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Small Business Line of Credit

Does your small business frequently struggle to keep operations running due to poor cash flow?

A line of credit may be the ideal solution. This flexible financing option provides funding for any type of expense or purchase, any time you need access to cash. 

Learn more about applying for an unsecured business line of credit from Nexi.

What is a Line of Credit?

Take charge of your daily cash flow

When running a small business or startup, having access to cash at any moment can be crucial for keeping operations up and running. That’s where a line of credit (LOC), aka an unsecured business line of credit comes in. This type of financing offers a convenient way for small business owners to access short-term flexible funding when they need it. 

Having a line of credit is like having money in reserve, waiting to be drawn at any time. The borrower makes monthly interest payments only on the amount used, and then pays down the balance over time. 

With anytime-access to cash, an unsecured line of credit can give small businesses the breathing room they need for getting through tough times—or quickly capitalizing on new opportunities.

How Does a Line of Credit Work?

Get approved today for a revolving line of credit with an alternative financing firm like Nexi.

Here’s what you can generally expect:

  1. Draw money anytime from your LOC account

  2. Use money for any type of purchase or expense

  3. Amount used accrues interest

  4. Repay amount used + interest

  5. Line of credit replenishes as it is paid back

Benefits of a Line of Credit for Small Business Owners

Quick anytime access to your cash

With a line of credit, you can enjoy the flexibility of being able to withdraw funds on-demand. Nearing the pre-set borrowing maximum? Simply repay it and the line of credit is automatically replenished.

Cover any business expenses, no strings attached

Unlike with a loan, a line of credit doesn’t have one specific purpose. Rather, you can use it again and again for whatever business expense or investment you need. That can include unexpected emergencies or costs, ongoing expenses like payroll, or to bridge gaps between when accounts payable are settled and accounts receivable are collected.

Only pay back what you use

Interest on your line of credit only accrues on what you withdraw, not on the full amount approved by your lender. In other words, you don’t need to worry about interest racking up on funds you haven’t used.

Enjoy lower interest rates than credit cards

With a line of credit, you can get access to competitive interest rates that could save you more money versus the typical personal loan or high-interest credit card. Plus, those savings increase if variable interest rates drop.

Build up your financial credibility

Establishing a line of credit is the first step in creating strong credit for small businesses or startups. By making on-time payments and building upon this foundation, you’ll be able to open new doors with improved access to larger loans down the road.

Separate personal from business expenses

To keep your business finances neat and orderly, establish a line of credit that specifically caters to your entrepreneurial ventures. This way, you can easily distinguish between professional costs and personal ones—and better keep track of spending.

Line of Credit Terms & Qualifications

  • Borrow up to $150,000

  • Interest rates as low as 10%

  • Application approval within 24 hours

  • Receive funding within 24-48 hours of approval

  • Term/draw period of 1-2 years

PLUS no upfront, prepayment, monthly or account closure fees

To qualify for a line of credit with Nexi, small businesses must have:

  • A FICO score of 650+
  • At least 12 months in business
  • $100,000 in annual revenue

What you’ll need to provide:

  • Basic information about you and your business
  • Bank connection or 3 months of your most recent bank statements

Apply for a Nexi Small Business Line of Credit Today

With Nexi, the road to responsible alternative funding is simple and fast:

  • Complete this 3-step online application form. 
  • Receive approval within 24 hours (often as little as 3-4 hours).
  • Submit documentation, as requested by Nexi.
  • Receive direct deposit from Nexi.