Business Line of credit

6+ Months in Business

You can qualify for our top financing options with as little as 6+ months in business.

The minimum revenue to qualify for financing options are $5,000 per month, or $60,000 in annual gross sales

We have financing options for all credit profiles. The minimum FICO score required to apply is 600.

A business line of credit is a type of small business loan that gives a business flexibility when accessing funds. Rather than a fixed amount at one time, funds are accessible as needs may arise. The idea is to allow you to be able to scale your business without being hindered by hiccups along the way. Some of these scaling activities may include inventory purchases, machine repairs, taking on new opportunities, and bridging the occasional cash-flow gap.

For better loan terms it is important for your small business to maintain a good credit score to help build its profile. Making on-time payments and paying down your debt on a regular basis are some of the ways to maintain your credit score. Depending on your needs, a business line of credit could be one of the most straightforward solutions to meet your business goals.

Types of Business Line of Credit: Secured and Unsecured

A secured business line of credit:

A secured business line of credit requires your business to use an asset of choice, usually real estate as collateral to obtain the business line of credit. This may be the best option for businesses that may not have enough time in business or past credit issues that would hinder them from receiving an unsecured loans. The nature of a secured business line of credit is the institution will utilize the collateral for payment if a business defaults on their loan. 

The unsecured business line of credit:

An unsecured business line of credit does not require the use of an asset as collateral, similar to a credit card. However, lien and personal guarantee may be necessary. These types of loans are generally more of a risk to the lender. Without the use of collateral, your business must have a strong credit score and a positive business record of accomplishment. An unsecured business line of credit may have higher interest rates than secured due to the risk to the lender.