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Business Loan vs Line of Credit: What You Need to Know

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Business Loan vs Line of Credit

Why type of credit is right for your business?

Determining whether to choose a business loan or line of credit should be based on how much funding you need, when you need it, how long you need it and when you can pay it back. business loan vs line of credit

The main difference between a loan and a line of credit is a loan is a lump sum of money issued at one time allowing you to make a specific purchase; a line of credit is like having cash on tap up to the credit limit issued whenever you need it.

Before you decide which funding vehicle to pursue, let’s review both options so you can gain greater insight between the two as well as the pros and cons of each.
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Best Way to Utilize Cash Back for Business Credit Cards in Real Estate

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Cash Back for Business Credit Cards

Are you looking for ways to raise cash for real estate investing?

When it comes to investing in real estate some of the common funding sources being used are home-equity lines of credit and private lenders, also known as hard money loans. cash back for business credit cards

But did you know another way to get cash is through high limit business credit cards? As far as how to use your credit card, the best way is to take a cash advance against the card. Now using business credit cards will only get you so far in real estate investing because you have credit limits.

With business credit cards you most likely won’t be paying all cash for a $100,000 property. But let’s say you can cash advance $15,000 on one of your business credit cards. There is a quite a bit in real estate you can do with $15,000. You can buy a $50,000 rental property using a mortgage with 20% down. $10,000 for the down payment and $5,000 should cover closing costs. In this example you just bought a rental property using a business credit card.

But what about the fees involved when you take a cash advance against a business credit card?
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The Advantages of Social Capital When Getting Business Credit

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Advantages of Social Capital

I’m sure you’re no stranger to what factors impact your company’s fundability. In a previous post we talked about the 10 factors impacting your ability to get small business credit. advantages of social capital

But did you know one of the new trends growing in the business funding space is using a business owner’s ‘digital footprint’ as part of assessing fundability? When it comes to measuring “Social capital” several companies have even developed their own unique scoring models.

What is social capital?

It is the collective value of all your relationships and contacts via social networks, phone lists, SMS contacts and email databases. These data sources may be an invaluable asset to help run and grow your business successfully.
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