Similar to a credit card, a business line of credit is a revolving account that has a credit limit and associated interest rate determined by the health of your business’s overall credit profile. You can use your available balance how and when you see fit.
An excellent solution for a range of occasional purchases and expenses, a line of credit can be a great funding resource and credit building tool for businesses that do not exceed their credit limit and can make timely monthly payments.
Lenders offer both secure and unsecured lines of credit. Depending on the size of your requested loan and your credit profile, some lenders may require additional documentation, including tax returns, corporate ownership, profit & loss statements, balance sheets and accounts receivable and payable schedules.
On-demand access to capital, flexible use, and ability to repay early to reduce interest fees make this an attractive financing option for most businesses.
* If you meet these general loan guidelines, you will most likely receive loan offers for this funding product. Loan offers are preliminary based on the information evaluated, final funding amount offer may be adjusted during final underwriting.
Not sure a line of credit is the financing solution for your business? No problem! Fimerica makes it easy to view and compare all of the business loans and financing products for which you qualify. Get your real-time loan offers in 5 minutes or less. minutes or less.