There are times when traditional debt structures do not fit the needs of new business owners. Instead of taking out traditional loans, and trying to navigate the red tape of lending institutions, local business owners are turning to unsecured LOCs in Stamford, CT.
Unsecured LOCs In Stamford, CT Are More Flexible Than Bank Loans
There is a vast difference between unsecured lines of credit and bank loans. The requirements for traditional loans are fairly rigid. Businesses in Stamford, CT need to have high credit ratings and a well-established financial history in order to qualify for loans. Additionally, traditional loans place debt on the balance sheets, which can further hinder new and small business owners from achieving growth in a competitive marketplace. Unsecured LOCs in Stamford, CT offer much more flexibility than traditional loans. When local business owners seek unsecured LOCs in Stamford, CT the requirements are much more inclusive. Instead of bottom line numbers, unsecured lines of credit are based on overall profitability of the business. What’s more, unsecured lines of credit do not require any upfront collateral to access capital.
Unsecured LOCs in Stamford, CT Vs. Traditional Credit Providers
Any newly established business gets inundated with offers for “special introductory” lines of credit. Typically, these lines of credit offer extremely limited sources of capital. In addition to small amounts of financing, those special introductory rates are set to change after a period of time, or after a certain amount of capital is accessed. The interest rates can skyrocket within a month, placing a major strain on finances for new and small business owners. Unsecured LOCs in Stamford, CT on the other hand, can be accessed for as little as zero percent interest. Additionally, most unsecured LOCs do not have maintenance fees, which means business owners only need to repay what they use.
Who Uses Unsecured LOCs In Stamford, CT?
New and small business owners who need an extra source of working capital without the debt and restrictions of traditional loans take advantage of unsecured lines of credit. From retail businesses on up to manufacturers, construction companies, and everyone in between use unsecured LOCs in the Stamford, CT area to get the financing they need to maintain and grow operations.
At Lavan Financial Group, we specialize in working capital solutions for entrepreneurs in Stamford, CT. If you need financing, but want to sidestep the red tape and covenants of traditional loans, contact our offices and ask about our unsecured LOCs in Stamford, CT.