A Business Line of Credit gives access to a pool of funds to draw from when you need capital. Unlike a traditional business loan, you repay only the amount you withdraw, with interest.
A Business Line of Credit, provides a business with access to money that can be used to address any business expense that arises. Unlike a small business loan, you only repay on what has been drawn.
Business Lines of Credit offer both Unsecured and Secured options. Unsecured options will be based strongly on the business credit and financials. And it may be loosely based on the business owner's personal credit. Unsecured Business Line of Credit will usually have a loan amount cap of 25% of the yearly gross revenue.
Secured Business Lines of Credit work differently. These programs will add the business owner as a Personal Guarantee. Meaning that the approval will be strongly based on the business owner's credit history and assets. Additionally, the Secured program will add a UCC filing on the business. Due to the additional requirements, the loan amount cap is much higher. They can leverage your assets and credit score alongside the business financials and cash flow. Giving you the possibility to use collateral and getting approved for over 100% of the yearly gross revenue.
Business Lines of Credit underwrite very quickly. We can have an offer ready in as little as 12 hours after the submission. This program also comes with same day funding options.
All Business Line of Credit programs come with very lucrative early renewal features. Your line will send you immediate notifications every 3 to 6 months with options to lower the rate and increase the line amount.
Our Line of Credit are far less restrictive than bank Line of Credit. The requirements needed are as follows: