Fueling new business growth and providing capital for short term needs
A line of credit can be just what your business needs to help tackle the seasonal swings in your business. Lines of credit are great for hiring temporary workers, taking on a new big contract, or covering periods of low cash levels.
Lines of Credit are a great tool to handle short term borrowing needs during busy seasons and periods of growth for your business. A line of credit functions much like the credit card except that you must be prepared to send your lender updated company financials and tax returns ever year for an annual review of the lines of credit.
Terms for lines of credit are usually one (1) year with an extension of another year upon satisfactory review of your business financials. Lines of credit typically require interest only payments on funds owed while having the added flexibility of using funds as needed.
For younger businesses the SBA offers great loan terms through their 7(a) program which greatly helps businesses get approved for loans that they would otherwise be declined for.
SBA 7(a) loans allow borrowers to have these lines of credit open up to 7 years or up to 10 years with their CAPLines program.
Whether you obtain a lenders line of credit or a SBA backed line of credit, Benefit Mortgage Inc can help find you the best the loan with best available rate, terms, and covenants.
Contact us today to discuss your unique lending needs or call us at 239-766-0189.
NMLS #2160072 (Click here to access Consumer NMLS)
