Whether you’re a real estate investor or you own a small business, you can benefit and profit significantly if you use a line of credit in a strategic and practical way.
Many small companies face major challenges when it comes to finding the money they need to succeed, because that old adage of “it takes money to make money” is actually quite true.
As a small business, you need access to the working capital you need to buy equipment, supplies and stock. Plain and simple.
Some are tempted to get a lump sum in the form of a small business loan, but this can be problematic because it’s not only challenging to secure this type of loan; you can also end up in a situation where you borrow more money than you need.
So why would more money be problematic? Well, you’re paying interest on every dollar you borrow! This is where a line of credit is more beneficial than a loan because with the case of a credit line, you only borrow what you need. Therefore, you only pay interest on the precise amount of money that you’ve borrowed.
A credit line is also more flexible, especially in the long term. When you have a small business loan, you receive a lump sum; you repay the loan over a specific timeframe and then, it’s all over. In the case of a line of credit, you borrow exactly what you need to borrow and pay interest on only what you’ve borrowed. And the credit line is revolving, so you have the ability to borrow money over time. This is ideal for a small business, especially a new small business, where income and expenses can be extremely variable.
Notably, Teele Enterprises, Inc. is now offering a great new opportunity to small businesses and others who are in need of a line of credit.
Currently, we’re offering a line of credit to individuals who meet our criteria, which is as follows:
• 720+ credit score;
• Less than 40% debt utilization (i.e. if you have a $10k credit card limit, your balance must be $4k or less);
• Less than 3-5 inquiries per credit bureau within the last 6 months;
• No late payments/collections; and
• Preferably 5+ years of open credit.