Despite the best business planning and financial projections, no one can predict the future, and a Business Line of Credit is available when you need it, and that provides an added level of security for business owners.
A Business Line of Credit can bring financial relief to business owners by providing immediate access to working capital on an as-needed basis for expenses ranging from typical operations to payroll, inventory, purchasing, and lease payments. Typically, a Business Line of Credit provides a set amount of funding that allows you to borrow as much as you need at any time.
Monthly payments are calculated based on how much you borrow. The fee is based on the draw. There are no closing costs. It is very similar to revolving credit issued on a credit card. There is no early prepayment penalty, and you are able to transfer the funds online from your line of credit directly to your bank account.
A Business Line of Credit can provide savings, as it offers low cash rates, and you are charged only for the funds you draw. You have the ability to access capital quickly from your computer or mobile devices, and you have peace of mind knowing that there will be no interruption in your operations.