Borrowing money from an LOC to start a business you’re unsure will succeed is an unwise choice. You’ll be liable for repayment even if the business fails. 

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For businesses which cannot get or do not want to get a business loan, and owners who do not want to get a home equity loan, a line of credit can be tempting. But they are often best without a personal guarantee. This kind of business financing is out there!

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Business owners should keep in mind that low consumer credit scores + no collateral + high amounts will mean that a small business will have to be bringing in significant revenue in order to even be considered.

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What’s the difference between a business line of credit vs a loan? How do you know which on is right for your business? It all comes down to how you use the funds. Large one time expenses need a loan, but cash flow is more easily managed with a line of credit.

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Business credit building is a viable financing option in that starter vendors in particular are not likely to be too picky about the industry a potential card holder is in.

What they mainly want to see is that a marijuana business is set up properly and can and will pay them back.

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You just may have enough collateral for an unsecured business line of credit. And that’s even if your personal credit is rotten.

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Have you ever heard of a credit line hybrid? Most haven’t. However, if you have okay personal credit, you could be missing out on this awesome form of business funding.

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Debt financing is when a company raises money by selling debt instruments to investors. It is the opposite of equity financing, which entails issuing stock to raise money. Debt financing is when a firm sells fixed-income products, such as bonds, bills, or notes.

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More flexible than a term loan, an LOC can be harder to get from a lender, and with a higher interest rate, but you only pay on whatever you draw. LOCs are also refillable so, as you pay off a draw, you can draw those funds again and again.

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So, you’re finally doing it. You took the plunge and you started your own small business. But there is so much you need! Whether it is renovations for your location or payroll or the ramp-up costs for getting manufacturing started, all of those things need money. You need to get a credit line for your business.

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