What is a Business Line of Credit?
As a business owner, you’ll likely face times where you need access to fast cash to sustain your company and have steady working capital. A business line of credit loan allows you to finance your business with a new revenue stream without requiring the use of expensive credit cards or depleting your personal savings account.
There are multiple types of business lines of credit loans that can be used to fund different purposes.
Working Capital Line of Credit
A working capital line of credit is a revolving line of credit that funds your general needs for working capital, from accounts receivable to inventory expenses. These loans have convenient borrowing and repayment plans, making it easy for you to manage your finances while providing you with the cash your business needs.
Secured vs Unsecured Working Capital Line of Credit
A secured working capital line of credit will require you to provide a form of collateral. The collateral can take many different forms, including your business assets, deposit accounts, real estate, securities, and more. These loans may be able to get you lower rates depending on both your business profile and your credit history. Real estate secured lines of credit typically come with the highest credit limits.
Based on both your personal and your business credit histories and your business’ cash flow, you may be able to qualify for an unsecured line of credit. However, these loans may have lower limits and higher interest rates, costing you more cash in the long run.
Business Equity Line of Credit
A business equity line of credit is secured by your business property’s equity. These loans are a flexible and revolving option that come with convenient borrowing and repayment structures. Depending on the loan amount, interest-only options may be available. Equity leverage may also be available to you.
Who Qualifies for a Business Line of Credit?
Business owners can apply for a business line of credit regardless of their industry. Depending on your credit history, you may qualify for an unsecured line of credit, or you may need to secure the loan with a form of collateral. Collateral can include your business assets and real estate.
The Advantages of Using a Business Line of Credit
Even the most profitable business will sometimes experience lean times. Sometimes major clients postpone payments, and a seasonal business will always find itself in the slow season sooner or later. These are just a few examples of when a business line of credit can help you cover expenses in a pinch or when necessary.
This type of loan can also let you take up unexpected opportunities, for example, when a supplier is offering discounts. With this kind of flexibility, you won’t miss any chances to capitalize on business opportunities.
As a modern business owner, it’s likely that you will eventually need interim financing in order to fund the short-term working capital needs that are associated with expenses like:
- Accounts receivable
- Trade discounts
- Seasonal shortfalls
- Other, such as unexpected needs
You’ll also find that business lines of credit offer:
- Competitive rates – much less expensive than using a credit card
- Wide range of applications – use the funds for almost any expense
- Financial flexibility – you won’t be held back by limited finances
- Customized to your business’ needs – we will find the best line of credit for you
- Funds available on the fly, as you need them
- Pay interest only on what is borrowed
Find the funding you need for your working capital today!
Finding a Business Line of Credit
Finding funding for your business can feel like an overwhelming and stressful endeavor. And when you first decide that you need a business line of credit to help sustain your company, your first thought is likely to head to the bank. But as a business owner, your time is your most valuable asset, and the search for a bank that can offer you a business line of credit with attractive rates and terms is time-consuming.
You might have also considered using a non-bank direct lender for a business line of credit.
But these lenders often require borrowers to pay higher rates and don’t offer the same level of customer service as banks do.
Plus, adding more options into the mix means you’ll need to spend even more time comparing rates and reviews online. And that’s time that you don’t have to spare.
Your FundingTree can save you from wasting time and getting frustrated by doing the legwork for you. All you need to do is fill out one obligation-free online application.
The best part? It only takes a couple of minutes to get started.
One Simple Application for All of Your Funding Needs
If you’re applying for a business line of credit through a bank or a non-bank direct lender, you’ll need to fill out a separate application for each one. Not only is this time-consuming, but it’s also frustrating. Filling out the same information over and over again is tiresome, especially when you have important tasks to handle as a business owner.
But when you apply for a business line of credit with Your FundingTree, you’ll only need to fill out a single, simple application to begin the process. On this application, you’ll be able to let lenders know that you’re interested in a business line of credit. You will also be able to provide additional business details that make it easy for lenders to create a package personalized for your company.
