You may have heard the whispers or echoes of the phrase business line of credit being mentioned in those business circles that you have started spending time in and thought – that sounds like a financial hole waiting to happen. But that could not be further from the truth. A business credit line despite the vaguely ominous name can actually be a helpful little tool for your startup. But if this diatribe was not enough to convince you, let’s get into the meat of the matter, shall we?
So, What is a Business Line of Credit?
Say you are a bit cash-strapped as a business, and you just need a little extra money to onboard a new employee or buy a pricey bit of equipment. You can borrow just the money you need for a particular thing from a predetermined amount of funds. Then when you now have the money you can pay it back with interest only on what you actually used. A credit line is not as hefty as, say a loan and is a safety net that can catch you in those little moments when you need some float to keep you going!
How A Business Line of Credit Can Help Your Company
Now that we’ve covered what a business line of credit is, let’s talk about all the things it can do for your company.
Flexibility at Your Fingertips
The best thing about a business line of credit is that you can use it to pay for virtually anything! Have an unexpected expense or looking to make a great business opportunity happen? The power is in your hands. It’s like having a magic wand for your business!
Streamlined Cash Flow Management
Cash flow is everything for a business and a line of credit is a great option to make sure you manage your cash flow right! Looking to buy some inventory?
Want to make sure you’re able to pay your employees? Looking to pay your overhead expenses? Having that line of credit available can help you make sure your business runs like a well-oiled machine!
Support for Growth Initiatives
Looking to take on some new products or do a marketing campaign? A business line of credit can help you raise capital fast for any growth project you may have. You can seize the opportunity without the cash flow pressure!
Build Your Business Credit
If you responsibly use a business line of credit, you will be able to build your business credit! With companies like Bluevine, you’ll have a chance to boost your credit score and help you qualify for bigger financing options!
Quick Access to Funds
When the opportunities come a-knocking, don’t let your business wait! A business line of credit gives you much quicker access to cash than the standard small business loan. That’s helpful because you want to be able to take advantage of the right moment when it arrives
Minimal Interest Payments
With the line-of-credit model, you pay interest only on the amount that you draw. As a result, this means that a business line of credit is one of the more affordable ways to finance your small business. So you can save on your costs, and still keep running your business without difficulty.
Partnering with the Right Lender
It’s not just about getting the business line of credit – it is about getting it from the right lender. And Bluevine is just that right lender! Say you do decide “Yes, I want a business line of credit – from Bluevine”.
All you have to do is get an application which you can do online in the easiest fashion possible with some pretty great rates. And voila – in what feels like a snap you have your money with no fuss – no muss!
Doing Yourself and Your Enterprise A Favor With A Business Credit Line
The idea of borrowing money might scare you. We get it, especially with the horror stories that come with the whole loan thing!! But here is the thing. You will not always be rolling in money when running a business. Things aren’t going to be constant. And guess what – you’ve got to grow your company. And sometimes being ready for growth is not going to come when you are ready for it with money pouring out of your ears. And sometimes you may need to hire that extra employee or buy that groundbreaking machinery to help with all that’s coming your way. In other words – you need to have a credit line. And Bluevine is where you need to get it. So just don’t wait and see, because waiting for good things to happen without a plan, isn’t going to get you to your financial dreams. A credit line for your company could possibly have you celebrating the best growth hack celebration of your life!
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