Business lines of credit in Philadelphia were once reserved only for large corporations. These days, companies of all sizes are using business lines of credit in Philadelphia to get a stronger foothold in the local marketplace.
The Dangers Of Personal Lines Of Credit
New and small business owners in the Philadelphia area face a number of challenges when trying to get access to business lines of credit. Frequently, this leaves entrepreneurs to rely on their personal lines of credit to finance their operations and make purchases for their businesses. This is very dangerous, because personal lines of credit have much lower spending limits than business lines of credit in Philadelphia. Additionally, using personal lines of credit places a major strain on personal finances, and often leads to a downward spiral, for entrepreneurs, both on a private and professional basis.
Business Lines Of Credit In Philadelphia Do Not Require Collateral
Many entrepreneurs are used to being offered lines of credit in Philadelphia with the caveat that collateral must be put up in order to access the capital they need. Collateral is frequently used by traditional lending channels as a means of excluding businesses deemed “too risky” for financing. Unfortunately, most emerging and small businesses to not have the collateral necessary to access conventional lines of credit in Philadelphia, nor can they risk putting equipment, property, and other fixed assets on the line. Fortunately, unsecured business lines of credit do not require such collateral, and are available even to new and small businesses.
Interest Rates And Business Lines Of Credit In Philadelphia
Traditional business lines of credit have a number of guidelines in the fine print. For example, a business line of credit may have a low introductory interest rate to get small businesses to sign up. Shortly thereafter, once a certain amount of capital has been accessed, or a short period of time has passed, those interest rates shoot through the ceiling, placing businesses under a severe financial strain. Unsecured business lines of credit in Philadelphia are designed to help new and small businesses grow. As such, these lines of credit of credit are offered with zero percent interest. This helps businesses get established and maintain the momentum they need to achieve growth quickly.
At Abel Commercial Funding, we offer the most comprehensive business lines of credit in Philadelphia. If you are looking for a reliable source of working capital that doesn’t require collateral and has zero interest rates, contact our offices today.