Good health and good sense are essential things every small business owner or nonprofit executive director needs. It’s also important to have good finances. Therefore, you may wonder if it makes sense to look at a TD business line of credit, a Santander line of credit for nonprofits, or even a Chase Line of Credit for nonprofits.
Without good business sense, there is no business success. If you are a small business or not-for-profit, 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 setting up a bank business line of credit. Learn more to find out if it’s the best choice for your organization.
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, some take only cash. When a business or nonprofit fails, it’s typically not due to a lack of customers, a poor mission, or an inferior product. The problem is that the organization simply runs out of cash. With a bank business line of credit, you can avoid this dilemma.
With the 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 so you can hire more staff, pay your rent, or the slew of other expenses that must be paid. With a business or nonprofit line of credit, you can take money from your small business credit line instead.
With Fast business cash to take advantage of new opportunities – you never know when you will get your next big idea. When that opportunity 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.
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, personal assets, or other business assets. You may even have to put your own personal home or property at risk.
Pro: They offer revolving business lines of credit. This means that once you pay down the balance, you can 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 personal 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.
At Financing Solutions, they only work with small and medium-size businesses and nonprofit organizations. 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 anytime, so the business line of credit or other loans for nonprofits will not land you in further financial trouble. Every small business should have a line of credit from Financing Solutions, just in case.