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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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Find answers to some commonly asked questions about business lines of credit for startups.
A business line of credit, ideal for startups, is a flexible lending option that functions much like a credit card. It provides businesses with a predetermined credit limit, and they can draw funds as required, up to the stated limit. Interest is charged only on the drawn amount, not on the entire credit limit. It’s a revolving source of funds, meaning once you repay the money you’ve borrowed, that amount is again available for you to use. It’s an excellent way to handle unexpected expenses, manage cash flow, or fund small projects.
While you will need at least some time in business under your belt before you will qualify for a line of credit, there are lenders that will work with businesses that are six months to one year old that meet minimum monthly revenue and credit score requirements.
An unsecured business line of credit does not require collateral, making it a desirable option for startups. However, it’s important to note that lenders typically require a higher credit score for unsecured credit lines, and interest rates may be higher compared to secured options. Always carefully read and understand the terms before proceeding with any kind of credit line.
A business line of credit for startups can be used for a variety of operational expenses, such as purchasing inventory, covering payroll, and handling unexpected costs or emergencies. It’s also an excellent resource for taking advantage of business growth opportunities such as expansion, marketing campaigns, or new project launches. The versatility of a business line of credit makes it a valuable financial tool for startups.
See what you can qualify for on the Lendio Marketplace.