Businesses that are experiencing a period of reduced income can benefit from short-term financing using a Business Revolving Line of Credit (RLOC).
Business Revolving Line of Credit
A Business RLOC works similar to a loan, but offers more flexibility for the borrower. When getting approved for a RLOC, a business has a limit to how much they can borrow. However, unlike a loan, the business does not receive all the funds upfront. Instead, they can borrow as much as needed (up to the limit) at any time they like, and only begin paying interest when the funds are transferred.
No purchase is necessary to request the funds, and they are sent to the borrower’s business bank account to be used however necessary. Another benefit of a Business RLOC is once the amount borrowed is repaid, it then becomes available to borrow again (up to the given limit).
A Business RLOC can provide a company with peace of mind, since they are already approved to borrow funds for whatever they may need, and they only pay interest on what is borrowed. If a business has a slow season or finds itself needing to purchase equipment in an emergency, they have funds ready and available.
If you think your business could benefit from a Business RLOC, speak with a Bank of Southern California banker today. https://www.banksocal.com/about-us/locations/