Business Line of Credit
Getting the Best Rates and Terms
Are your business plans stalled due to a lack of funds?
A business line of credit can help cover unexpected payroll expenses and financial hurdles. You may never need it, but having a financial cushion in place provides peace of mind, knowing that unexpected costs will be covered.
At SCG Loans, we understand the importance of small businesses having reliable access to working capital. According to estimates by the Small Business Administration, over three-quarters of small businesses rely on credit to grow. Before you shop for credit lines for your business, read this guide. SCG Loans puts everything into perspective, helping you qualify, apply for, and secure the best terms and rates on a business line of credit.
Key Features:
Flexible Access to Funds: Borrow as much or as little as you need, up to your credit limit, ensuring you have the capital available when you need it.
Interest on Withdrawn Amounts: Pay interest only on the funds you withdraw, not on the entire credit line, helping you optimize your financing costs.
Revolving Credit: As you repay the borrowed amounts, your available credit is replenished, ensuring continuous access to capital.
Benefits:
Manage Cash Flow: Smooth out fluctuations in revenue and expenses to maintain steady operations.
Cover Unexpected Costs: Manage unforeseen expenses, such as equipment repairs or emergency purchases, without disrupting your budget.
Seize Opportunities: A fair to good credit score improves your chances of approval and may help you secure better terms.
Qualification Criteria:
Business Tenure: Typically, a minimum of six months in operation.
Revenue: Demonstrated consistent revenue streams.
Creditworthiness: A fair to good credit score enhances approval chances and may secure better terms.
Application Process:
1. Prepare Documentation: Gather financial statements, tax returns, and bank statements.
2. Submit Application: Complete the application form with accurate business and financial information.
3. Review and Approval: The lender assesses your application and, upon approval, sets your credit limit and terms.
4. Access Funds: Draw funds as needed, up to your credit limit, and repay according to the agreed schedule.