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Many business owners walk into their local branch of Machias Savings Bank to ask for a small business loan and walk out with something much better suited to their business needs—a business line of credit.
Small business credit lines work a lot like personal credit cards, with one key difference: a business line of credit makes it much cheaper to get cash when you need or want it. Because so many Maine businesses have highly seasonal or intermittent income streams, business credit lines are one of our most successful small business solutions.
Small business lines of credit support commercial fishermen laying in bait and provisions before their next voyage. Contractors paying their workers before the home they are building sells. Bed and breakfast owners refurbishing their property during the offseason. Ski resorts installing more powerful snow machines over summer to extend winter. Distillers waiting for their spirits to age, blueberry farmers waiting to hear the price on their harvest, and brand-new tech startups without the credit rating or assets to secure a traditional loan.
If you want to borrow from a business line of credit and pay down the balance when your hard work pays off, let’s talk.
Sit down with a Machias Savings Bank business banker, share the challenges your business faces, and let us show you how a small business line of credit can help.
1. Unlike most small business loans, you may not need to secure the funds with your business assets to qualify for a business credit line. If you need access to larger amounts of cash, an SBA business line of credit can extend as much as $5 million. For businesses with real estate or other hard assets, a commercial equity line of credit or business equity line of credit can be a faster, cheaper way to leverage assets than a traditional small business loan.
2. A fixed or revolving small business line of credit can be spent whenever you need it—and held in reserve when you don’t. Unlike small business loans (or term loans) which are granted in specific amounts for a predetermined period of time, small business credit lines can provide protection when your business takes some knocks or add rocket fuel when opportunity knocks.
3. Business line of credit requirements are typically less strenuous than traditional small business loans. If your business is still building up its credit rating or assets, a start-up business line of credit can make sure a lack of cash won’t hold you or your business back. Business credit lines can offer lower interest than other loan products—if you use them responsibly—and have a significantly more streamlined application process. The best part? Funds are available immediately upon approval, so you can get back out there and get ahead.
4. Business credit lines often have highly flexible repayment options, and Machias Savings Bank can help you choose the best repayment plan for your business. Revolving loans allow you to pay down your loan during high points in your business cycle, for instance, while other small business lines of credit can accept interest-only payments during slower months. And timely payments boost your credit rating over time, potentially placing other types of business loans within your reach.
5. Small business lines of credit can be used to purchase almost anything your business needs. Traditional business loans, particularly those backed by the SBA, may restrict how you use the money. A business line of credit leaves those decisions largely up to you—freeing you to focus on what you do best.
Not sure if a business credit card, a small business line of credit, or a traditional term loan will best meet your business needs? Your personal banker at Machias Savings Bank has the answers.
Have a surprise expense or an unexpected opportunity? Reach out to your local Machias Savings Bank business lending officer right away.
While the application requirements will vary based upon your business and the type of credit line you need, most businesses will need to share personal and business tax returns, banking information, and a profit-and-loss statement or a balance sheet in order to open their small business credit line.
Machias Savings Bank builds up businesses and communities with affordable, flexible, fast business lines of credit customized for the way Mainers live and work. Call us today.
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