How Can You Get a Business Line of Credit?

Gary
8 years ago

Has someone told you that you need to get a business line of credit but you aren’t sure where to start? Maybe you don’t know why you need a business line of credit? Not to worry, let us explain how a business line of credit can make a big difference for your company and how there may be more than one option that can do the same thing for you!

Traditional Business Line of Credit

When it comes to running your business, many companies like to have options especially when it comes to financing. Sometimes times are really good for the business and other times we really need to tighten those purse strings. A line of credit gives you the flexibility to draw on it when times are a little tighter than you may typically like. For example, if you have unpaid invoices or have a reoccurring payment that needs to be paid. A business line of credit can be a great option for short-term investments.

Instead of acting like a traditional business loan, a business line of credit will allow you to draw on the financing when you need it. You can make it available all the time and only use it when you deem necessary. This type of financing; however, is not recommended for long-term projects or investments.

Alternatives to a Traditional Business Line of Credit

One great option to a business line of credit is a merchant cash advance. Instead of having a line you can draw from whenever a merchant cash advance gets you the cash you need quickly. This process can take as little as three days. Even better, it is an unsecured debt option that allows you to pay it back at your own pace based on your businesses’ daily credit card sales.

How does a merchant cash advance work?

In order to qualify for eBusiness’ product, you will need to make sure that you have been in business for at least six months. The only other thing you need is to make sure that you are generating at least $10,000 in revenue. If you know both of those things are true, you have a 90% of being approved for the funding through us.

If you qualify, the application process is just as simple as our requirements.

Apply online with our easy to follow form.
Hear from us in less than 24 hours if you have been approved and for what amount.
Accept the funding amount!
We deposit the funds into your bank account within three business days.
You start spending the cash and be on your way to growing your business.

The process really is that simple. When you receive the cash, we start taking an automatic fixed daily percentage out of your credit card sales. The reason this is nice is because there is no bill to forget to pay at the end of each month. Many of our seasonal customers like this because during their slow periods, they don’t have to worry about having a fixed amount to pay at the end of the month.

Just like a business line of credit, a merchant cash advance allows you to use the funding the way you need to. If you need to pay your company’s payroll or pay a vendor for supplies, you can use the cash we give you. You no longer have to worry about if you will be able to make it to the end of the week while you wait for your customers to pay you back.