The Business Line of Credit – An Essential Financial Tool
You need a business line of credit. If you don’t have one you need to act today and get one. Even if you don’t need any funds right now you need to get a business line of credit ready and waiting for you.
Here’s what you need to know about a business line of credit and you will agree why we consider it an essential business tool.
The money is there waiting for you when you need it.
A business line of credit is like an insurance policy that keeps your business liquid. It’s there and ready. You decide when to use it. Imagine needing to borrow $2,000 on a Saturday afternoon – on a 3-day weekend with Monday off.
You only pay for what you borrow.
If your business line of credit is for $25,000 and you only borrow $2,000 you still have the $23,000 available and as you pay down the $2,000 your available balance goes back to your $25,000 total.
The funds are not loaned on a usage basis.
Some loans are for equipment, mortgages are for real property, business lines of credit are not usage specific. If you need funds they are in your account for whatever purpose. Imagine needing to cover a payroll shortfall and explaining that to a lender.
A business line of credit can be a great credit builder.
Because a business line of credit is a short-term loan you can have an additional account showing payment history. Some lines of credit even have weekly payment options so you can rapidly demonstrate your ability to pay down your obligations.
Simple really – the business line of credit gives you funds when you need them, for whatever purpose, in the amount that works for your business all while giving you a credit building tool. Now you can see why we at Dynamic Capital think that a business line of credit is an essential tool.
Call us today at (1-800-833-5110) or click here and we’ll get started with one simple form and a soft pull credit check. You can have your funds in your account tomorrow or on standby ready for you with a simple click when you want. The business line of credit – a great back-up plan to get through a temporary shortage of capital. Who doesn’t need this?