Lines of Credit
In today’s fast-paced business environment, you need financing that can keep up. When you want to onboard new hires, supplies, and materials fast, get a line of credit that lets you borrow what you want, when you want, without having to apply for multiple loans. Where will a line of credit take your business?
What is a Line of Credit?
Although there are many types, most lines of credit are revolving credit accounts that are a lot like credit cards. When you’re approved for a line, your lender establishes a credit limit. You can spend as much or as little as you need to within that limit. Payments back into the account free up the balance so you can use it again.
Lines of credit can be secured through your company’s assets like real estate, equipment, and inventory. You get a percentage of that asset’s value in credit to spend when you need it. If you’re confident in your credit history, an unsecured line of credit keeps your assets off the table. Non-revolving lines of credit do not renew when you pay down the balance. When the credit limit has been reached, the account closes.
Most business owners prefer a line of credit to meet working capital expenses. They can help with monthly utility bills, payroll, or emergency cash. You can keep an account open as a backup plan in case you ever need extra cash. As long as you don’t have a balance, you don’t pay interest. Make sure to check with your lender about any maintenance fee to keep the account open.
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Launch
Get your latest project off to a stellar start. A line of credit can pay for the consultants, materials, and transportation your team needs to launch big ideas. Use a line to tackle the upfront costs so you can manage the expenses over time. You’ll see how fast your plans can become reality.
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Manage
Not every business sees steady income throughout the year. Some see more revenue in the summer months, some rely on the holiday season. If this sounds like your business, smooth out the seasonal rollercoaster by using a line of credit. Take what you need when business is slow and pay it back when business is booming.
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Protect
You’ve put a lot into your business. So, don’t let unexpected expenses sink your credit. You can avoid late payments and delinquent accounts by having a financial backup plan. When you use a line of credit as part of your emergency planning, you have a cash reserve on hand to help you tackle whatever comes up.
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F.A.Q.’s
Q. When is a line of credit not the best option?
Lines of credit are a great way to manage working capital expenses, but they’re not always the best option. If you’re looking to make a major purchase, a real estate, construction, or equipment loan might be the right tool for the job. Let us know what your needs are and we’ll find a loan to match.
Q. Should I get a secured or unsecured line of credit?
It’s easier to get a secured line than one that’s unsecured. However, an unsecured line keeps your company’s assets out of harm’s way if you fail to repay the loan. Secured lines typically have higher credit limits and lower interest rates than unsecured lines. Which one is right for you? Let us help you find the right solution.
Q. What is a non-recourse line of credit?
Non-recourse means that a lender can’t go after assets that aren’t used as collateral. When a borrower fails to repay their balance, the lender can seize whichever asset was used to secure the loan. If those assets don’t cover the debt, the lender can seek other assets. In a non-recourse situation, any assets outside of the loan agreement are protected.
Q. Where can I get a business line of credit?
If you’re hunting for the best line of credit for your small business, we can help you narrow down your search. Lines can come from banks and private lenders, but either source will only show you the lines they offer. When you work with a broker, you can see side-by-side comparisons from competing lenders.
Keep an open line as an emergency backup.
Use your assets to secure a cash account.
Smooth out seasonal ups and downs.
Secured, unsecured, non-revolving, and no-recourse lines are available.
Use your assets to secure a cash account.
Smooth out seasonal ups and downs.
Secured, unsecured, non-revolving, and no-recourse lines are available.
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