Most business owners are caught up with the day-to-day responsibilities, and therefore fail to position themselves adequately for any unforeseen funding needs.  Many business owners wait until the moment when they need money immediately to apply for funding, and this is usually a recipe for disaster, as it does not allow proper time to analyze your options.  Similar to insurance, most often the best time to apply for funding is when you do not need it!

This is where a business line of credit can help.

A line of credit is like having a loan on tap: you withdraw money as you need it, up to a certain amount agreed to by your lender.

Mint Financial offers up to $500K Lines of Credit (No Collateral Required)

If you know you will need some extra money over time to run or expand your business, a business credit line may be the perfect solution.

The business line of credit is something every business should really have, because having sufficient cash flow at all times is crucial to meeting goals, and ultimately growing the company.

Unlike a traditional loan, which just provides you with a lump sum of cash to be paid at a fixed or variable interest rate over a certain timeframe, the business line of credit allows you to tap into funds as you need them. This gives you control over how much money you take and when you take it. Additionally, you are only required to pay interest on what you use.

Sometimes your business has an opportunity to advertise, open a new location, or take advantage of bulk price points for supplies and inventory. If you do not have access to capital you may miss these important opportunities.

Lines of credit boast much more flexible repayment options, making it simpler to navigate the inevitable ups and downs of business cycles. You can pay off a higher percentage of the balance when revenue is up, and just pay off the minimum required when revenue is down.