Businesses need the freedom to make their own operational decisions. The most immediate cash is available through a line of credit for everyday operating expenses. Every business has fluctuations in terms of cash flow. For many small to medium sized businesses the inability to spend until sales finalize can have devastating effects in the long term. Speed up your access to cash while making sound business decisions and watch your business thrive.
While a line of credit is the gold standard for many business owners, it can require an exemplary credit score to get the best rates. Our loan brokers have helped many businesses match their objectives to the right type of funding, improve their business credit ranking, and line up the funds they need for ongoing success in their industry and market.
Working Capital
An open ended type of financing, working capital gives you the freedom to spend on any day to day operational expenses. Meet payroll, buy supplies, fund a marketing campaign. The available funds are secured by your lender, and you’ll access them through a business card. As you pay down your balance plus financing charges, the available balance will replenish, allowing you access to the same funding during your next business cycle.
Interest rates may be higher than other lending types, so if you are seeking to buy equipment, property, or other capitalized items, talk with us about targeted financing options around the particular asset class.
Unsecured Line of Credit
Unsecured lines of credit grant you less risk because you are not required to leverage existing assets. To qualify, you will want to have a high business credit rating. The best way to attain a high credit rating is to finance and repay business assets utilized in your ongoing business activities. The higher your rating, and the better your cash flow, the more unsecured credit will be available to you.
These credit options do come with some down sides: because the lender is more exposed with an unsecured line, interest rates will be higher and overall loan limits will be lower than with existing assets. The best place to start is with a completed application packet. Once we know where you stand, and your business objectives, we can help put together the right package.
Unsecured Line of Credit
Unsecured lines of credit grant you less risk because you are not required to leverage existing assets. To qualify, you will want to have a high business credit rating. The best way to attain a high credit rating is to finance and repay business assets utilized in your ongoing business activities. The higher your rating, and the better your cash flow, the more unsecured credit will be available to you.
These credit options do come with some down sides: because the lender is more exposed with an unsecured line, interest rates will be higher and overall loan limits will be lower than with existing assets. The best place to start is with a completed application packet. Once we know where you stand, and your business objectives, we can help put together the right package.
Secured Line of Credit
Secured Credit Lines are a great place for many small businesses to start. With some physical assets already in place, a secured line allows you to access a portion of the asset’s value as a revolving line of credit. A lien will be placed on the asset for the duration of the secured line. Like unsecured lines of credit, as you pay, available funds will replenish. Because the line is secured, businesses are often able to access higher lending limits at lower interest rates through a secured line.
One down side to secured lines of credit is that should you default on the loan the lender can seize the secured asset, leaving you without access to the tools of your trade. For this reason, many businesses diversify their borrowing to reduce risk on any particular asset class in their day to day work.
Schedule a Consultation
With lenders ready to work with you and with loan amounts from $5,000 to $5 million +, there's no reason not to start a conversation or to pre-apply to see for what loans you could qualify. We work with businesses in every industry and at every stage in the life of your business.
