If you are looking for the benefit of flexibility for your business financing, look no further than a business line of credit.
A line of credit is there if you need it, when you need it most. One of the greatest aspects of a line of credit is the ability to not have to use it, if you don’t need to. Once you’ve been approved it’s up to you to use it or not. The flexibility is the key differentiator of the line of credit. We recommend businesses at least have a minimum line to draw on if needed.
What can a business line of credit be used for?
Just about anything. From payroll to inventory to paying down higher interest debt, it is one of the most flexible and versatile business credit products around.
How much is a business line of credit?
The interest varies by business and individual, but it you only pay interest on the funds you use. If you have a line of credit of $10,000 and you only use a small portion to cover incidental expenses, you only pay interest on the amount you used not the full line amount.