Funding Connection
Business Line of Credit
Business Line of Credit
A business line of credit is a more flexible solution to lending. An agreed borrowing limit is determined, and your business can access the funds as they are needed. Interest is only applied on the amounts that are withdrawn, and you have the peace of mind in knowing you don’t have to reapply should you need additional funds.
A business line of credit can either be unsecured or secured, depending on your business needs.
- Borrowing capacity up to $150,000
- Stabilises Cashflow
- Flexible - funds can be accessed anytime once approved
- Interest is only applied when money is withdrawn.
Frequently Asked Questions
1Are there any fees?
Like most loans there may some facility fees. Some commons fees include an application fee, monthly account fees and transactions fees.
2How long can I access the funds for?
It would typically be reviewed every 12 months to re-assess if your business situation has changed.
3What can I use the Business Line of Credit for?
It can be used for almost any business purpose including paying staff wages, covering unpaid invoices, buying urgent stock, managing seasonal fluctuations, paying suppliers and much more.
4Is a Business Line of Credit right for my business?
It is designed to give you assurance and help manage any unexpected cash flow gaps. A line of credit is often used to pay staff wages, cover unpaid invoices, buy urgent stock, manage seasonal cash flow fluctuations, pay suppliers, and manage BAS payments and late-paying customers.
Business Line of Credit: Eligibility Criteria
We take the time to understand the needs of each of our clients because we know lending criteria may change from lender to lender. Applying for a line of credit is like applying for most other loans in that you likely must provide business bank statements in addition to business financial statements.
- Credit Score
- Bank Statements
- Time in Business
- Credit Score
- Serviceability
- Your security
Let's discuss your financing options
If you are looking for financing options to support your business, please give a moment of your time to let us show you how we can make the process of business funding quick, easy and uncomplicated for SMEs all across Australia.
Looking forward to your call.