If you’re ready to take your small business startup to the next level, but you need funding to make that a reality, you may want to consider applying for an unsecured business line of credit. Unsecured business lines of credit is an ideal type of funding for small business startups. This is primarily because they are not as difficult to acquire as other types of small business startup funding.
Many entrepreneurs find obtaining funding for their small business startup to be difficult. If you don’t have significant personal savings and are unable to get funding from family, chances are you’ll have to look elsewhere. If you do, I strongly suggest you apply for unsecured business lines of credit. Here are 3 reasons to get an unsecured business line of credit for your small business startup in 2016–
- It Doesn’t Take Long to Get an Approval – If you can meet the credit criteria, getting approved for an unsecured business line of credit can be quick. I’ve had clients get as much as $50,000 in unsecured business line of credit funding for their small business startup in less than 30 days. Getting funding this fast will enable you to launch your business and start getting customers pretty quickly (if you do it right).
- You Can Begin Using the Funds Immediately – You can immediately use unsecured business lines of credit to invest in revenue generating activities (such as marketing and advertising to attract new customers or buying inventory, etc). When you get any type of funding for a small business startup, it’s important that you begin using it right away towards revenue generating activities. Effectively implementing revenue generating activities will help you grow and sustain your small business startup as soon as possible.
- You Only Pay Back What You Use – One of the great things about unsecured business lines of credit and what separates this type of funding from a loan is that you are only required to pay back what you actually use. With a loan, as soon as you get it, you are responsible for making monthly payments toward the full balance. This isn’t the case with unsecured business line of credit. You only pay back what you use and the remaining amount will still be available to you for future use. This enables you to use the unsecured business lines of credit at your own pace to fund your small business startup.