The phrase “time is money” is most applicable to the world of small businesses and even nonprofit organizations. You must carefully decide what is worth your time and what isn’t. For example, you may be wondering if a Chase business line of credit, a Santander nonprofit line of credit, or a TD Bank nonprofit line of credit is worth trying to be approved for.
There are many banks and lenders courting the small business owner or nonprofit executive director, claiming to have the best rates and products to fit your needs. The Chase line of credit program is one of them, but is it worth your time and energy? Learn more about this and other options to determine what is right for the unique needs of your business.
What You Need to Know about a Chase Line of Credit
When shopping around for the best small business loan or a bank loan for your nonprofit organization, you must do your homework. Weighing the pros and cons of each will help you make the right choice.
For a small business owner, an unsecured line of credit is a popular option. It allows a flexible business loan to be used only when needed so you can keep more cash in your pocket.
Chase has several loan products, such as equipment financing and term loans. Some small business owners find the Chase business line of credit to be an attractive selection. Chase doesn’t have a prepayment penalty for early repayment of the money you withdraw, and you can get up to $500,000.
However, Chase does charge a closing fee on business bank loans which can be very expensive. Also, Chase requires you to go to a branch and apply for funding in person. You must speak with an agent every step of the way.
They look at your tax returns, credit history, and cash flow when making funding decisions. Unfortunately, for many small business owners and not-for-profits, these numbers are not always ideal, and you will likely be denied.
What it’s really like Trying to get a Line of Credit
“As a serial entrepreneur, I have personally gone to many different banks to try to get a business line of credit (LOC),” said Stephen Halasnik, Managing Partner of Financing Solutions. “Submitting an application and sending in all the required paperwork takes 10-20 hours of my time or that of a bookkeeper. I have an 800 credit score, a very profitable and experienced business, and plenty of collateral to back up the LOC. I have all this, only to be turned down after tons of work and time.”
What Halasnik knows is that traditional banks are not the place to turn to if you have a small business or nonprofit with less than $10 million in revenue. Alternative lenders like Financing Solutions are the place to turn because they focus on approval standards that really apply to smaller organizations.
How to Succeed in Business by Trying (not too) Hard
Pay attention – you can’t stand tall by keeping your head down. Keep track of trends, new technology, and changes in your industry.
Be a true leader – don’t be afraid to blaze your own path, even if your decisions may be unpopular. Build trust, take risks, and become a star in your industry.
Get the right small business funding – use instant business funding from Financing Solutions to help you manage cash flow and grow your business.
