Flexible Financing

Lines of Credit

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Advantages

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Easy access to working capital

Low minimum credit score required

Interest accrues only if you have a balance

Lines can be reused again and again

Tailor Your Financial Strategy

Lending Overview

Lines of credit are a convenient and recurring source of working capital available at your fingertips. Credit lines are available whether you have a great credit score or haven’t established credit yet. Lines of credit are an effective way to build credit if your score needs a boost. The two most common forms of business credit lines are secured and unsecured lines of credit. Secured lines are asset-based, so you can leverage asset equity into working capital. Secured lines are credit-based and don’t require assets to qualify. Your broker can help you decide which fits best with your business goals. You’ll only pay interest on your line of credit if you have a balance in your account. If your balance is low, your interest payments will be too. Any payments you make into your line go to free up borrowing power for the future. To find out what a business line of credit can do for you, contact a broker today.

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Optimizing Cash Flow

How to Effectively
Apply Funds

Lines of credit are a preferred funding option for businesses that experience seasonal ebbs and flows in their cash flow. Businesses can take from their lines when revenue is down and pay back into their accounts when profits are high. They function much like a credit card, except with higher borrowing limits and lower interest rates. Since credit lines are a revolving form of credit, your account can stay open as long as you’re making regular payments. Keeping your account current can serve to improve your credit score. Revolving and no recourse options are available too, just ask your broker for information.

Customized Credit Lines to Meet Your Business Needs

Adaptable Credit Solutions

Travel

Since you can access your credit line from anywhere, it’s a convenient way to manage business travel expenses. Your line isn’t tied to any one purchase so you can combine airfare, accommodations, and meals onto one account when you take your business on the road. Contact your broker for rates and details.

Marketing

A successful rebrand can bring a fresh look to your business and draw new attention to your products and services. However, it takes time, personnel, and resources to build the right brand campaign. Use a line of credit to cover advertising expenses and pay back into the balance when the revenue comes pouring in.

Seasonal

Many types of businesses operate only during certain times of year or experience a downshift in revenue in the off season. However, business expenses like payroll, rent, and utilities still must be met. A line of credit provides an easy source of capital that can help avoid late fees and service interruptions.

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FAQ

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Q. Is a secured or unsecured line better?

The answer depends on what your credit score is and if you’re willing to use assets to collateralize the loan. You’ll be able to borrow more on a secured line, but if you’re unable to pay back the loan, the lender can seize property used to secure it. If your credit score is high and you want to keep your assets off the table, you may want an unsecured line instead.

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Q. What does it mean when a line of credit is secured?

A secured line of credit uses assets like real estate and equipment as collateral on the loan. The credit limit on the line will be a percentage of the asset’s value. This asset acts as security for the lender in case you’re unable to pay on your account.

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Q. How are lines of credit and term loans different?

Lines of credit are referred to as a type of revolving credit while most term loans are non revolving. Revolving credit lets you borrow from the same account more than once as needed. When you pay back into the account, you can borrow the money again. Non Revolving credit doesn’t renew when you make a payment. Payments go to pay off the loan and the account closes when the money has been repaid. To borrow again, you would seek a new loan.

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Q. When is the best time to apply for a line of credit?

The best time to apply for a line of credit is before you need one. The cost to keep a line open with a low or zero balance is minimal, so it’s a good idea to have one in place so you can access it as soon as the need arises. They can be especially useful in emergencies, but you can access cash faster if your loan is already in place.