BUSINESS LINE OF CREDIT

• Loan amounts available from $5,000 - $750,000

• Quick approvals

• Funding in less than a week

• Up to 36-month repayment terms

• Low-fixed payments

• No early pay-off penalty

• Interest paid is tax deductible

• Open accessible funds

• Much more economical than credit card debt

• Flex pay loan options available with 50% deferment of principal allowing a much lower affordable payment now

Line of credit advantages

• Purchasing new equipment

• Stocking inventory

• Business expansion

• Renovations and remodeling

• Opening a new location

• Buying out a business partner

• Upgrading POS system

• Paying business taxes

• Cash flow

• Inventory

• Getting caught up with payroll

• Reconsolidation of expensive debt

• Unexpected expenses

• Seasonal declines

• Buying our a business partner

• Launching a new marketing campaign

Common uses for our business line of credit

Line of Credit

A business line of credit is like having a financial safety net for your company. Imagine it as a pre-approved loan from a bank or financial institution. Instead of getting a lump sum of money upfront, you have access to a pool of funds. You can dip into this pool whenever your business needs extra cash. Whether it’s covering unexpected expenses, investing in a new opportunity, or managing cash flow during slow periods, you can borrow what you need, up to a certain limit. The best part is, you only pay interest on the amount you borrow and only for the time you use the money. Once you repay what you’ve borrowed, that portion of the credit becomes available to use again. It’s like having a flexible financial cushion that you can rely on whenever your business requires extra funds, making it a convenient and versatile financing option for various business needs.

Having ongoing access to the funds, which gives the flexibility to borrow only what is needed on a situational basis is the key benefit versus acquiring a working capital loan. This provides relief of a one-time lump sum pay back. With the line of credit, the business has control over how much to borrow and how much to pay back. Because the line of credit does have a limit, the business is only obligated to pay back what they borrow at the time and only pay interest on the portion that they borrow, not the entire line of credit. And they still have access to what they have not yet borrowed as long as they don’t borrow beyond their limit.

A business line of credit can be used for multiple reasons — to manage cash flow, buy inventory or merchandise, or pay for unexpected expenses. Businesses may need to meet certain qualifications to qualify, like a minimum amount of annual revenue and a minimum credit score. Give us a call for more information or to get connected with one of our loan experts.