Regardless of your time in business having money on hand never gets old. A business line of credit can help your business when you have no extra cash on hand. Entrepreneurs do not have to struggle to make necessary purchases. For those who need new merchandise or new equipment, funding is available. You may wonder if a business line of credit is the right fit for your company.
What is a business line of credit?
A business line of credit is a financial source that you establish before you need money. It tends to have a higher interest rate than a small business loan. Although there are fewer underlying costs with a business line of credit than loans from big banks. Many small business loans are “revolving,” this means that borrowers can get money from their line of credit over and over as they see fit. A bakery owner who has $15,000 in a business line of credit may use $10,000 to purchase a new oven one month and in the next month they may need to fulfill a large order that costs $5,000. Afterwards the borrower will have to pay back the funds before they can borrow again. With a business loan from Silver Rock Funding, payments are spread out over a loan term, giving you time to pay back the money with ease.
Get Business Funding
A business line of credit can be good for short-term purposes such as financing purchase orders, advertising, and making payroll. A small business loan from Silver Rock Funding can be used in any way the business owner sees fit. Many business owners are not approved for a line of credit from a bank. Silver Rock Funding can give those business owners access to money inspite of credit score or other disqualifying factors. See if your qualify for a small business loan from Silver Rock Funding. Complete the application for free. Money can be put directly in your bank account by the end of the week.