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Ent Credit Union

For Business-Ready Finances, Consider a Business Line of Credit

Business line of credit - a smart option for finances - Insight ArticlePayroll. New employees. Equipment repair. Seasonal inventory purchases. . Any — or all — of these circumstances can strain cash flow. Many businesses set up a business line of credit (BLOC) before they need financing so no matter what contingency — or opportunity — arises, their financing is already in place. Business Line of Credit advantages include:

  • Easy access: Being able to access funds at any time keeps your business running smoothly.
    Tip: For even quicker cash on demand, look for a financial institution that offers BLOC access via online, mobile and phone banking.
  •  Flexibility: Unlike a closed-end loan, BLOCs offer the flexibility to tap funds for multiple purchases and uses. From meeting payroll one month to financing new equipment down the road, a BLOC can help keep your business nimble.

  • Savings: While credit cards have their place in day-to-day business operations, a BLOC typically offers a much lower interest rate. And you only pay interest on the credit used.
    Tip: To save even more, look for a financial institution that doesn’t charge BLOC set-up, annual or transaction fees.

  • Credit history: When you've accessed your BLOC, making your payments on time will help build a positive credit history which can help a business establish future accounts or qualify for better loan rates.

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