Your business may need to scale, adapt or handle uneven cash flow. A commercial line of credit can assist you with ready cash when your business needs it most. With this preapproved business line of credit, your business gets flexible, revolving credit to use in whatever capacity your business needs. Get your business lines of credit approved each year, and you only have to renew it again a year later. Discover Presence Bank’s commercial lines of credit to support your business today.
A commercial line of credit is more like a credit card than a business loan. Similar to commercial loans, commercial lines of credit give you access to money to handle business expenses when they arise. Unlike loans, commercial lines of credit are not awarded to you as lump sum payments that require you to pay back monthly installments. Like a credit card, your lender will limit the amount you can borrow.
Being eligible for a business line of credit depends on your credit review. Interest accumulates on the amount you draw, and you can redraw the amount you repay — minus the interest — down the line again.
A business line of credit is ideal for when you need short-term funding. You may need some cash flow to cover operating expenses, increase inventory or support other financing needs. Businesses often use commercial lines of credit when their business expands, and they need a boost of funds.
These lines of credit are not designated for a specific purpose, making them ideal to handle cash flow better. You can access funds via a commercial credit card, business checking account or a mobile banking app.
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