What is a Secured Business Line of Credit
In business, very few things are secure. There are just too many unknowns. This may lead you to wonder about a secured business line of credit and whether it is right for your company.
There are numerous sources for fast business financing and a secured business line of credit is just one. It is important to know your options to make the best decision for the unique needs of your small business.
What You Need to Know about a Secured Business Line of Credit
A bank line of credit can be ideal for supplementing cash flow, expanding your business and managing expenses. What most banks offer is a secured business line of credit. This means that the money it tied to some form of collateral, such as a savings or CD account, capital assets or even your home.
The downside is that most banks charge expensive fees or lock you into long term contracts which mean it could take you years to repay the money. Also, they require tons of paperwork and an excellent credit history.
What Are the Alternatives to a Secured Business Line of Credit?
If your business is unable to qualify for a line of credit from a bank, don’t worry. Financing Solutions (www.financingsolutionsnow.com) offers an unsecured line of credit for businesses. There is no charge to set up the line and nothing to repay until you actually use it so it is a perfect small business back up plan.
To be eligible for a line of credit from Financing Solutions, your business must be at least two years old with less than $5 million in assets. The process is quick and easy and the line will remain for up to 12 months. In most cases, you can get the money you need in less than 48 hours.
How to Ensure Your Company is secured for the Future
As a small business owner, one of your most important responsibilities is to see the big picture and make sure your company is poised for success both now and in the future. While success may look different for every company, the ways to get there are fairly constant.
One thing you need to do is attract, hire and retain the best and brightest talent. You should not simply fill a position for the moment. Instead, think strategically about how the new hire will support your organization in both the short and long term. Then, provide the right foundation to keep the employee trained, well-paid and happy so he will live up to his best potential.
You must also make sure your information and data is secure. Studies have shown that approximately 30 percent of small businesses will fall victim to cyber crimes and no business is too small to be hit. This includes hacking, malware infections and outright data theft. While some large corporations have faced this issue, such as Sony Pictures and Home Depot, it would be much harder for a small business to bounce back from this kind of crisis.
The best way to secure your company’s future is to know where to go for emergency business cash or a line of credit. Make Financing Solutions your go-to resource for the funding you need to help your business thrive.