Lines Of Credit
Ready funds when you need them for any regular business expense, including payroll.
Lines Of Credit Advantages
Flexible access to funds.
Working capital management.
Emergency and contingency planning.
Helps establish and improve the credit profile of the business.
Lines Of Credit Overview
If seasonal ups and downs in your revenue cycle have you scrambling for cash, let us show you how a line of credit can help. A secured line of credit gives you the working capital you need to help with expenses, even if you don’t have a great credit score. An unsecured line lets you bring in cash without collateral. Both types of credit lines let you borrow whenever you need to, as often as you like. Payments into your account go to free up your balance for the next dip in the cycle. Just because your sales slump in the off season doesn’t mean you don’t have to meet expenses all year. Take yourself off the financial roller coaster with a line of credit from our reliable lender network. Need access to cash for emergencies? A line of credit can help with that too! We’ll show you what else a business line of credit can do.
Ramp up for the season
Retail, recreation, and maintenance companies often find themselves dealing with a revenue stream that goes up and down throughout the year. They might rely on one quarter to get them through the other three. So if that quarter doesn’t go as planned, how do they meet expenses next quarter? A line of capital is one way to ensure that you always have the capital you need at your fingertips. Instead of receiving a lump sum loan that you have to pay back at the end of its term, lines of credit let you borrow smaller amounts more often. You make a monthly or quarterly minimum payment to keep the account open, but you can borrow more anytime as long as you stay under your credit limit. Since they’re low cost, it’s affordable to keep a line open with a zero balance just in case unexpected expenses crop up. Our brokers can show you the versatility of a line of credit for your business today.
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Our Services
You deserve straight forward, custom tailored financing solutions. And that is precisely what we deliver.
Payroll
Whether you want to keep staff on during the slow season, or ramp up staffing when it’s busy, a line of credit helps you meet your payroll needs all year long. Hire now and pay later when you use a business line of credit to manage payroll expenses. Ask us for more information.
Utilities
Your monthly utility bill doesn’t go away just because your revenue changes. A secured or unsecured line of credit will help you pay your regular utility costs so you don’t have to worry about keeping the lights on. We’ll help you choose a line that’s just right for your needs.
Special Projects
Are you getting ready to launch a new sales initiative or refurnish your office? Let a line of credit boost your working capital and make financing your next special project a breeze. Lines of credit aren’t tied to any specific expense, so you can apply the funds wherever you need them whenever you want.
F.A.Q’s
Q. What is an unsecured line of credit?
“Unsecured” means that you don’t need collateral for the loan. The lender doesn’t receive security in the form of your business assets. To qualify for an unsecured line, you’ll need good credit and a stable budget. Ask a broker for more information.
Q. What does ‘revolving credit’ mean?
Revolving credit is any credit that lets you borrow and repay without closing your account. Most people are familiar with revolving credit in the form of credit cards, but lines of credit are typically less expensive and offer more borrowing power.
Q. Should I get a secured or unsecured line of credit?
Secured lines of credit are based on the value of the asset you choose as collateral. In this case, your credit score doesn’t matter as much to lenders. However, the lender can seize the asset if you fail to pay back the loan. An unsecured line keeps that from happening, but you’ll need good credit to qualify. We can help you choose the line that works best for you.
Q. When is a line of credit not the best fit?
Lines of credit are an excellent way to access working capital, but if you need a large lump sum, they might not be the right fit. CRE loans, equipment loans, and SBA loans can give you the funds you need to buy property and finance other major purchases. Ask a broker to show you the range of options you have available today.
Get the support and insight you need to take the right financing to move your business ahead.
SummitUp Capital can take you there.