Business Line of Credit
A revolving line of credit provides a flexible option for business capital, giving you access to funds when you need them and only charging for what you use.
What is a Business Line of Credit?
A business line of credit is a flexible business loan that allows you to borrow up to a certain amount, or credit limit, to cover short-term working capital requirements. When you get a business line of credit, the lender approves you to borrow up to a certain amount of money and you’re able to access some or all of that money as you need it. After you fully pay off a portion you’ve used, the full amount of your line of credit is available for you to use again. Although business lines of credit do operate very similarly to a credit card, they are not the same thing. Credit cards typically have higher interest rates and in many cases, a line of credit does not have a mandatory monthly payment system.
Flexible Financing For Your Business
Unlike a term loan, a business line of credit allows you to run your business without having to apply for a new loan every time you need a bit of extra cash. And with ongoing access to working capital, you can plan for and better manage your business’s future cash flow with less stress. Your line of credit can give you the boost you need to take advantage of opportunities when they arise. One of the main benefits to having a business a line of credit is that it’s revolving. That means you can access the credit line when you need it, pay down the balance, and use the line again as funds replenish.
Loan Amount From $5K - $1M
Avg. Term Length
3 - 24 Months
No Collateral Requirements
No Application Fees
Line of Credit Details
Qualifying Criteria:
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600+ credit score
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12+ months in business
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$15,000+ average monthly bank deposit
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680+ credit score (startups)
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Utilization below 30% (startups)
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No recent bankruptcies (startups)
Required Items:
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Signed one page funding application
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3-5 most recent business bank statements
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Business tax returns (not all cases)
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Tri-merged credit report
Advantages:
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Only pay interest on the amount you use, rather than the total amount funded
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Lines of credit are flexible as long as you stay within your credit limit, making them an ideal solution for stabilizing cash flows and covering essential expenses.
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Great opportunity to build business credit
Disadvantages:
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It can be difficult to increase your credit limit.
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Lines of credit often have lower borrowing limits and fees and additional charges can add up if used irresponsibly.
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Business lines of credit can be more difficult to qualify for than other financing options.
Why Choose Us?
At Gold Management Inc., we prioritize your business in a way that traditional banks and other alternative lenders often don't. Your success is our top priority, which is why we ensure you won't be over-leveraged with more funding than you can manage. Our straightforward application and fast approval process make obtaining the working capital your business needs easy. Additionally, our experienced funding consultants will support you at every step.