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Lines of Credit

Access revolving funds with a revolving line of business credit.

lines of Credit Overview

A line of credit is similar to a credit card for your business but typically comes with a lower interest rate. Unlike credit cards, you can use real property to secure a line of credit. This lets you use the value of an asset to get a higher credit limit than you could with an unsecured line. Both cards and lines offer easy ways to access the funds and don’t charge interest until the funds are used.

A secured line of credit uses the value of your property to determine your borrowing limit. An unsecured line lets you borrow without putting your assets on the table. Once you’re approved, you can borrow from your line of credit as often as you need. Make payments back into the line to free up the balance for future business needs. There are also non-revolving and no-recourse lines of credit available. Your broker can tell you more.

How to Effectively
Apply Funds

Lines of credit can be put to use for your business in many ways. Since the funds aren’t tied to a specific purchase like construction or equipment, you can use them just about anywhere. If your business relies on seasonal income, a line of credit can help you weather the slow seasons. A line can cover the delay between delivery of goods and services and payment from your clients.

When vendors don’t accept credit cards, use a line of credit instead. Take out as much or as little as you need, whenever you need a cash boost. Lines can help you make large cash deposits for events or inventory. Some lenders don’t charge maintenance fees, allowing you to keep a zero balance line open for emergencies. Where does your business need a boost?

Once you have the property, you can renovate and resell it for a profit, using part of that money to satisfy the loan. If you’re investing in income-generating property like a hotel or office building, the immediate income from your customers helps pay off the loan. You won’t be locked into a long-term mortgage on the property that eats away at your profits year after year.

Line of credit Options

Retail

Many businesses rely on the holiday season to carry them through the rest of the year. Outdoor recreation, landscaping, snow removal, and confectionaries face a similar challenge. Even out the ups and downs in seasonal revenue with a secured or unsecured line of credit. Borrow when you need to, pay back when you can.
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Wholesale

Getting ready for a big order, but need the inventory to cover it? Use a line of credit to bring in the inventory you need right away. Keep your customers coming back when you deliver what they need on time. Use the funds to develop new products and services you can offer in the future.
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Working Capital

Since lines of credit aren’t tied to any particular purpose, you can apply the funds wherever you like. Renovate your lobby, host an industry conference, design your next prototype, and hire new personnel all with a working capital boost from a business line of credit. Find out how you can qualify today.
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F.A.Q’s

Q. When is a line of credit not a good fit?
In general, lines of credit are ideal for working capital expenses. If you’re purchasing real estate, there are lines of credit that can help. But, you may find a better rate with a traditional mortgage instead. Leasing equipment is another task better left to a direct loan instead of buying it with a line of credit. Ask your broker for more information.
Q. How can I access a small business line of credit?
Once you’re approved for a line of credit for your small business, there are easy ways to tap into your credit line. Most lenders offer an online portal, a financial app, a card, and an auto bill pay feature.
Q. Is it hard to get a small business line of credit?
It’s easy to get approved for a small business line of credit, even if your credit score isn’t the best. Approvals for secured lines of credit use asset values instead of credit scores. So, even if you’re working on repairing damaged credit, you can open a line of credit for your business.
Q. What can I use a business line of credit for?
Lines of credit are ideal when you need to be flexible. Use one for working capital expenses like materials, utilities, payroll, and supplies. Most cards don’t charge interest unless you have a balance, which makes it easy to keep an emergency cash reserve.

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