A business line of credit is revolving funding up to a pre-approved amount. With a line of credit, a business can pull increments of working capital out as needed to be paid down regularly while only paying interest on funds drawn.
Some standard characteristics of business lines of credit:
Acceptable for all business purposes
Quickest turnaround time to financing
Only pay interest on the funds you use
How can your business use a line of credit?
With most small businesses, access to fast and flexible working capital can be invaluable. Whether you are in need of funds to cover workflow gaps, demands for equipment upgrades, or purchase of new inventory, a line of credit can ensure funding is readily available at a moment’s notice.
Some typical reasons for obtaining a line of credit:
Securing a line of credit with an alternative lender
Traditional methods for securing a business line of credit were time consuming, and many lenders were hesitant to work with younger businesses. At SnapCap we specialize in alternative lending options that place fewer barriers between your business and the funds it needs. You’ll have a dedicated loan officer that will work to establish a line of credit quickly so your business doesn’t miss a beat.
Qualifying for a business loan
Meeting minimum requirements does not guarantee funding, but we’ll work hard to get you the funding you need.
One year in business
Typically owners have been in business five years, though all we require is one.
An annual revenue of $100k
Typical gross revenue exceeds $300,000, although we just require $100,000.
A personal credit score of 500
Most applicants have credit score over 650. The minimum required is 500.
Imagine the possibilities with SnapCap
Streamlined and paperless, our quick online processing saves time so you can stay focused on your business.
Same-Day Approval, Next-Day Funding
The best financial technology in alternative lending. Funds deposited in as little as 24 hours following approval.
A Relationship You Can Trust
SnapCap has worked with thousands of businesses since 2012. We build relationships that last.
Expert Funding Advisors
From initial form to future funding needs, your dedicated loan officer is here to help you and your business.
A Better Way To Borrow
Funding decisions are based on actual business performance. We focus on the borrower, not the bank.
Tailored terms to meet your needs. SnapCap is only interested in positioning your business for success.
Get pre-qualified for up to $1M
Searching for financing is free and won’t affect your credit score