Business Line of Credit
Business Line of Credit Basics
- Borrow money as you need it
- Only pay interest on the funds you use
- Provides better flexibility to manage expenses
- Simple 4-step application process that takes minutes
- Obtain approval within 24-48 hours
- Get the best rate with offers from multiple lenders
How Does a Business Line of Credit Work?
If your business needs the flexibility of a pre-approved credit limit, your Stream Capital advisor might recommend a business line of credit.
This type of financing is similar to a credit card or home equity line of credit. When approved, you’ll be given a maximum credit line that you can access at any time. Unlike a conventional loan, you don't have to accept the funds all at once. Plus, interest is only charged on the amounts you actually withdraw from the credit line.
Your line of credit offers flexibility to help you manage expenses as they arise. Like a credit card you can access the credit line any time during the finance term. You do not have to re-apply or be re-approved for financing to withdraw funds.
There is usually a maximum term for the credit line. Once that term expires, you will be directed to repay whatever amount you withdrew.