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A Line of Credit (LOC) Loan allows borrowers to access to a guaranteed sum of money anytime you need it, and for any business expense you need to cover.  For businesses with predictable seasonal fluctuations in sales, like retail, LOCs will be in place to cover expenses in slower seasons without having to apply for new loan. 

What is a Line of Credit?

In many ways, a LOC  works like a credit card.  Borrowers have a specific amount that they can borrow against, which can be used for any purpose and is accessible to them at any time.  As borrowers pay off the balance, their loan pool increases to be able to borrow against.  Interest rates are usually low on LOCs and borrowers only pay interest on the amount borrowed, making them a much  attractive to use than business credit cards.

Unlike a traditional loan, Lines of Credit can be used for any purpose, making them very flexible financing tools for your business.  


>> Offer a flexible funding pool without having to apply for multiple loans

>> Limit your interest rate based only the amount borrowed from the LOC

>> Offer lower interest rates than credit cards

>> Be used for any business expense

Secured LOCs

Secured LOCs use your assets like property and equipment to use as collateral for the loan.  As such, secured loans come with higher credit limits. 

Unsecured LOCs

Though harder to qualify for, an unsecured line of credit can give you the borrowing room you need without putting your businesses assets on the line.