We Find the Best Loan Proposals for Your Business
Your FundingTree has its own national network of approved lenders, and that means there’s a lender out there for every industry. When we match you with lenders, you’ll be working with a lender who knows and understands the ins-and-outs of your business – from the daily and mundane tasks to what it takes to grow and evolve in the industry.
Once you’ve submitted to us your no-obligation application, it will be reviewed by one of our expert financial advisors. After it’s been reviewed, you can expect to receive as many as five proposals from lenders who work with businesses like yours and who are interested in offering you a line of credit.
Your financial advisor will then be available to help you compare the business funding proposals you receive, so you can decide which one will be the best line of credit for your business.
After you choose your desired business funding lender and you have been approved for a line of credit, you could potentially begin funding with your new lender within the next business day.
Your FundingTree also provides these business services to help business owners run their company’s day-to-day operations. Call 704-904-0774 to discover how we can help your business grow and become more profitable!
Our Service is Free
Finding a business line of credit with Your FundingTree is always free. We’ll never charge you for our services, and you’ll never need to provide payment information with your application. Simply fill out our easy two-minute application to receive as many as 5 loan proposals from lenders that work with companies in your industry and provide business line of credit loans.
We Find the Best Loan Proposals for Your Business
Applying for a business line of credit loan with Your FundingTree will never affect your credit score. Since we don’t collect your social security number or your date of birth when you submit your application, we never have the ability to run a personal credit check on you. That means no hard inquiries on your credit report and no change to your credit score.
You Don’t Need an Account
We never require applicants to sign up for an online account through Your FundingTree, which means there are no extra steps standing between you and your new business line of credit. All that’s required is for you to fill out the application, and that only takes a couple of minutes!
Our 90-Second Business Line of Credit Application
It takes less than two minutes to complete a no-obligation business line of credit application for your company.
The road to a more successful, sustainable business starts here! Simply indicate that you’re interested in a business line of credit, the type of industry you’re in, the desired amount, and some basic information about your company. In as little as 90-seconds, the work on your end will be done!
Why throw away your valuable time filling out countless applications and consulting with multiple lenders when you can let Your FundingTree do the hard work for you? We make the application as fast and simple as it can possibly be, so you can spend your time and energy tackling the important tasks for your business. You’ll receive several quotes that fit your business’ needs and have expert advice to help you select the best line of credit.
Ready to take your business to the next level?
The Application Process Couldn’t Be Easier
Step 1: Fill Out the Application
Our application is completely obligation-free and only takes a couple of minutes to complete. Within the application, you’ll be able to provide all the details necessary about your industry and business which will help us find the best lenders for your company.
Step 2: Wait While We Review Your Application
As soon as you submit your application, a Your FundingTree financial advisor will get to work reviewing the details. We’ll make sure your application makes it to lenders that fit your industry and business needs.
Step 3: Review Your Loan Proposals
You can expect to receive up to 5 proposals from lenders who offer business lines of credit and already work with business owners in your industry. You’ll be able to review the details alongside your financial advisor to ensure you have a thorough understanding of the rates and terms so you can make an informed decision.
Step 4: Choose Your Lender
After you’ve reviewed your proposals, you’ll be able to select the lender that’s right for you and your business funding needs. After you’ve accepted a proposal and have been approved for funding, you may be able to start funding with the lender as soon as the next business day.
We’re the Best Place for Finding Your Business a Line of Credit
Your FundingTree is where banks and other industry-specific lenders compete for your business, making it the go-to source for finding a business line of credit with the best rates, terms, and customer service.
Our services have been featured nationwide by broadcasters such as ABC, CBS, FOX, and NBC, highlighting our outstanding work. And with an A+ rating through the Better Business Bureau, there’s no doubt that business owners love the funding services we provide.
Ready to secure the business line of credit your company needs?
Your FundingTree never charges you for our services. However, the terms and rates you receive for your business line of credit loan will depend on several different factors. This includes the information you provide on your application and the lenders who choose to make you an offer.
We take pride in connecting you with leading lenders who offer the most competitive business line of credit rates and are genuinely interested in seeing your company thrive. Please complete the no-obligation application or call us today to learn more.