Need help getting financing for a business?

What is the difference between a business loan and a business line of credit?

A business line of credit is an approved amount of money that you can draw against. For example if you have a $100,000 line of credit the bank keeps that 100k in an account that you draw from. It is usually used by business people to help with irregular cash flow. Lets say you have a customer that is scheduled to pay you next week, but you have to make a payroll today. You might use the money from the line of credit to cover the payroll until you can collect from your customer.

A business loan is a traditional loan. You borrow the money, the lending institution writes a check and you then start making payments to repay the money.

business loan is given as cash

business line of credit is given as credit on your account and can be drawn against it

both require credit check before getting approved

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