Business Line of Credit
A business line of credit provides flexibility that a traditional loan for a business does not. A business line of credit differs from a term loan, which provides a one-time lump sum of cash upfront, repaid over a fixed timeframe.
With a business line of credit, you can borrow up to a certain limit – say $250,000. And you can pay interest only on the portion of the money that is outstanding at the time.
A business line of credit also allows the business the flexibility to draw up and down. Moreover, to repay funds as the business needs to, as long as the business does not exceed the credit limit.
A Business Line of Credit in that sense is similar to how credit cards, work for individuals.
Most of our lenders allow you to repay your balance in full early to save on interest costs.
Our Business Lines of Credit borrowing limits – typically ranging from $5,000 to $250,000. Business lines of credit with lower credit limits are typically unsecured. It means collateral such as real estate or inventory is not required.
Why a Business Line of Credit? Does your business ever need to manage cash flow, buy inventory, or pay for an unexpected expense? Then perhaps a business line of credit. It makes sense for you and Troy Business Group can provide one for your business.