Business Line Of Credit
The business line of credit is just like the revolving loan, which can be used by the owners of the business to meet the day to day needs accordingly. This is specially designed in a way to give business the short term working capital needs.
It is just as a financial safety net for the business. It is just there in your business but there is obligation to use this. The line of credit helps you to meet the small business needs which may arise on daily basis.
The best thing there is that you do not have to pay interest on the whole amount but on the amount you use.
It gives the instant funding to your business. You get the money your account within seconds whenever you do the withdrawal, it is 24*7 , nights as well as weekends.
It helps the business to build the credit by doing the payments on time, which is reported to the credit bureau.
Pay For What You Borrow
You do not have to pay for the whole amount but only for the amount which you use for the business needs.
The business line of credit is said to be the best financing option. This helps you to meet the recurring business expenses. With this you are prepared for all the challenges and opportunities that comes.
Prepare For Further Opportunities
Its help in planning future business with less of stress as you do not have to think every time you are need of cash.
With the business line of credit
How To Use?
The biggest benefit it has is of renewability which means you can draw the funds out, pay whenever you want and draw them back again. It can be used for the variety of the businesses.
Few Business Purposes It Can Be Used Are
Current operating expenses
To cover the cash flow gaps that arises
Gives the advantage of unexpected opportunities
Helps in dealing with emergencies
Helps in doing large purchases
Helps to get cover the seasonal down turn sales
Qualifying For The Line Of Credit
Your business should be at least 6 months and have $50000 or even more of the annual revenue.
Along with that it needs the credit score of around 560 or higher. It also depends on the history of the company as well as various other factors along with the above mentioned.
How To Apply?
There is the requirement of the personal guarantee, which is like the lender can levy the personal assets which include car, bank account if in any case the person default on the line of credit. And for the approval the first step is to fill the application form which is very easy than any other traditional way.
It’s All Possible With Financing Compass
Is There An Option Of Credit Line Increase?
Yes, sometimes there is an option where you can have the access to the some additional funds.
Credit Payback Work?
The amount get replenish as you pay it back as it revolves with no fees for drawing.
How To Become A Match?
At least 6 months of business and the annual revenue up to $50000 and its mandatory to have the bank account.
Requirement of bank statements, driver’s license, credit score.
What Our Clients Say?
Here are few reviews and comments from our clients.
The Financing Compass worked extensively with me to help me anticipate some of the issues that my business may face. Not many lenders would go to that length. They’ve been extremely supportive and a great resource.
Financing Compass enabled me to take advantage of an incredible opportunity to relocate and expand my business, at a pivotal time. The support I received from Financing Compass staff was priceless.
Working with Financing Compass helped me develop my business plan, ideas, and brand before getting started so that I was prepared to open a successful business when I received my loan.
Are You Looking For Our Services?
If you want any help related to business line of credit to start your business you can contact us. We will provide you with the best service that will benefit your business.