Does it Make Sense to Look at a TD Business Line of Credit
Good health and good sense are two of the essential things every small business owner needs. It’s also important to have good finances. Therefore, you may be wondering if it makes sense to look at a TD business line of credit.
Without good business sense, there is no business success. If you are a small business, this is even more crucial. Making the right decisions is the only thing that ensures the future of your business. It may make sense to consider all your options, including a TD business line of credit. Learn more to find out if it’s the best choice for you.
How Can a TD Business Line of Credit be Useful?
Quick access to business capital – while you can pay for many business expenses with credit, there are some that take only cash. When a business fails, it’s typically not due to lack of customers or an inferior product. The problem is that they simply run out of cash. With a TD business line of credit, you can avoid this dilemma.
Flexibility to manage cash flow – different areas of your business will need cash at different times. You don’t want to be stuck pulling money from inventory to hire temporary staff, etc. With a line of credit, you can take money from it instead of sacrificing other areas of your business.
Fast business cash to take advantage of new opportunities – you never know when you will get your next big idea. When it does come, you want to be ready. If you don’t have the cash, that opportunity will pass you by (and likely be picked up by your competition). A business line of credit will ensure that you always have cash on hand.
The Pros and Cons of a TD Business Line of Credit
Con: You will have to secure it with collateral. This might mean real estate, equipment or other business assets. You may even have to put your own personal home or property at risk.
Pro: They offer revolving lines of credit. This means that once you pay down the balance, you are free to withdraw monies again.
Con: At the end of the day, TD Bank is still a bank. And banks don’t have a good track record for dealing with small businesses. One way they are particularly troublesome is with credit scores. If you don’t have excellent credit, they consider you too much of a risk. As a result, most banks will not work with you.
Are There Alternatives to a TD Business Line of Credit?
Thankfully, a TD business line of credit is not your only option. Neither is dealing with banks. You can now choose from several alternative finance companies, like Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions, they only work with small and medium size businesses. They understand your unique challenges and situations. Even if you have less than perfect credit, you are eligible for their instant business funding.
Best of all, they do not require personal guarantees (except in cases of fraud). Also, you can pay the money back quickly, so their help will not land you in further financial trouble. Every small business should have a line of credit from Financing Solutions, just in case.