Business Line of Credit

Business Line of Credit

A business line of credit, sometimes referred to as a “LOC”, is similar to a credit card in some ways. It allows a business owner to establish a pre-determined amount of funding (borrowing amount) or credit limit to draw funds when needed. It can be used for any business expense. This is different from a conventional loan where the borrower receives all the borrowed amounts in one lump sum. With a business line of credit, the borrower takes whatever amount is needed (up to the pre-established credit limit).

This can give owners a sense of calm, as it guarantees cash on hand whenever necessary, to be used for anything from repairs to the purchase of new equipment to making new hires. If you have time gaps between capital needs and revenue realization, a line of credit can help you ride out the cycle until accounts payable have been received.

Equipment Financing

Equipment financing is a type of funding or small business loan to acquire machinery or equipment for your small business. Equipment loans can cover a broad range of financing needs in virtually any industry. Equipment financing can be used for office furniture, kitchen equipment, farm machinery, medical equipment, computers, or really any piece of equipment.

There are two types of financing for business equipment that are the most popular. The type of business financing you choose to acquire your equipment will depend on your business needs, such as cash flow considerations, the amount of time you require to pay off the financing, the monthly payments you can afford, the type of equipment, and your credit history.

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