As a small business owner, you must free yourself from the belief that someday everything will be easy, but getting a free credit line can help to make things easier. When you learn more about this important business tool, you will wonder how you ever got along without it.
Do Commercial Banks Offer a Free Credit Line?
A bank is going to charge you whether you use your line or not. Additionally, you must pledge 100 percent collateral for their free credit line, meaning it’s anything but free. If you have any difficulty repaying the money, the bank will seize whatever assets you put up. This might include your home, property or a major piece of equipment you need to run your business.
Also, banks don’t typically like working with businesses that have less than $10 million in assets. Therefore, even if they do offer a free credit line, chances are your business won’t qualify.
Is There Really Such a Thing as a Free Credit Line?
Financing Solutions (www.financingsolutionsnow.com) does have a free credit line. It is free to set up and free until you use it.
In addition, there is no charge to keep your line in place yearly. And if you pay back your line quickly there are no charges whatsoever.
Once you do use the line it is very inexpensive. For example, you would pay only $63 per week for a withdrawal of $5,000.
Why Would a Business Need a Free Credit Line?
There are just so many times when a line of credit is valuable. Emergency expenses happen all the time. Things such as late payments from major clients, equipment malfunctions, sudden increases in business or a recession can throw even the most flexible budget into a tailspin.
It’s important to note that the best time to get a line set up is before you need it. Every business owner or nonprofit executive should have a line of credit in place, just in case.
Is it Possible to Get Anything for Free to Help Grow Your Business?
They say there is no such thing as a free lunch. Still, there are some free opportunities available to the small business owner. You just have to know where to look.
Free advertising
Sure, you can spend $5 million for an ad to air during the Super Bowl. But there are plenty of free business tools you can use to increase visibility for your brand. Many businesses don’t take advantage of the free online listing they can automatically get from places like Yellow Pages.com and Google My Business. You can claim your profile and add things like videos, business information, and anything else you want people to know. Foursquare for Business allows you to directly interact with your customers.
Free connections
Tired of paying for employees in different locations to meet up? You can use tools like Skype and Slack to manage communications to and from anywhere. There are also free collaboration tools that let you share screens, conduct meetings and host online conferences, all from the comfort of your office.
Free credit line
When you need business cash now, you don’t want to have to spend even more money to get it. Instead, you can turn to Financing Solutions for a free credit line.
