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Business Line-of-Credit Options
Increased Productivity w/ Lines-of-Credit
What is a small business line of credit?
A small business line of credit has more in common with a small business credit card than with a small business loan.
Like a small business loan, an unsecured line of credit provides a business with access to money that can be used to address any business expense that arises. Unlike a small business loan, however, there’s no lump-sum disbursement made at account opening that requires a subsequent monthly payment.
Any line of credit is subject to credit review and annual renewal, and is revolving, like a credit card: Interest begins to accumulate once you draw funds, and the amount you pay (except for interest) is again available to be borrowed as you pay down your balance. As with a credit card, the lender will set a limit on the amount you may borrow.
Now, especially during these disastrous economic times, every small business needs to be able to adapt and change during this time of shutdown or uneven cash flow. A Business Line of Credit gives you need ready access to cash and flexible terms for repaying these borrowed funds. Therefore, having an unsecured line of credit can often be the ideal solution.
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SBA Loans/Grants For Small Business
Congress just passed a $4.5 Billion Dollar Relief Package for Small Businesses, but this money will go fast, so YOU HAVE TO ACT NOW TO GET IT...
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Money for the original Payroll Protection Plan (PPP) ran-out quickly, and now many banks and lenders have stopped taking applications, but BBB is accepting New Applications, which will be assigned to the SBA for this next round of relief funding.
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This way, you'll get funding faster. That's because you signed-up sooner, and this money is available on a FIRST-COME FIRST-SERVE BASIS, so you'll be nearer to the front-of-the-line when the new relief money is distributed
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The SBA has both GRANTS & LOANS for Small Business owners. Loan Interest Rates are less than 1% interest and Grants never need to be repaid.
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These special GRANTS provide an "emergency advance" of up to $10,000 to small businesses and private non-profits harmed by COVID-19 .
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The advance does not need to be repaid under any circumstance, and may be used for business purposes, such as payroll or paying sick leave, or paying business obligations, like debts, rent and mortgage payments. (See p. 28, Section 1110(e)(5) of H.R. 748 (CARES Act))
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