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Business Line of Credit Basics
The maximum amount of the unsecured business line of credit for which a business owner will qualify is dependent upon the company’s historical and projected annual cash flow and revenues. Consider the following tips to help you learn more about business lines of credit.
1. Research pros and cons of obtaining a business line of credit.
2. Access funds whenever needed with a business line of credit.
3. Use a business line of credit to create cash flow.
Determine if a small business LOC is right for you
A business line of credit is a revolving product with no fixed terms. In most cases a business line of credit is the best option for short-term cash flow needs. For example, if you are obtaining long-term working capital or are purchasing a fixed asset, a business term loan would be a more appropriate financing tool.Use a business credit line to finance short-term business objectives
Business owners can borrow off of the total business credit line incrementally or in one lump sum. To qualify, financial institutions will generally require a personal statement, certified business and personal tax returns for the past three years and other supplemental information that demonstrates the financial stability of your company.U.S. Small Business Association website to obtain basic information about business lines of credit and how you can accurately assess your financing needs
Expand your company with a business line of credit
A business line of credit can be used to finance a range of business expenses, such as equipment or a new product or service offering. While criteria will vary by financial institution, business line of credit lenders will generally want to ensure that your company is financially sound and profitable.- Be sure to watch out for high interest rates when applying for a small business LOC. While business lines of credit rates will generally be higher than business loans, they rates should be significantly lower than credit card rates.
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Tips & Advice for Business Line of Credit
Have you been trying to find a quality business line of credit? Business credit lets businesses of all sizes maintain a healthy cash flow in order to pay employees and order equipment and services when they are needed, as opposed to waiting for customers or business clients pay for goods or services. A good line of credit is essential for nearly any sort of business.
In some instances credit may be difficult to come by, there are options though. While choosing a line of credit there are a number of things you will want to keep in mind. The terms of any credit should be read over carefully, and it may even be a good idea to consult a lawyer or other professional. Look for any hidden fees, and find out if or how your rate of interest may be raised. The timeline to pay credit is also important, and different banks or loan agencies may give you more or less time or have varying payment options. Also look at your limits and find out if you are able to borrow enough to cover immediate expenses. Maintaining good credit opens a number of doors for businesses to borrow more in the future if needed for expansion or other uses.
Consider your options carefully before making a decision. Business.com provides many helpful links.
Look at the links to the left and find a business line of credit.
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