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Operating Lines of Credit

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Operating Lines of Credit

A revolving line of credit is similar to a credit card. The lending institution grants you a maximum credit limit, accessible for business purposes anytime during the revolving period (up to one year). Each weekly payment and partial principal paydown frees up your line’s available funds. Business owners often seek a business line of credit as a flexible funding option.

Unlike a credit card, there is a fixed weekly payment based on the original term chosen during approval (up to 36 months). The credit limit can be used repeatedly as long as you do not exceed the maximum. Many small business owners and corporations use a revolving business line of credit to finance expansion projects, additional locations, new equipment, partner buyouts, or as a safeguard against cash flow problems. Utilizing a corporate line of credit can streamline these financial operations, ensuring your business stays on track.

A business line of credit ensures that funds are accessible when needed, making it an invaluable tool for managing operating expenses. It provides businesses with the flexibility to cover unexpected costs and seize new opportunities without delay. A business line of credit can significantly aid in keeping business operations smooth and uninterrupted, providing peace of mind in managing finances. A corporate line of credit is also a strategic tool for supporting large-scale business endeavors. This tool allows businesses to react swiftly to opportunities and challenges, maintaining their financial stability. Furthermore, securing a business line of credit is an essential strategy for maintaining financial flexibility and supporting business growth.

In addition, securing a business LOC (line of credit) can offer even more flexibility for various operational needs. Utilizing a corporate line of credit can further enhance the business’s ability to manage financial demands efficiently.

A revolving line of credit offers businesses flexible access to funds with a fixed weekly payment, allowing for ongoing draws and repayments, similar to a credit card but with a set term.

The information provided serves as a general guideline. We collaborate with a diverse range of lenders, each offering unique terms and benefits.

To ensure you find the best financing solution tailored to your specific needs, we recommend setting up a meeting with us to review all your options in detail.

The Ultimate Revolving Line of Credit

  • Credit Score Minimum:  601
  • Income Minimum:  $17,000 / mo ($200,000 annually) Businesses Income
  • Debt to Income: Varies by lender
  • Must be brick and mortar business, no home-based
  • List of Approved Industries | View our list of approved industries
  • Open and operating for at least one month (30 days) - B2C
  • Open and operating for at least two years (24 months) - B2B
  • Business must have no more than two outstanding cash advance loans.
  • Applicants must own the business.
  • The business must be open and operating under the same ownership for at least one month (30 days)
  • Application:  Our general application to start the process.  Depending on which lender ends up being the best fit, we may need to submit a lender specific application. View Application
  • Credit Report:  Three bureau with fico scores. Learn How!
  • Bank Statements:  Last three months.
  • Tax Returns:  Last two years
  • Revolving Period: Up to 1 year (52 weeks).
  • Unlimited Draws: Minimum of $5,000 during the revolving period.
  • Unlimited Paydowns: Minimum of $5,000 during the revolving period.
  • Line Availability: Payments and paydowns free up available funds.
  • No Penalties: Pay off or pay down your line of credit anytime without penalties.
  • Customizable: Decide when and how much to borrow, and the amount of your payment.
  • Early Payoff: No penalties for early payoff during the loan term.
  • No hard credit pull, so your credit will not be affected.
  • Loan Amounts: Up to $1,000,000
  • Interest Rate: 8% to 25% depending on credit and other underwriting guidelines.
  • Finance Charges: Accrue and are collected weekly.
  • Term: Up to 36 months
  • Fees: Vary by lender depending on credit and other underwriting guidelines Only charged on cash out.
  • Credit Report: Vary by lender, but most do not report to personal credit.
  • Initial Draw: Minimum of $5,000 or 10% of the line approval.
  • Funding Time: Under a week
  • Collateral Required: None

We understand the changing business landscape, especially in the restaurant industry. Small business owners use our revolving line of credit for various reasons, including:

  • Equipment financing
  • Purchasing inventory in bulk for volume discounts
  • Renovations and remodels
  • Expansion projects
  • Paying for franchise obligations
  • Opening another location
  • Obtaining a liquor license
  • Operational capital for slow, seasonal periods
  • Adding catering and take-out services
  • Upgrading your POS/computer system
  • Remodeling your kitchen for maximum efficiency
  • Buying out a business partner
  • Investing in outdoor signage and landscaping
  • Starting a new advertising/marketing campaign
  • Paying business taxes
  • Consolidating and paying off more expensive debt

*We strive to keep our information current, but the lending landscape changes daily, and requirements can vary between lenders. The information provided is intended as a guideline to begin the approval process. Additional information, documents, and requirements may be needed.

Review our list our list of approved industries

Complimentary Advisory Meeting

Why Choose Us?

With over 8 years of experience, 950 Credit, Inc. has built a reputation for excellence and reliability in the financial consulting industry. Our team of experts is committed to understanding your unique needs and delivering personalized solutions that drive your business forward.

Contact Us to book your meeting and start your journey to financial success with My Business Credit Boost.