By NAN Business Editor
News Americas, NEW YORK, NY, Fri. Dec. 21, 2018: Most businesses need some sort of credit to function. Lines of credit are one of the most versatile types of credit in the business world. They are simply an open account with a lender that features a fixed amount of credit you can draw on at any time.
Lines of credit have many advantages, namely that once you have one in place it is readily available for short-term cash flow needs, and that you only pay interest on the amount that you actually use. Here’s what your business needs to qualify for a line of credit.
Minimum Criteria To Receive A Line Of Credit
|Years in Business Required||1+|
|Annual Gross Revenue||$200,000+|
|Bankruptcy allowed?||Yes, you could qualify for a line of credit no less than 2 years after filing bankruptcy.|
|Credit Card volume a factor?||No|
|Accounts Receivable a factor?||Yes|
|Second position allowed?||In some cases|
Caribbean-Americans seeking a Line of Credit, loans or other expansion capital have many difference options available including Start-Up Loans as well as Medium-Term Loans, A Line Of Credit, Invoice Financing or a Merchant Cash Advance.
Ask for more information on how you can access any of these finance options and start the New Year right.