What you to Know When Choosing a Business Line of Credit.

Banks are an option, but there are other options. You need to know when choosing a business line credit provider.

What to Know When Choosing a Business Line of Credit Provider
Recent statistics show that there are approximately 33.2 million small businesses in the United States. How do so many small companies find funding to start? Reports suggest that 64.4 will use family and personal savings, while 16.5% will get a business loan from banks or alternative lenders.

If you cannot access credit, what happens when your business is in a financial jam? What if one week you cannot make payroll?
A business line of credit keeps businesses operating, so they can conduct business as usual and continue to build a path toward thriving. What is a business line of credit, and how does it work? Keep reading for the details!

Why Not a Business Credit Card?
It works like how a business credit card will work. A business line of credit is how companies can borrow money up to a preset limit, and you would only pay interest on the money you borrow.
Traditional small business loans are different because you get a lump sum of capital. Then, you pay the same amount on a specific cadence, paying it over a select period, plus interest on top of the money borrowed.

Why Choose a Business Line of Credit?
It helps with a variety of short-term needs. If you need to buy inventory, cover payroll, or manage cash flow, a business line of credit is better than a business credit card or falling into bad credit loans.

How Does it Work?
From the beginning, you get a set amount of capital, which could be $200,000. As you need to, you can draw funds.
You pay interest on the business line of credit for only what you draw. Then, you pay it back over time, which can be a weekly or monthly schedule.

with the now fund business line of credit you can pay your entire balance early. This can save on interest costs. Other fees from these alternative lenders could include items like:

Account maintenance fee
Draw fee
Inactivity fee
Origination fee

If you make payments to your business line of credit on time and stay within your limit, you can draw whenever you wish. It is a more flexible way to get small business loans, offering a method of revolving credit.

Secured Versus Unsecured
You could get a secured business line of credit, but it would require assets as collateral, such as property or inventory. The lender may seize your assets if you cannot pay back your business line of credit.
However, an unsecured business line of credit is the exact opposite. They do not require collateral, although they could require a lien on an asset or a personal guarantee.

Looking for a Business Line of Credit?
If you want to ensure cash flow for your business, check out Now Fund. You can get rates starting from four points, no credit check, and same-day funding!

The professionals at Now Fund lean on our network to help your business find and customize what is the best funding option for you at the best price. Get approval for a business line of credit for up to three million dollars and funding within 24 hours. All credit scores are accepted!

“Say hey,” and contact Now Fund today!

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Industries for 2023



“The now fund Approves SBA loans, Cash advance, and business loans, we use our network to find and customize the best funding option for the best price; in other words, we work for our customers and save them time and money. "

now fund: Same Day Small Business Funding | SBA 7(a) Loans 3 Hours Approvals

Industries:
Accommodation, Food Services, Waste Management
Agriculture, Forestry, Fishing and Hunting, Arts, Entertainment, and Recreation, Construction, Educational Services, Finance and Insurance, Health Care, Social Assistance, Professional, Scientific Technical Services
Management of Companies and Enterprises, Manufacturing, Public Administration, Transportation, Warehousing, Real Estate Rental, Leasing, Utilities, Retail Trade, Wholesale Trade, Pharmacy and more 

Business working capital: These are loans between $50,000 and $350,000 for two-year businesses.

New business lending: Loans between $20,000 and $70,000 are available for businesses established for two years or less and can be used for purchasing essentials such as real estate, inventory, and equipment.

SBA loans: Borrowers could get SBA 504, 7 (A) loans to purchase equipment or expansion.

Rural business lending: These are USDA loans for up to $250,000 for businesses in qualifying rural communities throughout Texas. 

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