Business Lines of Credit are one of the top credit solutions for business owners. It allows for flexible use and affordability with the added benefit of only using what you need, when you need it.
(Without affecting your credit!)
Usually you’ll find that Lines of Credit cap at around $250,000 for online providers.
A business line of credit is characterized for having the flexibility that other traditional lump sum loans don’t have. For instance, if y0u were approved for $100,000 in a line of credit, you would have that amount at your disposal. Now, let’s say that you need to make an emergency equipment purchase that will run you for $40,000. This would effectively work as a $40,000 loan from your available $100,000. You’d only pay interest on those $40,000.Â
Need to manage cash flow? Buy inventory? Pay for a surprise expense? Then a business line of credit makes sense.
Lines of credit start at around $20,000 and max out at around $250,000
Terms are customized according to your needs and up to 18 months.
Lines of Credit Start at about 8.4% APR which translates to 0.7% a month
(Based on American SBA previous clients)
Credit score is moderately weighted when applying for a BLOC.
Getting approved for BLOCs may require a moderate business revenue.
We've seen that on average businesses that are approved have a minimum of 1 year in business.
Business Lines of Credit actually have a quite simple application process for business funding. You can easily apply by filling up a quick 5-minute application and sending in your last six months of bank statements.Â
Your advisor will go over your documents and if there’s any information missing they will be in touch shortly.Â
You can find the application by clicking here.
Virtually all industries can benefit from a line of credit. Some more than others, but given this product provides such flexible use-cases, opportunities arise at any situation.
Short term capital loans have proven to be a great option for the transportation industry! Funds are likely used for buying trucks, equipment, or repairs. Often a very popular option for this industry.
Many retail store owners require some extra capital to leverage economies of scale to take advantage of discounted prices and lower costs per goods sold!
Many medical professionals that require an upgrade in their equipment or an expansion of their current operation resort to short-term capital loans. Often secure lower rates than the average.
Professional services often have the same issue than other independent contractors. There's a demand for work, but no capital for the required resources. This solves that issue!
Contractors often have many projects ahead that are left untreated for lack of proper resources. These loans are able to bridge that gap and allow work to happen!
Time-in-time again we service owners with broken essential equipment. Every day without it is costing them money. This product serves useful as it is the fastest road to funds.