Online banking has improved our lives in many ways. We use it to manage our finances, pay our bills or make purchases.
If you’re a business owner, online banking can also be key to helping you quickly and securely finance your business. When applying for financing most lenders will need financial statements in order to underwrite your request.
Cash flow may be king, but what happens when a one-off emergency throws a wrench in your plans?
Even if your business is doing well overall, a theft or accident could lead to an immediate need for cash that you might not have in the bank. Or, on a more positive note, you could miss out on a great business opportunity because you don’t have enough money to buy supplies or pay the additional labor costs.
To further complicate matters, when you don’t have strong personal or business credit, quickly securing a line of credit or short-term loan can be difficult and expensive.
Getting an online small business loan has become much easier these days. It may even seem as effortless as ordering takeout on the Web. You go to a website and be approved and get funded quickly, sometimes within a few hours.
But of course, a small business loan or a business line of credit isn’t exactly cheese pizza or chow mein. While technology has made it possible to approve a loan application quickly and smoothly, applying for one takes time and preparation.
You just got a line of credit for your small business — great news! You now have an important tool to ensure your daily operations run smoothly.
A credit line gives you the ability to respond quickly to daily or unexpected business needs. You can use it to fix a busted piece of equipment, fill a bigger-than-expected order from a customer or even reward your employees for their hard work.