Business Line of Credit Programs
Challenge
A business line of credit is perfect for short term borrowers who need a flexible solution. It is a revolving account, rather than a lump sum payment whereby the lender establishes your credit limit and borrower can draw any amount up to that limit when necessary. The Wherewithal offers several lines of credit programs that will give you the instant liquidity to cover operating expenses as they arise.
Opportunity
Once approved for a specific amount you can borrow against, draw (and pay interest on) only what you need when you need it you need it. In most cases, as you pay off the balance, you free up the loan amount to borrow against again. This is known as a revolving line of credit.
Peace of mind of knowing funds are available to you within 24 hours without taking on too much debt at once.
Requirements
- Lenders consider cash flow and operating expenses along with
- business checking statements and
- owners’ FICO.
- May require more robust documentation like tax returns, P&L, A&R,
- $50K per month in revenue