Step 26. Applying For Business Line Of Credit

Can help supply cash or bank credit line on short notice at an affordable price, assuming you are able to qualify. Qualification requires great credit on both your personal and business credit. If you don’t qualify, you can likely still get a loan from an online lender but at a higher rate.

Business Line Of Credit Explained

Business lines of credit are good for short term uses but shouldn’t be utilized for long term debt. Banks loans are better for anything long term.



  • Who Should Use A Line of Credit:

    – Established Businesses
    – Businesses With Lengthier Billing Cycles such as Manufacturing, Clothing, Retail, etc.
    – Cash for general operations
    – Taking advantage of short term opportunities to increase revenue



  • Advantages of a Line of Credit:

    – Interest isn’t charged until you begin using the credit line
    – Can fill cash flow shortages
    – Credit line that is always available



  • Disadvantages of a Line of credit:

    – Usually, require business to be at least 2 years old
    – Interest rate can fluctuate
    – Qualifying can be difficult

Apply For Business Line Of Credit

Fundbox
Invoice Financing
– Get 100% of the value of invoices
– Good for paying off customer bills
– You can get funded in one to three days
– Doesn’t have minimum requirements for revenue, credit score or time in business

Click Here To Apply

Explore more business funding options CLICK HERE

Pay careful attention to recommendations posted on the “Learn More” link before you apply.

To Do List To Complete In This Step

1. Review various lenders and their terms and apply for business funding.

2. Pay careful attention to recommendations posted on the “Learn More” for each lender.

Line Of Credit
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