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IS A BUSINESS LINE OF CREDIT WISE FOR YOUR SMALL BUSINESS?
A local small business owner asked me last week if “it is wise to have a business line of credit.” My answer was, quoting from my friend Warren, “that depends.”Let me explain why as I share some ideas from Brian Smith, a freelance writer and entrepreneur with more than 30 years of experience in the field. He regularly writes for several digital platforms on subjects related to starting and running a small business. SCORE includes his content in its Resource Library.Smith states that “Business lines of credit are a successful financial product because they can provide valuable assets to a growing company like yours. But they come with disadvantages and risks”. So, let us consider a look at both sides of this coin to see if a business line of credit is right for you.What Is a Business Line of Credit? Of the financial products you're probably familiar with, a business line of credit is the most like a business credit card. You receive a maximum balance and take money from that balance as you need it. Each month, you make a minimum payment based on the current balance of the loan. DEAN SWANSON READ MORE