Business Credit Lines
Business Credit Lines is something new to many people. I believe that it’s new because the banks don’t talk about it on TV or the Radio.
But rest assured gaining business credit is way better than getting a loan from any bank! Establishing a business line of credit isn’t hard if you know what you are doing.
Examples of how a line of credit is different from a loan are:
- A loan you must pay closing cost (each time you receive a loan)
- You have to pay points (each time you apply for a loan)
- You have to pay the interest that is attached to each loan you are given
- There may be other fees attached to getting the loan process (each time you apply)
- You have to weight on the bank for an appraisal (each time you request a loan)
- Risk of being rejected goes up each time you apply for a loan
- Your Credit get hit each time you apply for a loan
Business Line of Credit:
- No closing cost
- No points to pay
- Check out the videos about interest rates
- No other fees to pay
- Once you are approved for the line of credit – you always have that much credit available.
- Once you pay yourself back the funds you spent, you have the same amount available without asking the bank for more money. You don’t have to worry about being rejected because you always have the same amount of credit available.
- You are approved for $100,000 line of credit
- You spend $70,000
- You have left $30,000 worth of credit
- Let’s say you flipped a house and made $80,000 on the sale. You put back the $70,000 into your own account. Now you have $100,000 worth of credit available to you again. Plus you have $10,000 in cash available.
Your credit is not hit because you are using your line of credit and not requesting funds that require your credit to be checked.
I recommend that you seriously check out Fund&Grow. Fill out the short form and they’ll contact you for your first one on one conversation. Speak to them about your needs and desires. I think you’ll love what they have to say.