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With the advent of the 2008 Financial Crisis here in America and other parts of the world, entrepreneurs find themselves putting more equity into their businesses than before this fiasco. Lines of credit are a perfect financial instrument for small companies to have when financial situations change unexpectantly. Change is part of life and nothing stays the same and can be expected in business issues too. Thus, the question is not if, it is when, and are you prepared financially to waiver the storm? A line of credit is that financial product that could be the difference between taking advantage of an opportunity now that could bring huge rewards and that of being complacent in wethering the storm and waiting on the next big opportunity to act.
What is a Line of Credit?
A line of credit is a loan approval extended to entrepreneurs and small business owners that are drawn on when there is a need. Typically this loan, when drawn, the merchant only pays interest of the loan proceeds that are taken. The entrepreneur has 24-hour access to these funds and can obtain five drafts or separate loans within 6 months, and the fund can be requested online.
Benefits Of A Line of Credit
One uses the funds as needed into their business, and make low fixed weekly payments. Hence, the line of credit is not a cash advance but a bank loan which means this is a tax write off of the interest payment. So repayment is not tied to credit card receipts that are customary with merchant cash advances with are incredibly costly. Here are some benefits of a line of credit:
What Are L.O.C? Loans Used for?
Applying for a Business Line of Credit
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