We can secure a line of credit for your business to fund your growth at your pace. A line of credit acts as ready cash in times of need.
Best used for managing accounts receivables, leveraging new business opportunities and unexpected expenses.
Upfront pricing on all draws in a simple, transparent dashboard. Always know what you owe.
Draw as little or as much as you need from your approved credit and only pay interest on what you draw.
Ensure that you have the capital your business needs for a rainy day. You only pay for it if you use it.
Revolving Credit From
Time To Funding
L3 Funding makes it super quick and simple for you to apply for a business cash advance. Our process does not require extensive and stressful paperwork and long processing times. Here's how it works in four simple steps.
No need to waste your time and efforts with long applications - just send us our 1 page application and 4 months of your most recent business banking statements and we'll get to work.
Once we receive your application and bank statements, our software processes it and gives a score to your business based on our set criteria. This enables us to determine the best MCA funding options for you.
If you are approved for the cash advance or a business loan, one of our funding professionals will get in touch with you to discuss the available business advance cash loan offers and terms over the phone.
After you sign contracts and complete the requirements - we'll send the funding over via wire transfer or ACH. Typically, funding is done same-day or next day on a merchant cash advance.
A business line of credit (LOC) is a type of small business loan that provides access to revolving credit. Like a credit card, a LOC for business will have a certain limit. Your business will have the flexibility to draw, repay, and then redraw cash from this limit. You pay interest only on the amount withdrawn.
A business line of credit differs from a standard business loan in that a business loan provides you with a lump-sum of money upfront. You are then required to pay off this sum of money over a fixed term.
A line of credit, however, has no fixed term. As long as you are under the limit and keep up with payments, a LOC allows you to withdraw money anytime you want.
Perhaps you're wondering, how much can I get from a business line of credit? The answer depends in large part on whether a business LOC is secured or unsecured. The differences between the two are as follows:
Secured line of credit: A secured business line of credit requires collateral to guarantee the loan. Collateral can include anything from inventory and accounts receivable to equipment or any other business assets. For example, a business equity line of credit utilizes real estate for collateral. If for any reason you can't pay off your loan, the bank will seize your collateral. Because there is a guarantee, a secured business line of credit generally has more favorable loan features, such as higher loan limits and lower interest rates.
Unsecured line of credit: Business lines of credit without personal guarantee are considered unsecured. This means you do not need to put up any assets to guarantee your loan, as you would with a secured line. Since the lender is taking on more risk, the borrower will pay for it through higher interest rates. Loan limits tend to also be lower with an unsecured line.
Requirements for a line of credit will depend on each lender. However, lenders typically look at the following few factors when approving a LOC:
A business line of credit can be used to cover any type of business-related expenses. There are not a lot of restrictions besides using it for business purposes. It is, however, typically used as a short term line of credit for fulfilling immediate or temporary business needs. These needs can include:
One of the key benefits of a business line of credit is the access to cash. As a small business, working capital line of credit provides a lifeline to continue operations and ultimately stay in business.
For example, a small business in its early stages may have accounts receivable recorded on the books, but have not yet actually collected the cash. It may take perhaps a few months before they see money deposited in their bank account. A business line of credit allows your business to ride out the few months before you cash in on your sales.
Besides covering shortfalls, another benefit with a business line of credit is to grow your company. If an opportunity arises, business cash advances allow you to invest in that opportunity.
L3 Funding offers some of the best revolving line of credit limits and rates. Our business line of credit starts from $10,000 - $10 million with available terms of six months to five years.
Our application is a simple 4-step process. We cut down on extensive paperwork and complicated procedures so you can get your funding as soon as possible.
Standing out in the business world is not an easy task. L3 Funding understands the challenges that small businesses face on a daily basis. That's why we offer some of the best merchant funding options to help small businesses not only survive but to thrive in today's rapidly evolving economy.
"We landed a contract with Walmart and were scrambling for the financing we needed to buy inventory. Half a dozen banks said no before we called the team at L3.
They understood the need to expedite the process and worked with our team to make sure everything got done. These guys just get us and what we do."Lonnie