What is a line of credit?
A line of credit works similarly to a credit card. Banks, financial institutions, and other financial lenders allow you to borrow money up to a designated limit. For example, if you open a line of credit with a $10,000 credit…
Read moreIs my business eligible for a line of credit?
To be eligible for a business line of credit with lenders from Opportunity Business Loans, your business must meet the following requirements: Must be in operation for at least 6 months Personal credit score must be at least 600 Must…
Read moreHow much can I draw from my line of credit?
The amount you can draw from your line of credit is primarily dependent on your credit limit. In most cases, on your first draw you can access anywhere between $5,000 and your appropriate credit limit. On any additional draws, you…
Read moreHow much can my business get on a line of credit?
Our lenders are able to offer business lines of credit ranging from $5,000 to $250,000. Your credit limit is the amount of financing you have access to at any given time, and will replenish as you pay off your outstanding…
Read moreWhat if my business needs more than $250,000?
If your business is in need of financing of more than $250,000, we recommend looking into invoice factoring financing. Our invoice factoring will give your business the flexibility to receive financing up to $5,000,000. Read our section on invoice factoring…
Read moreIs this different from a merchant cash advance?
Yes, lines of credit are different from merchant cash advances. In a merchant cash advance, you receive a cash advance from a lender in exchange for a percentage of your credit card and debit card sales. In a line of…
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