Every small business needs to be able to adapt to change, especially in times of growth or uneven cash flow.
When you need ready access to cash and flexible terms for repaying borrowed funds, an unsecured line of credit can often be an ideal solution.
Process is quick and easy and once approved you can access funds the same day.
Flexible repayment terms, competitive lending rates, and if approved the line will report to credit reporting agencies.
A small business line of credit is subject to credit review and annual renewal, and is revolving, like a credit card: Interest begins to accumulate once you draw funds, and the amount you pay (except for interest) is again available to be borrowed as you pay down your balance. As with a credit card, the lender will set a limit on the amount you may borrow.
Rates for a business line of credit tend to be lower than those for a business credit card, which can charge more than 20% APR for purchases — and even more than that for cash advances.