What are Unsecured Business Lines of Credit
Often, what something is may not be as important as what it can become. For instance, you might be wondering about unsecured business lines of credit. Instead, you should be asking what can unsecured business lines of credit do for your business.
The ability to get a fast business loan is crucial to your business growth. What you do with it determines your longevity. Unsecured business lines of credit help both areas. Learn more to decide if they are right for your business.
What You Need to Know about Unsecured Business Lines of Credit
Although many banks offer a line of credit, they are actually advertising a secured line of credit. This means the funds must be backed up by collateral, such as your commercial property or even your home.
You would also be subject to yearly reviews, excessive paperwork and unnecessary scrutiny with a traditional line of credit from a bank. Additionally, they require an exceptional personal credit score.
The truth is that only big businesses with more than $10 million dollars in sales each year are able to qualify for unsecured business lines of credit. In fact, four out of five businesses that apply for a bank line of credit get denied. This means that, for the small business owner without significant collateral, your options at a bank are limited.
Where is the Best Place to go for Unsecured Business Lines of Credit?
Unlike a traditional bank, Financing Solutions (www.financingsolutionsnow.com) offers unsecured business lines of credit that are hassle-free. You can get a line up to $150,000 in place in 48 hours or less.
This type of instant business funding is a flexible way to get the cash you need without strangling you in debt. The money can be used to tide you over during slow sales periods, make payroll and handle emergencies.
With Financing Solutions, if you have been in business for more than two years with a credit score of at least 650, you are eligible to apply. Every small business owner should have a business line of credit, just in case.
How to Secure the Future of your Business
Many small business owners are so focused on surviving each day that they don’t invest enough time on securing their company’s future. Most believe they don’t have the resources or manpower to achieve this. However, there are small steps you can take right now to make a big impact on your potential success.
First, you should develop the habit of taking 15 minutes every day to plan. Determine what a successful week will look like and one thing you can do to make it happen. For instance, if you want more customers, plan to attend a community event where likely prospects will be. Then, decide on the best method to convert that particular audience.
You should also work to make your company a leader in your field. This is an ideal way to earn trust and cultivate loyal customers. Demonstrate knowledge of your industry by writing a blog or becoming active on the right social media sites. When customers realize you know your business better than anyone else, they are more likely to choose you over a competitor.
The best way to secure your future is with short term business funding from Financing Solutions. They have the financial products you need to help your company thrive.