Commercial Business Line Of Credit
Looking for a way to finance growth and enhancements to your business? A business line of credit is a good option. You may not have the ready capital to fund a new venture but that shouldn’t stop you from taking your enterprise to the next level. All you need is the advice of a financial expert who can determine your credit options and the best way to achieve your goals.
Natasha Bridgmohan and her team of financial consultants at Mortgage Intelligence can help you get the financing you need to grow your business or to start that new project. Let our years of experience in mortgage loans and associated credit services make it easier for you to navigate the complexities of a business line of credit.
What is a business line of credit?
A business line of credit is an approved amount of funding made available to your business for daily use. The balance owing will fluctuate based on payments made and funds utilized, but cannot exceed the approved limit. Please note that the minimum monthly repayment amount is based on the current balance owing and not on the approved limit.
Many entrepreneurs struggle initially to manage their cash flow. Seasonal capital requirements and the time gap between payments and receivables are typical reasons why this is an ongoing challenge. In such cases a business line of credit may be your ideal solution.
Who can apply for a business line of credit?
- Sole Proprietorship
- Non Profit Association/Organization
How to go about obtaining a business line of credit:
- Establish good credit for at least 18 months
- Show proof that you have a successful and profitable business
- Gather your financial and tax information as well as credit references
- Find out about the line of credits offered by at least two or three financial institutions
- Consult your financial advisor or an experienced financial specialist about your options before you make a final decision
Why take a business line of credit?
- Fast and easy access to funds
- Unlike a loan, with a line of credit you have the option to use the money as you need each month
- You only pay interest on money that you utilize
- Rather than reapplying every time you need funds, your line of credit is always available to you
Many entrepreneurs aren’t aware of the benefits of a business line of credit. Others are intimidated by the financial terms and application process. Natasha Bridgmohan and her team of specialists are here to walk you through the entire process and answer any questions you may have.
The advantages of working with Mortgage Intelligence:
- You have a team of financial services experts working for you: Our in-house team of experts is skilled in more than mortgages; we can help with insurance, real estate, property inspection, credit counselling, debt settlement, and more.
- We have established partnerships with over 50 lenders across Canada: This includes major banks, credit unions, trust and insurance companies, and other national, regional or private lenders. We will help you choose the right lender with a product that closely meets your needs.
To obtain more information about applying for a business line of credit, consult the professionals at Mortgage Intelligence. Call us toll-free at 1-866-553-7467 Ext 221.