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Enjoy the flexibility of a revolving line of credit. Draw as you need and pay only for what you use.
Credit lines up to
Rates as low as
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What is business line of credit?
As you borrow from your credit card that allows money as line of credit does, you have to continue accessing capital you need for ongoing growth. It is a type of business financing that allows funds to be used on as-needed basis and up to a specified limit.
A line of credit is a credit account with predetermined credit limit that can be needed or repaid over time. Funds for business purchase such as inventory, supplies and operating expenses is better than using traditional loans.
Business typically uses a line of credit to remodel or expand their stores/offices, need some tools or equipment, payroll or any type of high expenses in their business.
FundMate is here to provide the best line of credit for business owners that provide more flexibility than regular business loans.
Fast Working Capital
Types of business line of credit:
Revolving business credit score: Businesses who have a strong credit score; credit limits are generally higher than implies after the withdrawals are repaid.
Non- Revolving business credit score: For small businesses that have weaker credit score; credit limits which are generally lower, that doesn’t replenish.
Secured business line of credit: it is credit where it is backed by a valuable asset like a vehicle, account receivable, equipment or inventory.
Unsecured business line of credit: the higher interest rates and strict qualification then it doesn’t require borrowing the provided collateral.
How Business line of credit work?
Small business is able to work quickly and effectively in times of growth or fluctuating cash flow. If you really need to manage the flow of the cash, purchase inventory or unexpected expenses, a business line viable option.
Revolving the LOC, even if you are not going to use it the ideal time to apply for business funding is when it’s not required or not even when you are desperately looking for capital.
Business credit card is credit line that has the same benefits and drawbacks. The money you borrow is the only money you pay for interest, if you don’t borrow more than certain specific amount it is up to you to use it or repay the money once have reached credit limits.
How it works
Secured and Unsecured line of credit:
If you are getting line of credit for your business that are of two types Secured and unsecured line of credit. Let us show you some more information about secured LOC and Unsecured LOC.
Secured Line of Credit:
It is types of credit where an agent or lender will give you credit on an asset you are able to give. By chance you are not able to repay your asset, it will be seized by the lender/agent. It is a risk but you will get higher credit limits and lower interest rates as compared to an unsecured business line of credit.
As business owners there are several kinds of credit which is based on security. There are some more home equity lines of credit, which are collateral secured lines of credit that are designed more to provide small business.
Unsecured line of credit:
It is a line of credit where no collateral is required because its approval is much faster. It similarly works as credit card where there is no collateral for them to seize if you miss out, that is more risk for lender or agent. This line of credit includes:
• High interest rates
• Shorter lines of credit
• More difficulty qualifying
Why is it better?
Don’t let cash flow issues distract you
Our 3 Step Process
Fill out our Quick Apply application.
We review your application
We review your goals and present you with programs matching your needs, getting an offer in 24 hours.
Choose the program that fits you best and receive funding within 48 hours.