A business line of credit can help your company soar by providing flexible access to funds that you can use as needed. There’s no need to suspend (or slow down) your business operations (and growth) in order to apply for a loan every time you need to finance business purchases or expansion. You can re-use the available credit as soon as you repay and replenish it.
Here are some great examples of what you can accomplish with a business line of credit:
- Hire an employee: If you’ve received several large orders, congratulations! Your business is set to take off. But what if you don’t have the staff to fulfill the orders on time? Your business credit line can come to the rescue.
- Retain valuable staff members: These days, there’s competition for great employees. Make sure yours is a “best place to work” by using your credit line to fund career development and training, or benefits and perks.
- Meet payroll in the off-season: Laying off and re-hiring is expensive and can cost you the loss of experienced team members. Avoid this by keeping up with payroll demands until spring (or whenever your business typically picks up) using your credit line.
- Buy tools, software or equipment: Credit lines are ideal for relatively small equipment purchases that you’ll pay off in the short term. Need software to make your business more efficient, or an espresso machine to add items to your cafe menu? Use your credit line. (For large purchases, equipment financing, leasing, or term loan options are cheaper in the long run.)
- Invest in inventory: Need holiday products to fulfill your upcoming demand? Want to take advantage of a terrific bargain and stock up? This is no problem with a line of credit at your fingertips.
- Market your brand: Bringing in new leads, and keeping existing customers loyal, requires staying front of mind with your audience. Being low on funds can stifle your company growth, so use your business line of credit to place ads or hire a skilled marketing consultant.
Success tip: Be sure to apply for your line of credit before you need it, so it’s ready to meet your business needs as they come up.
Contact Fast Commercial Money to learn more about your business line of credit options.