BUSINESS LINE OF CREDIT
What is a Business Line of Credit?
A business line of credit provides businesses a preset amount of money that they can draw from when needed and not pay interest until money is borrowed. Some business lines of credit are unsecured while others are collateralized by different assets. As there is collateral to protect the lender, secured lines of credit tend to have lower interest rates. With a revolving line of credit, the interest payments end after the draw is paid back and the original capital amount is available. As such, the flexibility of a business line of credit is advantageous for business owners.
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