A business line of credit is a revolving line of credit that one can draw against on an as-needed basis. It’s usually used for short-term working capital to help improve cash flow or to finance the costs of surprise expenses.
A small business line of credit is revolving, and this is the major distinguishing characteristic. Also, subsequent draw(s) taken after the initial funding are only restricted by the approval amount and not a pay-down requirement.
In other words, the small business can access the line of credit as long as the small business has not hit its high credit limit. As we mentioned before, one of its main attractions is its flexibility. Obtaining a small business line of credit is an incredibly important aspect of financial health and growth for a small business.
A line of credit is great for short term uses without affecting the leveraged position of a small business. Realistically, the requirements are not too different from the qualification for other business financial products.
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