Small Business Credit Lines
Do you need small business credit lines for working capital?
In today’s post we are going to show you how to get a credit line whether you’re a startup or existing business. The three major types of business lines of credit we’re going to talk about are 100% unsecured and have no restrictions on the use of funds.
By the time you finish reading this post you will know what it takes to qualify for each small business credit line and how to get started.
First, let’s cover what a small business credit line is. A small business line of credit is a revolving credit product issued by a bank or lender that allows you to draw funds on the entire credit limit issued and you can borrow money against the line whenever you need it.
With a business credit line, you have a great deal of flexibility because you can repay the balance in full or pay the minimum monthly payment every month. Depending on the type of small business line of credit you have, the minimum monthly payment can range from 1% – 5% of the outstanding balance.
Now you can borrow against the line of credit over and over again based on how much credit is available. You can access the credit line by phone or online, access checks or business credit cards depending on the type of line you acquire.
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