A significant benefit of a Business Line of Credit (LOC) is that it is one of the most flexible ways a business can borrow money. With revolving access to funds, there is the ability to optimize use of cash as needed. Interest is only paid on the money borrowed once you draw it from the line.
This is very beneficial to a business owner, as capital is ready to use when needed. Whether the need is for payroll, new inventory, or specific projects, an LOC provides readily available funds to be drawn as needed. This product is designed for ongoing operating expenses and ensures a healthy cash reserve balance.
Benefits of a LOC
- Control what you draw, when you draw and what you pay
- No early repayments fees – payoff the line early and save
- Simple application, same day decisions, funding next day