What is a Business Line of Credit?
A business line of credit is a preapproved amount of money that your business or nonprofit can have access to for any reason if needed when needed. Unlike a term business loan, a business line of credit is often used when there is an emergency or 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 anymore due to the expense, rejections, complexity, limitations, and poor turnaround times.
Approval Process and Same Day Answer
Financing Solutions requires 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 be able to give you an approval answer in writing the same day.
If your application has been approved and you want to move forward, we will then ask for 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 Clients Select Financing Solutions
- Our easy and quick approval process
- The fact our credit line costs nothing until used
- Our understanding of small businesses and nonprofits
- Our flexibility and honest communication
- Our inexpensive and well-designed line of credit product
Why Businesses and Nonprofits Stopped Working with Commercial Banks
Alternatives to commercial banks began during the recession of 2007 for two key reasons. The first reason was that many businesses couldn’t get their business loans approved by banks or even worse, their business lines of credit were pulled. The second reason was that 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 and 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 are using our own funds.
Financing Solutions works with many industries. We will look at various parts of your organization and will 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 that all into consideration.
What we are concerned with is whether you have the ability and determination to pay back your financing. What we have learned over the years is 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 there are times when a customer of ours is having an issue, we are flexible to always 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.