What is a Business Line of Credit?
A business line of credit is a pre-approved amount of money that your business or nonprofit can have access to for any reason – if needed and when needed. Unlike a term business loan, a business line of credit is often used when there is an emergency or an opportunity, and when cash flow is temporarily down. A business line of credit is an important lifeline and everyone should have a business line of credit as a backup plan.
A good idea is to get your business line of credit in place and approved BEFORE you need it since a Financing Solutions Business Line of Credit doesn’t cost anything when not being used.
APPROVED Quickly Requiring Very Little of Your Time
Every business owner or nonprofit executive director knows that there are ups and downs in a business’s cash flow and that a line of credit is an important tool. Small businesses and Nonprofits are no longer turning to banks or credit cards due to the expense, rejections, complexity, limitations, and poor turnaround times.
Approval Process and Same Day Answer
To qualify for a Line of Credit, Financing Solutions requires you to have at least $100,000 a year in revenue and can easily give you an answer to how much you will be approved for.
A great place to start is to fill out our simple, 2-minute, no doc, no credit check application, so we can understand your business or nonprofit. After reviewing your application, we will give you an approval answer in writing within 24 hours.
If your application has been approved, and you want to move forward, we will then ask you to provide a few simple, easy-to-produce documents. All terms and conditions for Financing Solutions will be communicated clearly and we will answer any questions you have.
We do not require collateral or personal guarantees (other than those needed for fraud prevention).
We Understand Small Businesses and Nonprofit Organizations
Business owners and executive directors like working with Financing Solutions because we understand the importance of getting financing quickly, so you can get back to work. Our knowledge about and empathy for you is in everything we do. Everyone you will encounter at Financing Solutions has either been a small business owner themselves or has worked for small businesses. If you are a nonprofit, we have extensive experience working with you as well since nonprofits are our biggest clients.
Why Our Clients Choose Us
- Easy and quick approval process
- Our credit line costs nothing until used
- Deep understanding of small businesses and nonprofits
- Flexibility and honest communication
- Inexpensive and well-designed line of credit product
Why Businesses and Nonprofits Stopped Working with Commercial Banks
Alternatives to commercial banks emerged during the recession of 2007 for two key reasons. First, many businesses couldn’t get their business loans approved by banks or even worse – their business lines of credit were pulled. Second, the United States went into a major recession making commercial banks pull back on approving business loans. (It seems that every 10 years a recession has affected small business lending.)
Banks have been around for hundreds of years, but it was finally time for an alternative. The 2007 recession and new technologies led to the creation of private companies that could make faster approval decisions based on other business information. These alternative financing companies didn’t require collateral to back up your financing like a bank would because they didn’t have to answer to government regulators. Financing Solutions began operations in 2012. Since then, it quickly became one of the leading alternative financing companies throughout the United States because we look at more than just a balance sheet to approve applications for a line of credit. And we use our own funds.
Financing Solutions works with many industries. We will look at various parts of your organization and take character into consideration when making approval decisions. We know that every business has its ups and downs, so if you had a hiccup or two, Financing Solutions will take all that in mind.
What we are concerned with is whether you have the ability and determination to pay back your financing. Over the years, we have learned that business owners and executive directors will work really hard to survive, and they know that having and keeping their financing in place is critical to growth and survival. If a customer of ours happens to have an issue, we are always flexible to work out a solution.
Interested in seeing how much you qualify for?
Click below and fill out our two-minute, no documents, no credit check business line of credit application to get a no-obligation written quote.
Financing Solutions donates 10% of its profits to nonprofit organizations.