Lines of Credit

Lines of credit are there when you need a boost to your cash flow.

Increase Flexible Spending

Manage expense with less cash on hand

Lending Overview

Lines of Credit are a cheaper way to finance than business credit cards, but work much the same. Work with your lender to establish your credit limit. Then borrow as often as you need within that limit. Any payments you make into the account free up more borrowing power. You can secure a line on your business assets like real estate and equipment. If you have a qualifying credit score, you can get an unsecured line that doesn’t require collateral. Secured lines usually have higher credit limits than unsecured lines, but require assets. Unsecured lines keep your assets off the table if you’re unable to pay back the loan. You can also explore options like non-revolving lines of credit and no-recourse lines. To find out which line of credit is right for your business needs, contact a broker today.

Move Quickly With Available Cash

Lines of Credit Advantages

Borrow as often as you want

Only pay interest on your current balance

Payments to the account free up cash for the future

Low credit scores still qualify

How to Effectively Apply Funds

Many types of businesses rely on earnings from one or two quarters to get them through the rest of the year. That can make it difficult to meet expenses during the off-season. Lines of credit solve that problem by providing a boost to cash flow whenever the business needs it. When profits are up, payments into the line free up credit to borrow when the cycle continues. Lines of credit smooth out the seasonal revenue rollercoaster. Whether you hit your stride during the holidays or see a rise in sales in the summer, a line of credit can help your business thrive all year long.

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Secured

A secured line of credit lets you leverage the value of your business assets to raise working capital. Use real estate, equipment, interest in the company, inventory and other assets to open a line you can use again and again. Ideal for new businesses that don’t have a long credit history.

Unsecured

Unsecured lines of credit don’t use your company’s assets to secure the loan. That means if you default on the loan, your assets are protected. To offset risk, lenders often require a good credit score to qualify. Borrowers with a strong credit score often pick this option.

Emergency

Because most lenders don’t charge interest if you don’t have a balance on your line of credit, keeping one open in case of emergency is a low-cost way to protect your business. When unexpected expenses arise, you won’t have to wait on a loan application to get them taken care of.

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F.A.Q’s

Q. What is a non-recourse line of credit?

With most lines of credit, the lender can seize your business assets if you don’t pay your debt. They can even go beyond the assets you put up as collateral if they don’t cover the cost of the loan. A non-recourse line of credit limits a lender’s ability to seek additional assets.

Q. How to pay off a line of credit?

In most cases, it’s a better idea to keep a line open and pay off the balance than to close the line completely. That’s because it shows as available credit on your credit report. Closing the line affects your debt-to-income ratio and can drop your score. Ask a broker about debt management options today.

Q. When is a line of credit not a good option?

For major purchases like real estate and equipment, you probably won’t want a line of credit. There are specialized loans designed to handle business expenses like buying CRE and acquiring other companies. Ask a broker to show you long-term loan options with lower interest rates and higher borrowing limits.

Q. How can I access a line of credit?

Applying for a line of credit is simple. Just work with a broker to find the right line for your business needs. Once approved, you can access funds in a number of ways from using a card to transferring funds online. Let us show you the best lines for your money.

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