Is your business growing so rapidly that you have to put nearly every cent back into it instead of giving yourself a raise? If you are like most small business owners, you take as little salary as possible so that your business can succeed. While it’s wise to put money back into your business, you still need to keep a roof over your head and food on your table. However, you should consider getting a business line of credit so that you’ll have money to use to help your thriving company.
Once a line of credit is approved, it remains available until you or the lender closes it. Small Business Administration loans can take up to 90 days to be approved, so by getting one revolving line of credit, you’ll save yourself lots of time and paperwork.
A line of credit is also better than a credit card because you’ll pay less in the long run. The interest rates aren’t as high and there are far fewer penalties for making late payments. And, unlike a loan where you get a lump sum of money that you keep in your bank account, you only pay interest on the money that you actually use. If you have a $10,000 loan, you pay interest on that entire amount. If you have a credit line of the same amount, but only use $3,000, you’ll only pay interest on the $3,000 that you used.
Finally, you’ll help build and maintain your business’s credit history and rating. Each time you repay the line of credit, the lender will report that to the credit agency. Make regular, proper use of this, as well as your business credit card, and your business will enjoy a rock-solid credit rating.
Now, get to work applying for your business line of credit and make the necessary changes so that you can actually give your staff coffee during their coffee breaks and so that your family can raise its budget to better reflect the successful business that you are doing!
For more information, go to Business Line of Credit at http://www.unsecuredbizloan.com/business-line-of-credit