Line of Credit
- Covering payroll
- Hiring more employees
- Purchasing inventory
- Repairing business-critical equipment
- Financing a marketing campaign
- Bridging a seasonal cash flow gap
A line of credit can be helpful if you find yourself needing ongoing access to funding to meet short-term needs and day-to-day expenses. Here are few situations where a line of credit could be helpful:
- You own an ice cream shop that makes most of its sales during the summer. In the offseason you use a line of credit to help cover the overhead until next summer. The line of credit helps keep your business running smoothly even though your income fluctuates.
- You want to start a marketing campaign. You use a line of credit to give yourself some financial flexibility and are able to pay off the debt quickly because of the new business your campaign brought in.
- You are waiting on clients to make payments on their invoices. You use a line of credit to manage your cash flow so you can offer your customers flexibility and keep your business running.
Most lenders prefer to offer a line of credit to more established businesses with a strong track record and revenues to support the more flexible financing provided by a line of credit.
We report your payments to business credit bureaus so that every time you pay on time, you’re helping your business build a strong credit profile.
There are some times when you could really use access to additional funds. Based on your cash flow, net income and payback history, you may be eligible for a credit line increase. All you need to do is call your dedicated loan advisor to learn more.
With a Flow Line of Credit, draws are consolidated into one loan with one easy weekly payment. As you pay back your principal, you replenish available funds. Unlike most other online lenders, our line of credit comes with no draw fees (just a monthly maintenance fee). Adjust the payment amount and term to ensure a comfortable weekly payment.
The total cost of your line of credit will vary based on a number of factors, including your personal and business credit scores, time in business and annual revenue and cash flow.
Flow Funds can fund to your bank account in as fast as 4 hours the same day you’re approved. In comparison, standard ACH transfers from a bank can take up to three business days.
Many Flow Term Loan customers renew their loan. When you renew, all remaining interest on the original term loan is waived and you’re issued a new loan.
Repaying your term loan is hassle free with automatic bank account deductions. The predictable daily or weekly payment is based on your loan amount and term length. It’s intended to be manageable based on your application information.
Payments for Flow Term Loans are fixed, so you’ll pay the same amount from the beginning to the end of your repayment term. This allows you to manage your cash flow with no surprises or large costs up front.
Yes. If you qualify for our 100% prepayment benefit option, you can pay your loan off early in full and have all remaining interest waived without any penalty or fee.
Flow Funds doesn’t offer “bad credit loans.” However, a lower credit score doesn’t always mean you can’t qualify for business financing. Our business term loans and lines of credit can provide an alternative source of funding for borrowers who have had difficulty getting approved for credit cards and traditional bank loans.
Why fund through Flow?
Flow was founded in 2023 after institutional banks began to pull back from the small and medium-sized business lending market. The Flow founding team had started and grown multiple businesses and thus understood the vital need for access to working capital.
We understand that access to working capital is essential for businesses of all sizes to succeed in today’s competitive marketplace. That’s why we offer a personalized approach to working capital solutions that is tailored to your specific needs.
Here are some of the ways we can help you
- Understand your needs: We’ll take the time to understand your business and your specific needs for working capital.
- Develop a customized plan: We’ll work with you to develop a plan that meets your specific needs and goals.
- Provide transparent and efficient service: We’ll keep you informed throughout the process and make sure that your funding is processed quickly and efficiently.
- Go the extra mile: We’re committed to providing you with the best possible service, even if it means going the extra mile.