The world of business advice has a tendency to be melodramatic at times. Indeed, it’s not uncommon to flip (or click) to an article that warns about the latest problem that is gearing up to send your business straight to the dustbin of history.
There are times when sounding the alarm bell is warranted, because your business’s survival could depend on it. And getting the facts about a business line of credit — and steering clear of myths and misunderstandings — qualifies for this category.
So, to help you keep your business on-track for sustained success vs. an unwanted sell-off or shut-down, here are 4 things about a business line of credit that you need to know now, not later!
They function much like credit cards (but with much better terms and a lower cost of borrowing than most retail products). You only pay interest on the amount you borrow — not the full amount that is available.
In other words: yes, you need to have a map so you know where to go but don’t count on the journey being straightforward — because both obstacles and opportunities will arise.
If you apply for a business line of credit beforehand and have it at-the-ready, you’ll be in position to pivot when a new situation arises. Otherwise, you’ll be forced to scramble to boost your working capital, which will take time, and will add to your cost, risk and stress.
However, banks aren’t the only organizations that offer business lines of credit. For example, at National Business Capital & Services, we do not require collateral for some of our loans.
Depending on your business situation, we have both secured and unsecured loans available.
At National, you do not need to be in business for a couple of years to qualify for a business line of credit, as you would with the average bank. Just 6+ Months!
To learn more about how a business line of credit could ensure that your business stays safe, strong and successful — and doesn’t risk heading towards a sell-off or a shutdown — contact us today at (877) 482-3008 for a free consultation.
Or, fill out our 1-minute application online to get started, and receive funds in as little as 24 hours. Find out why business owners like you across the country trust and recommend us as partners in their success story!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.