Understanding Your Financing Options
Lending Overview
Lines of credit provide an ideal solution to small businesses seeking to increase financing flexibility for regular expenses. They allow business owners to borrow as much or as little as needed, at any time. This flexibility makes it a preferred option for businesses with fluctuating or seasonal cash flow. There are two main types of lines of credit: secured and unsecured. A secured line of credit is backed by collateral, such as inventory or equipment. This type of line typically offers lower interest rates than an unsecured line. An unsecured line of credit does not require collateral, but it typically has higher interest rates. With either option, interest only accrues on the amount borrowed, so businesses can save substantially by keeping a minimal account balance. If you are an entrepreneur considering a line of credit, be sure to connect with a broker to compare interest rates and terms from multiple lenders before you commit.
Maximizing Your Financial Resources
How to Effectively Apply Funds
A line of credit offers a flexible way to pay down expenses in any area of business. Because businesses can borrow more than once without a second loan application, lines of credit provide a versatile source of capital. The same credit line may be applied to rent and utility expenses, supply and storage needs, personnel and marketing requirements, and more. The business can also keep an open line on hand in case an unexpected payment has to be expedited, without paying interest. Attorney fees, emergency repair costs, licensing renewals, and travel arrangements are some of the many ways a business line of credit can be applied.
Streamlined Steps to Your Loan Approval
Our Process
PRE APPROVAL
We evaluate your business based on your unique operating structure and objectives. You’ll receive financing options based on what it is you want to achieve.
LOAN SELECTION
Together we will hone in on the options and pathways to capital that make sense. We vet multiple lenders to match you with the right money.
PATH TO CLOSE
Whether your loan is fast-closing or carefully vetted, we work with you and your lender to package it and facilitate a smooth close to shorten your time to funding.
Customized Credit for Continuous Growth
Dynamic Financial Tool for Diverse Needs
Whether managing cash flow, financing inventory, or covering unexpected expenses, our lines of credit provide a safety net that moves with your business needs. This continuous access to funds allows for strategic decision-making and sustained operational fluidity.
Recreation
Outdoor recreation businesses are often at the whim of nature. Delayed snowfall, natural disasters, and unseasonal downpours can mean loss of earnings for weeks or even months. With a line of credit, recreational businesses can stay afloat until the skies are clear again by accessing capital to cover their short-term liquidity needs. This financial tool allows businesses to manage unexpected expenses, such as equipment repair, maintenance, or temporary relocation, without disrupting operations. Additionally, a line of credit can help finance marketing efforts to attract visitors during off-peak seasons or invest in new attractions that enhance customer experience. By providing a flexible and reliable financial cushion, lines of credit ensure that outdoor recreation businesses can weather any storm and continue to provide memorable experiences for their patrons. Contact our financial experts today to explore how a line of credit can safeguard your recreation venture.
Retail
Fourth-quarter earnings ensure many retail establishments are able to keep their doors open all year long. But broader economic fluctuations can hamper consumer spending, making revenue just a fraction of the business’s typical operating budget. Having a line of credit available gives the business more time to meet short-term liability demands. When unexpected expenses arise, such as inventory restocking, seasonal hiring, or urgent repairs, a line of credit provides the necessary funds to manage these costs without disrupting daily operations. This financial tool also allows retailers to take advantage of bulk purchasing opportunities and seasonal discounts, ultimately enhancing their profitability. By ensuring businesses have access to flexible and reliable capital, lines of credit enable retail establishments to navigate economic uncertainties and sustain growth. Reach out to our financial consultants today to find out how a line of credit can bolster your retail business.
Healthcare
Medical billing is a complex process that takes a specialist to navigate. Doctors’ offices, mental health professionals, and dental clinics rarely see payment for their services right away. When seasonal allergies and illnesses increase facility traffic, these businesses can access the additional capital they need to keep up with demand with a business line of credit. Similarly, lines of credit enable healthcare providers to manage the costs associated with procuring necessary medical supplies, conducting crucial facility maintenance, and sustaining staffing levels to ensure excellent patient care. This financial flexibility is particularly vital when dealing with the delays and uncertainties of insurance reimbursements. By offering a dependable financial cushion, lines of credit allow healthcare professionals to focus on providing top-notch patient care without the added stress of financial constraints. Connect with our financial advisors today to learn how a line of credit can support your healthcare facility in delivering uninterrupted, quality care.
Ready Resources at Your Disposal
Advantages
Experience the flexibility of a line of credit that adapts to your business cycle and financial needs. With our revolving credit facilities, you can draw funds as needed, repay, and reuse, ensuring you always have access to capital when opportunities or challenges arise.
Convenient
Flexible
Affordable
Tax-deductible*
Answers to Your Key Questions
FAQ’s
Q. Should I get a secured or unsecured line of credit?
Borrowers with qualifying credit scores that want to keep assets out of the reach of lenders prefer unsecured lines of credit. Those who want higher credit limits and lower rates often choose secured lines. The choice is yours. Make it with the help of your professional broker.
Q. What is a non-revolving line of credit?
Products such as credit cards and lines of credit are considered “revolving” forms of credit, meaning that the balance replenishes with each payment back to the account. Non-revolving lines don’t have this feature. Instead, the account is open until the credit limit has been reached, at which time the lender closes the account.
Q. Can I use a business line of credit to buy real estate?
Lines of credit are more suited to short-term purchases than long-term investments like commercial real estate. Holding a high balance on a line of credit for a long time can negatively impact the business’s credit score and future borrowing opportunities. In the case of CRE, it may be better to opt for a loan tailored to commercial real estate such as an SBA-backed loan.
Q. Is a business line of credit considered a loan?
A business line of credit is a loan that the business can use like a credit card. Rates on lines of credit, however, are typically lower and most credit cards are unsecured debt. Lines of credit can be asset based, allowing greater access to working capital.
Apply For Funding Today
Our no-obligation pre-approval gives you the information you need to know about loan types and options to help you move ahead, even if you’ve been denied elsewhere.