A revolving line of credit may be the best financing option for those short term cash flow needs. A line of credit gives an open-ended access to a predetermined amount of credit.
Lines of credit, both secured and unsecured, are available for business needs such as:
- Bridging the gap between Accounts Receivable and Accounts Payable
- Funding Payroll
- Seasonal inventory purchase
- Working capital
- Purchasing supplies
- Business emergency
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What do I need to get started?
- Must meet all membership requirements
- Business must be under current ownership for at least 24 consecutive months
- Key owners, any individual with at least 20% ownership in the business, need to provide personal guaranty
- All appropriate business legal structure documents
- Minimum of 2 years Business and Personal Federal Tax Returns (complete with all schedules and attachments)
- Interim Income Statement and Balance Sheet if more than 90 days past Fiscal year End