SOURCE: New Business Funders

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June 27, 2016 21:24 ET

New Business Funders Explains Why a Business Line of Credit Is Superior to a Conventional Loan

SCOTTSDALE, AZ --(Marketwired - June 27, 2016) - New Business Funders (http://www.newbusinessfunders.com) has just released a guide that outlines a few of the innate benefits that new business owners enjoy when they choose a line of credit over a conventional loan to fund their startup.

"You have a lot of borrowing options when it comes time to fund your new business, but a conventional loan usually is harder to get approved for and has fewer perks than a business line of credit," explained Troy Bohlke, spokesperson for New Business Funders, a company that specializes in helping new businesses secure lines of credit.

While people have been led to believe that the best funding route for them to take with their new business is by applying for a loan right off the bat, many do not realize that banks want to see a lot of documentation about the business and at least a six-month history to get you approved.

"If you are a new business or a startup, banks often turn a blind eye to your lending needs," Bohlke explained. "It can really feel like an uphill battle even getting a lender to consider it. And, in most cases, you'll be forced to use your personal credit rating as qualifying criteria anyways."

So what options do new business owners have other than conventional loans?

Bohlke urges them to take a look at a business line of credit. "If you are going to have use your personal score, you may as well apply for a business line of credit instead," he says. "You are only paying interest on the portion you use, which saves you money, and you can usually get approved for a larger amount by simply relying on your FICO score.

Get approved for the business lines of credit you need using just a FICO of 680 or better by visiting: http://www.newbusinessfunders.com

Learn more about the benefits of a business line of credit by visiting: http://newbusinessfunders.com/business-financing-small-start-up-funding.

About New Business Funders

New Business Funders helps connect startups to the lines of credit they need in a simple and efficient manner. Using their broad network of banks that are eager to loan money to startups, NBF helps get new businesses the credit lines they need without the runaround. Just a 680 FICO score or better gets your business approved for a line of credit from $10k to $250k with low interest and easy repayment options. No tax returns, bank statements, automated payments, business statements or sales receipts required. It really should be this easy to fund your new business.

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