Every business faces it – a lull in cash flow, and a need for capital.
A secret funding weapon is at the disposal of most businesses, and they might not even know it. It’s called a business line of credit, and most companies can qualify for it.
There are two types of lines of credit: Secured lines of credit and unsecured lines of credit. Secured lines of credit use assets like accounts receivable, inventory, and equipment as collateral. Unsecured lines of credit rely on a company’s credit score for funding.
Business lines of credit are best used for short-term cash flow issues (like making payroll) and revenue generating activities (like marketing initiatives). Just like with a personal credit card, payments are only required as the line of credit is used. This is different from the traditional stand-by called loans. Whereas a loan has fixed repayment terms and can only be used once, in one lump sum, a line of credit is an on-going form of funding.
ComCap Finance Group specializes in Unsecured Business Lines of Credit. These business lines of credit do not require collateral and include anything from smaller business credit card solutions up to individual lines of credit for $500,000. How much the business owner qualifies for depends on the credit profile and the size and profitability of the business. Start-up companies with no established revenue and a business owner or partner with a good credit file can expect to receive between $25,000 – $100,000 normally.
Established businesses with revenues of $1,000,000 up to $10,000,000 can expect between $100,000 – $500,000 with no collateral if they qualify with their financials and credit. These are A-Paper products so the rates are very good.
They range anywhere from 0% introductory offers on all our business credit card solutions to 1-5% over prime for the larger lines of credit. We don’t offer “subprime” Unsecured lines so you’ll either get the good rates or you will not be approved.We offer a No-Obligation Pre-Qualification that takes 10 minutes to complete and only requires a credit-check that costs less than $45.Feel free to speak to one of our representatives on obtaining an unsecured line of credit.
Think a line of credit might be a good fit for your business? Contact ComCap Finance Group and let’s discuss the possibilities.