Business Line of Credit Rates Explained
As start-ups and small businesses work to find their rhythm, the struggle to manage cash flow, fund day-to-day operations, and take advantage of new opportunities are common. Sometimes, this may necessitate taking out a loan to supplement cash reserves.
A secured business line of credit is an ideal lending resource that allows businesses to draw this capital when they need it. However, small business line of credit interest rates are something to watch out for, with the average interest rate on a line of credit ranging from 5% to over 20%. Here are some things you should consider if you are looking to keep your line of credit fees low.