Business line of credit
At a Glance
$1,000 - $500,000
Time to Funds
As Soon as 1-2 Weeks
1-2 Year Maturity
As Low as 8-24%
What is a business line of credit?
Think of a business line of credit as a warm, financial security blanket for your business. With a whopping 73% approval rate, not only will most businesses qualify, but this financing option allows you the flexibility to spend, however your see fit—Whether that means buying equipment, hiring staff, increasing inventory, adding a second location, paying invoices, installing a cappuccino machine, and more. And because a line of credit is revolving, you can use it as many times as you want. As soon as you repay what you’ve used, those funds become available to you again.
Only pay for the interest on the funds you use, forget the rest
One nifty thing about a business line of credit is that you only pay interest on the funds you use, forget the rest. So, let’s say you’re approved for a $40,000 business line of credit and you use $20,000 to expand your inventory, you’ll just pay interest on that $20,000. This saves you a fortune in interest.
How to Apply for a Business Line of Credit
To qualify for a business line of credit, you’ll need to show you’ve operated your business for at least 6 months and have $50,000 in annual revenue, as well as a credit score of 560 or higher.
Your lender may ask you to make a personal guarantee. Simply put— you might be have to put your beloved 99’ Ford Mustang on the line in case you default on the line of credit. But, you know what they say, great achievement is usually born of great sacrifice.
Applying is easy: simply fill out our 15-minute application, then compare business line of credit options from x lenders.