Business Credit Line

FAST AND AFFORDABLE BUSINESS FINANCING:

Competitive industry rates
5-minute application
Approval in as little as 4 hours
No origination fee

MINIMUM BUSINESS REQUIREMENTS:

650 credit score
2+ years in business
$180K average annual revenue

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Are you tired of the ridiculous rates and inflexible terms of credit cards?

Now is the time to consider a business credit line. Access your credit line whenever you need it, for ANY business purpose. Pay only for the funds you draw!

Why Consider A Business Credit Line?

Easy access to additional working capital is always a best practice in small businesses. A business credit line may be exactly what you need when you don't want or need a large lump sum or the long-term commitment that comes with a small business loan, or when a business credit card is not the right choice. With our quick and easy application process, affordable rates, and flexible repayment schedules (weekly or monthly), you can access reliable and continuous cash flow whenever needed.

Stabilize Cash Flow

Have access to working capital reserves to manage daily operations or cover unexpected business expenses, even during your slow seasons.

Small Business loans require payment even if you aren't using cash, but with a business line of credit, you only pay for what you use.

Easy Access

Lines of credit have less stringent requirements than a term loan. Businesses can qualify with a 650+ personal FICO, and funds can be disbursed in as little as 24 hours.

Lines of credit are a revolving type of financing, meaning businesses can pay off balances as they go and then use the credit again as needed.

Save Money

While the overall interest rate of a line of credit can be higher than a term loan, you only pay interest on the portion of the available money you use.

Credit card rates and fees can be astronomical, but rates associated with a line of credit are typically lower, starting at just 13%.

Increase Adaptability

Whether you're facing a crisis or an opportunity, a line of credit gives you on-demand access to working capital to navigate almost any situation.

Business seasonality can cause a cash crunch during slow times. Lines of credit allow you to balance cash flow off-season and keep your operations running smoothly.

Why Consider A Business Credit Line?

Credit lines are easier to qualify for than you might think! There are minimal criteria you must meet (perfect credit is not necessary!) depending on the amount you wish to secure, including:

A credit score of at least 650 is required
A minimum of 2 years of operation is required for your business
An average annual revenue of $180,000 is required

FAQs

Q: Does a business credit line impact my personal credit score?

A: In most cases, a hard credit pull is performed when you apply for a credit line to determine your credit limit, so just applying can have a short-term negative impact on your credit score. Additionally, line of credit lenders typically report to the three major credit bureaus, so making on-time payments can improve your credit score. Finally, the amount of the revolving credit line you use at any given time can affect your credit utilization ratio, which accounts for 30% of your credit score in FICO's current models.

Q: How does a business line of credit work?

Q: How long do you have to pay back a line of credit?

A: Payment terms for a line of credit are similar to those for a credit card or other revolving credit facility. You only pay principal and interest on the portion of the line you've used. Then, after you've paid back what you've drawn, you can use that amount again. The payment schedule can be daily, weekly, or monthly (but it usually falls into the weekly or monthly category), depending on the product.

Q: How long does it take to get approved for a business credit line?

Q: How large of a line of credit do I need?

A: The amount of your credit line is determined by what you plan to use the funds for, and only you can choose this amount. However, it is important to know that the size of the line that you want and what you are approved for may be very different. Your credit line size is determined by several factors, including:

1. Your revenue
2. Your time in business
3. Your business and personal credit scores
4. Your industry

Lines of credit arranged through IMS Fund can range from $10,000 to $250,000.

Q: Does a business credit line impact my personal credit score?

A: Business credit cards and business lines of credit have a few major differences. Standard business credit cards work similarly to personal credit cards in that you cannot just withdraw cash directly from the card account into your operating account to cover an expense (e.g. you cannot use a business credit card to cover payroll). Your personal credit score largely determines the credit limits and terms of business credit cards. On the other hand, lines of credit offer more flexibility on approval amounts, typically have lower interest rates, and can be used to cover operational expenses or address seasonal revenue shortages. Lines of credit, however, have more defined terms. As long as you make the minimum payment on your business credit card, it will continue to revolve, but a line of credit must be repaid within the duration of time agreed to with your lender. Lines of credit and credit cards each have a credit limit.

If you're trying to decide whether you should get a business credit card or a business line of credit, consider what expenses you are trying to cover. You should consider a business line of credit if the expenses require cash-on-hand. However, if the expenses can be covered with credit, you may prefer a credit card.

How To Apply?

It only takes a few minutes to apply for a line of credit with IMS Fund. Please fill out our online application, upload your three most recent bank statements, and you're good to go! Upon receipt of your application and bank statements, our Financing Specialist will contact you and let you know what credit line size you qualify for.

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