Apply for a Business Line of Credit Online | Your Credit Advisor

How to Get a Business Line of Credit

What it is

A business line of credit is a line of credit used to finance temporary working capital needs of a borrower — usually accounts receivable and inventory. This type of loan is usually extended for one year and the terms are very flexible based upon the needs of the borrower and the requirements of the lender. The terms will be based upon the business's cash flow, credit profiles, and financial ratios. The line of credit will be secured by a lien on the assets of the company. It will be extended to companies with a proven earnings track record, adequate financial rations, and moderate credit risk.

There are three common types of business lines of credit. The first is a demand line of credit, in which the lender leaves the loan open until the lender calls it due. The second is a revolving line of credit, in which the loan is extended for a predetermined period of time. The third is an asset based line of credit, in which a revolving line of credit formula is used and the loan is secured by residential or commercial properties.

Who it's for

Business lines of credit are for businesses looking for ready cash whenever it is needed, low interest rates, higher credit limits compared to most credit cards, interest paid only on the amount borrowed, and easy access to the money via a debit or credit card.

What you need to do to apply

To apply for a small business line of credit, you will need basic information about your business and a meeting at a financial institution. Your credit score and any assets will be important information that will help you to secure a business line of credit. Your financial institution will also need to see your pay stubs and last year's tax return.

Apply for a Business Line of Credit

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