Think of a business line of credit as a revolving loan that allows the business owner to access a specific amount of capital at any time to help with short-term business financing needs. This type of funding option is useful since you have ongoing access to funds to deploy when needed. You can also typically pay back your credit line anytime without incurring any early repayment fees however that is dependent on the lender.
For financially established businesses, a business line of credit is a viable option. However, being a small business means facing more stringent guidelines such as credit criteria, an extensive application process, and being required to provide financial documentation that small businesses might not be able to obtain. The main points to consider include:
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