Business Lines of Credit for New York City Businesses
Businesses in New York City thrive and grow based on the working capital they have available. For many NYC entrepreneurs, working capital means taking out loans and taking on debt in the process. However, some clever business owners are discovering that using special NYC lines of credit can sidestep he pitfalls of loans, and help them get stronger footing in the local marketplace.
NYC Lines Of Credit Do Not Require Collateral
For new and small business owners in New York City, obtaining a loan can be a challenge. Even if credit ratings are high, traditional lenders often require some form of collateral. The snag is that most new and small businesses do not have the collateral required to access the amount of financing they need. Special NYC lines of credit offer a reliable source of working capital without requiring collateral. Entrepreneurs do not have to sacrifice business or personal assets just to get funding to sustain operations of grow.
Debt from traditional loans can be a big hindrance for New York City businesses. For the most part, debt holds small business owners back because a portion of the revenue generated goes toward paying off loans for years. NYC lines of credit do not place debt on the books. Simply put, businesses access working capital as it is needed, instead of taking one lump sum from a loan. NYC lines of credit offer both revolving and non-revolving options, as well as the ability to get credit cards. Additionally, NYC lines of credit are easier to get than traditional loans. The line of credit does not require pristine credit ratings, nor does it require an extensive financial history. NYC lines of credit are tailored to the needs of new and small businesses.
No Designated Use
Traditional loans typically have a specific purpose, and using the capital for anything other than the designated use can come with heavy penalties and fees. The lines of credit we provide to New York City business owners has no such restrictions. The available capital can be used for anything from materials and supplies to marketing campaigns, meeting payroll, rolling out new products, or anything else your business needs.
At Abel Commercial Funding, we believe new and small businesses should have every opportunity to thrive and grow. If you own a business in NYC and need a reliable source of working capital, contact our offices and ask about our lines of credit.