Business Line of Credit : access your capital when you need it
up to $500K
- Secured business lines of credit rely on collatoral
- Lower interest rate
- Higher line of credit
up to $500K
- Don’t require collateral so your assets are free
- Quicker approval time
- Rely more on creditworthiness
Empower Lend provides Business Lines of Credit loans to help business owners expand their territory, take on more projects, purchase inventory or equipment, and even finance payroll when needed.
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FAQ for Business Lines of Credit
What is a Business Line of Credit?
A business line of credit allows you to access capital (which could range from $5,000 to $500,000 or more) as you need it — you don’t make payments or rack up interest until you actually use your funds.
Credit lines work best for short term financial needs, such as ongoing operating costs, smaller purchases, or any situation that might result in a temporary shortage in cash flow.
What are the requirements for a Business Line of Credit?
While lenders typically have varying eligibility requirements, to qualify for a business line of credit, you will likely need:
- At least six months in business
- At least $25,000 – $50,000 in annual revenue
How does a Business Line of Credit work?
When you open a business line of credit, the business receives access to a stated amount of funds to use as needed. A monthly statement reflecting the amount of credit used will also include any interest charges. You only pay interest for the funds you use as you use them.
What is a Business Line of Credit used for?
A business line of credit can be used for any business expense you have. Use it to pay bills, purchase inventory or equipment, increase cash flow, and cover the costs of unexpected business expenses.
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