Lines of Credit
Lines of Credit
Lending Overview
Some businesses thrive during one part of the year, while the rest of the year is lean. During the slow months, it can be difficult to keep up with costs like rent, utilities, and payroll. A line of credit can help your seasonal business get through the slow season so you do not miss important payments. If you have a special project coming up, a line of credit can pay for temporary staff, materials, and advertising. When you need more funds, simply tap into your credit line again. You do not need to reapply. When you pay into your account, you free up space in your credit line to borrow again when you need it. Lines of credit are a lower-cost alternative to business credit cards and often come with higher credit limits. With a secured line, your credit limit is based on the value of company assets, not your credit score. Ask us about a line of credit today.
How to Effectively Apply Funds
Optimize your business’s financial flexibility and readiness for any situation with our lines of credit, tailored to match both your planned and unexpected needs.
Lines of credit give you access to working capital whenever you need it. That means they are as versatile as you are! Use your line of credit for emergency cash, supplies, inventory, travel, and whatever else your business plans require. There are two general types of credit lines: secured and unsecured. Unsecured, does not mean it is any less safe for borrowers. An unsecured line of credit is the closest to a credit card, in that there is no collateral to secure the loan. A secured line of credit uses assets like real estate to secure the loan. That provides security to the lender so they are willing to extend credit. For more information, ask one of our professional brokers.
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Cash Flow
When your cash flow could use a boost, try a line of credit. Lines of credit let you tap into cash whenever you need to, so you do not have to sweat the slow season. Pay for supplies, materials, inventory, and more when you get a line of credit from our network of professional lenders.
Urgent Needs
Lines of credit give you a low-cost source of emergency cash in case you need it quickly. If you do not have a balance on your account, you will not have to pay interest on it, which means it is easy to have a backup plan in place. When the unexpected strikes, you will not have to wait to get approved.
Low Credit
Having a lower credit score does not mean you cannot get affordable financing for your business’s working capital needs. A secured line of credit lets you leverage your business’s long-term assets to get credit without a high credit score. Paying back into your account on time can even raise your credit score.
Advantages
Experience unmatched financial agility and competitive advantage with our lines of credit, designed to empower your business with immediate access to capital.
Flexible
Always Available
Boosts Credit
Asset-based & Credit-based Options
FAQ’s
Got Questions? We Got Answers!
Q. How can a line of credit raise my credit score?
If you have a low credit score, you might be able to bring it up by using a line of credit. Secured lines of credit are asset-based, allowing you to borrow even if your score is low. When you pay back the loan on time each month, you build good credit and raise your score.
Q. What is a secured vs. unsecured line of credit?
A secured line of credit uses your company’s assets as collateral on the loan. An unsecured loan is based on your credit history and keeps your assets off lenders’ radar. To learn which fits best with your plans, contact a broker today.
Q. When should I not consider a line of credit?
Lines of credit are short-term loans that can be accessed over and over again, as you need them. However, most lines of credit are not designed for long-term purchases like real estate and heavy-duty equipment. If you need to purchase these assets, talk to a broker about the many options available.
Q. Is it easy to get a line of credit?
Yes, because there are so many options, it’s easy to find a line of credit when you get the help of a broker. You can compare lines, access great deals, and apply through our brokerage.
