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What Are Business Lines of Credit?
Business lines of credit give you access to funds that you can draw as needed, so you can access capital for your business expenses. This valuable loan helps ensure that your business remains financially afloat. At Cheddar Capital, we have helped hundreds of business owners obtain flexible funding through business lines of credit. Our affordable, transparent loan programs provide an easy online application and fast approval process. When you apply with us, you can use your business credit to get more working capital, manage cash flow, purchase inventory, and finance other business needs. Our trusted personnel will assist you with any inquiries or concerns. Apply now to receive a call from us and get started with your application.
Loan Amounts Between $10,000 and $500,000
At Cheddar Capital, small business owners can have access to loan amounts ranging from $10,000 to $500,000. You can use these funds for ongoing expenses, payroll, large investments, and other unforeseen financial issues.
Interest Rates Starting at 4.99%
You only pay for the interest when you draw funds from your line of credit. Our interest rates at Cheddar Capital ensure that you get the funding your business needs at a much lower cost.
Loan Term Lasts 6 Months to 3 Years
Traditional loans typically follow a fixed repayment schedule. With Cheddar Capital’s business lines of credit, we provide flexible and simple repayment terms that can last up to three years.
Get Your Line of Credit as Fast as 1 Day
We offer fast and hassle-free processing of loan applications. This allows you to obtain your business line of credit the same day after getting approved.
How Does a Business Line of Credit Work?
A small business line of credit operates more like a credit card than a business loan, allowing you to draw funds up to a certain limit when needed. It is mostly ideal for covering short-term operating expenses, such as inventory or payroll. But you can also use it for any unexpected financial needs to preserve your business’ cash flow. With it, you’ll have access to a revolving credit line instead of an upfront lump sum. Some lines of credit may expire after a given period, while others let you reuse the funds after repayment without having to apply again. Business lines of credit can either be secured or unsecured. Secured lines of credit may use your inventory or accounts receivable as collateral, while unsecured lines may require a general business lien.
Do You Qualify for a Business Line of Credit?
Your annual revenue, credit score, and business history are important factors in qualifying for a business line of credit. These factors can also affect the borrowing limits, interest rates, and repayment terms.
Annual Revenue: An underwriter will evaluate your business revenue to determine whether you have stable cash flow. We will ask you to provide various financial documents that show your capacity to repay the loan you are applying for generally just bank statements to start.
Credit Score: A fair credit score will usually allow you to qualify for a business line of credit, although having a higher credit score is ideal. You will have access to more benefits with a higher credit score, including lower interest rates and better terms.
Business History: Generally, those with at one year in business can qualify for a business line of credit. If you have at least two years in business, you are likely to have access to the most desirable terms and rates.
How to Apply for a Business Line of Credit?
Applying for a business line of credit is a simple and an easy process with Cheddar Capital. Our paperless application is designed to be convenient for business owners. We value your time, and the ease of our application process is one way we show this. You will need to provide documents that give us a complete picture of your business’ operations and financial health. These may include your business bank statements, profit and loss statements, tax returns, and credit history.
Our application process can be summed up in three easy steps:
Cheddar Capital offers a streamlined application, allowing you to get convenient and quick funding for your small business needs.
After submitting your complete requirements, we will process them immediately. You may get approved in as little as 3 hours.
We transfer your funds directly via Wire or ACH. You can now use your credit line to finance your business expenses.
How Much Does a Business Line of Credit Cost?
Unlike most traditional loans, business lines of credit have simple interest rates, and the amount you pay is determined by the portion of money borrowed and not the total amount available. In short, you will only pay for drawn funds. This results in lower costs compared to a credit card.
Apply for Business Line of Credit at Cheddar Capital Today
Get in touch with our experts for more information about business lines of credit. You can count on our seasoned team to guide you through our straightforward business lending process. Contact Us Now!