A business line of credit is a revolving loan that allows access to a fixed amount of capital, which can be used when needed to meet short-term business needs. A business line of credit is the best financing option when you need extra working capital to cover recurring business expenses or bridge cash flow gaps. With ongoing access to funds, you have the flexibility to withdraw only what you need, when you need it—and pay for only what you use. So, you’ll be prepared for whatever challenges and opportunities come your way.
Terms can be structured in a number of ways, and you only make payments on the actual capital that you draw down from the line of credit. The timeline varies, but you can have a line of credit for your business set up within 3 – 5 days of submitting your paperwork