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What Is a Business Line of Credit?

A business line of credit is a type of credit account that you can borrow against, up to a set dollar limit. Once you’re approved for a line of credit, you can access the funds as you need them by making withdrawals (called “draws”) against your account. 

You can draw as many times as you like, as long as your outstanding balance doesn’t go beyond your account’s available credit limit

How Do I Get a Business Line of Credit?

Traditionally, a small business line of credit comes with a wide range of requirements and terms because they are flexible. Different requirements apply based on the structure of the loan and it often depends on the lending institution’s funding strategy. 

Because of this, businesses must carefully evaluate their options. A diverse range of lenders will have differing requirements, offering diverse choices in the following areas

  • The maximum amount of funding is available.
  • Repayment options and service options.
  • Credit qualifications of borrowers.
  • The time frame in which funds will be available.
  • The time it takes for funds to be repaid.
  • A secured loan or an unsecured loan.
Fast Working Capital
Made Simple

Funds available on demand

Enjoy peace of mind by having money available for any business expense. Apply for funds with a click of a button.

Only pay for what you use

No fees to open or maintain your line of credit. No prepayment fees, monthly maintenance fees, or account closure fees.

Access to a revolving line

Draw as little or as much as you want from your available credit. Your credit line replenishes as you make repayments.

Financing that grows with you

We support your business growth by getting you the credit line for your business size at any stage.

How Do Business Lines of Credit Work?

An unsecured revolving credit line works by allowing you to borrow money as you need it. You may withdraw as little as the minimum amount required to open your account, or as much as the total of your approved credit limit – and only the amount drawn is subject to interest.

They transfer withdrawal funds electronically to your bank account. Over the course of a specified repayment term, such as 12 or 18 months, you’ll repay the draw on a weekly or monthly basis.

Business lines of credit are secured, unsecured, and either closed or revolving. Credit lines for businesses that are secured typically require collateral, while credit lines for businesses that are unsecured are approved based on your personal and business finances and creditworthiness. 

Similar to a credit card, revolving credit lines let you pay off and borrow against a replenishing credit limit multiple times. Closing lines of credit disperse the entire loan amount to you at the onset of the loan term.

Who Can Benefit From a Line of Credit?

Insufficient cash flow is a common complaint among small business owners, especially seasonal businesses or companies that rely heavily on invoicing or have long accounts receivable periods. 

It is not uncommon for small businesses to need working capital to keep up with industry changes and to continue to grow and pass on the benefits of their success to their communities. Many traditional lenders, including banks, offer funding, and some industries and regions qualify for grants or special finance programs. 

But applying for these funding options can take months and doesn’t guarantee approval. It is common for most applicants to be turned down, especially for small business loans, businesses operating in high-risk industries, or businesses with low credit scores.

Most common reasons for a business line of credit

  • Acquiring new inventory
  • Establishing a new location
  • Equipment and technology upgrades or replacements
  • Building a sound marketing strategy for your small business

Strategies for Growth Funding

When expanding your business, determining how much money you’ll need can be difficult. With a small business line of credit, you can launch a new marketing campaign, buy inventory, or otherwise invest in your company’s growth. A line of credit lets you borrow money without having to set a specific amount in advance.

Unforeseen Circumstances

When a large-scale opportunity appears suddenly, how flexible is your company? Is your organization resilient in the face of adversity? You may be able to respond quickly with a small business line of credit.

What is the Difference Between a Line of Credit and a Loan?

As with a traditional bank loan, a business receives a fixed amount of money and repays it over a certain time period, plus interest. There are many factors that determine an interest rate, ranging from a FICO score to the cash flow of the company. It is not uncommon for traditional lenders to ask for numerous documents to assess the risk of a loan. Such lending processes can be complicated and take a long time.

Technology and data analytics give the advantage. With this approach, we can simplify our applications and decision-making processes. The focus is on short-term loans that have service fees rather than interest rates. However, even with all this efficiency, a loan is still a specific amount of money that is suited to a particular project.

In a small business line of credit, they make funds available for a business to draw on as necessary. Essentially, you can borrow capital at any time up to your limit and pay it back gradually. If you make payments on time and if your credit does not exceed the limit, you can continue using the small business line of credit. The main purpose of a line of credit is to help your business to grow and survive.

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Restricted Industries
  • Auto Sales
  • Gambling
  • Firearms
  • Financial Services
  • Adult Entertainment

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