you need to handle seasonal cash flow needs, but can’t bail out a troubled business.

Q. When is a line of credit not the best fit?

Lines of credit are handy when you need to handle seasonal cash flow needs, but can’t bail out a troubled business. Before taking on any type of loan, you should assess your business’s ability to handle the cost of borrowing. If you’re not in a good financial space right now, our brokers can help you manage debt and repair credit.

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