Business Line of Credit
Why Choose Us?
Lines of Credit that fit your needs
Apply for lines of credit online and link your business information securely.
If approved, you will be able to draw funds at the click of a button as early as the next business day.
Safe and Secure
Over 100,000 businesses like yours count on us because we use the best security protocols.
Best Available Rates
Business lines of credit rates as low as 6% No fees to apply. Pay only for what you are going to use. Pay off your loan early and save more money.
What Is a Business Line of Credit?
By definition, a line of credit or commonly referred to as a LOC is a preset borrowing limit that can be tapped into at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A business line of credit has more in common with a business credit card than with a small business loan and is a type of business loan that actually allows you to draw money when you need it and pay it back over time.
How does It work?
A business line of credit provided by lenders in the Capital for Business marketplace is a revolving line of credit, with a line of credit, you are able to draw funds when needed and repay them over time. You can keep reusing and repaying your line of credit as often as you’d like, as long as you make payments on time and don’t exceed your credit limit. That means you can use the funds over and over again if you meet our pay-off requirements and get approved for the loan.
To get approved for our business line of credit, your business has to be in good standing for at least one year. If so, it will take you less than 3 minutes to get approved. All you need is to connect your accounting software or business bank account to let us analyze your business situation.
Once approved, you will be able to draw loan funds at any time. They will be available for you as early as the next business day.
Each week, you will need to pay off the funds in fixed installments. The more you repay, the bigger amount of money (exclusive of fees) will be available to you again. Plus, if you pay off your loan early, we will waive all the remaining fees.
What is a business line of credit good for?
- Having a business line of credit provides you with extra flexibility and peace of mind when it comes to injecting money into your daily operations. It helps you avoid downtime and make sure things are running smoothly no matter what.
- As a small business owner, you can benefit from this loan solution in a variety of ways. Now you can grow your enterprise and expand your team without having to actually take a loan and go through a time-consuming application process.
- A line of credit gives you access to funds that you need to keep your business develop steadily. It’s like having a savings account that you can use whenever it’s time to handle the ebbs and flows of your business cycle.
The uses of the line of credit funds are virtually limitless. Now you can easily deal with unexpected expenses down the road, enter a busy season, finance your expansion, and everything in between.
Hire and train new employees
Types of business credit lines
1. Unsecured line of credit. This option is one of the most sought-after loan solutions since it doesn’t require collateral. That said, its borrowing limits are typically smaller while its interest rates are higher as compared to a secured line of credit.
2. Secured line of credit. What makes this option advantageous for business owners is that it is available at a lower rate. Given that it is riskier for lenders, it needs to be secured by collateral, though.
Typically, the loan can be backed by capital, inventory, or accounts receivable which may be seized if you are unable to pay it off. Before applying, it’s recommended to consider such factors as the state of your business and the forecast for the coming year to find out what option will be your best fit.
How to get a business line of credit
OUR EASY BUSINESS LINE OF CREDIT PROCESS
Get lines of credit in as little as 24 hours
In just three easy steps, you can access the right financing solution for your business. Our fast application and 24-hour funding process give you the working capital needed to grow your business in no time!
Apply in Minutes
Tell us about your business
Tell us All about you
Connect your bank account
FAQ: Business Line of Credit
Once approved business owners can borrow as needed up to their limit, which can range from $1,000 to $250,000.
A business line of credit rates are low as 6% and funding amounts are up to $250,000
At a minimum, you’ll need to be at least six months in business and $25,000 in annual revenue to qualify for a business line of credit. Borrowers most likely will need a score of 500 or higher to qualify.