Revolving Line of Credit

Keep Your Company on Track with a Business Line of Credit

One option to increase your funds is to get a line of credit, which is a type of loan that gives you short-term or seasonal funds.

A line of credit is very similar to a credit card, with the notable exception that interest on a line of credit is lower and may be tax-deductible. You borrow cash, using your business assets as collateral, and pay back the principal and interest on any outstanding balance each month.

A long-term credit loan usually lasts up to five years and is helpful if you want to have money for operating costs until your business turns a profit. Lenders typically require that you provide collateral or sign a promissory note on this type of loan and pay it back in installments. Of course, you should always be wary of getting into unnecessary debt or borrowing more than you can afford to pay back.

Additional Benefits

THE TOOLS AND support YOU NEED FOR EFFECTIVE got-it-covered CASH FLOW

Whether you're paying vendors, making payroll, managing accounts, or ensuring customers have a secure and easy way to pay, Members Choice has the online business banking resources you need to make it happen.