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Line of Credit If your small business is already established and you are in need of financing, you may want to consider opening a line of credit for your business. A line of credit is a set amount of money that you are approved to borrow. You do not borrow the money until you need some extra capital, but it is there when you need it. Often, lines of credit come with small checking accounts that the business can use to access the funds when you need them. Other options for accessing line of credit funds are ATM or credit cards. In fact, a credit card is a good example of a line of credit. Once the business accesses their line of credit, they will initiate the payback process. Once money has been borrowed against a line of credit, the business will be required to make monthly payments, based on the balance on the loan. More Glossary Terms Explained here |
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