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.
Need to manage cash flow? Buy inventory? Pay for a surprise expense? Then a business line of credit makes sense.
(Based on American SBA previous clients)
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.
Your advisor will go over your documents and if there’s any information missing they will be in touch shortly.
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.