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How Does a Business Line of Credit Work?

April 10, 2017

by Mary Anne Whittemore
Senior Vice President, Commercial Lending

A business line of credit is one of the many lending solutions Manasquan Bank offers to help New Jersey businesses grow and thrive. What exactly is a business line of credit, and how does it work? Read on for the basics every business owner should know.

Loan vs. Line
They might be under the same umbrella of business lending, but a line of credit is different from a loan. While a loan is used once, a line of credit can be used repeatedly, without having to re-qualify. The main benefit of a business line of credit is that it gives you cash in hand at any given time, whereas a loan is for a specific purpose. A business line of credit gives you the flexibility to borrow, repay, and then borrow again when necessary.

Getting Approved
Securing a business line of credit can be a painstaking process when you go through a large national bank; that’s why it’s best to work with a local institution like Manasquan Bank. With personalized service, 100% local decisions and direct access to your own business banker, getting approved for a business line of credit has never been easier. We’ve been supporting local businesses for nearly 150 years, carrying our longstanding legacy with each and every interaction we make.

Business Line of Credit Use Cases
A line of credit is one of the most helpful finance tools a business can have, because of its versatility and accessibility. Use a line of credit to support short-term working capital needs; i.e. accounts receivable, accounts payable and inventory.

Whenever you need short-term working capital, your line of credit is there to keep your business moving forward.

Learn More
At Manasquan Bank, securing the right financing for your business is faster, smoother, and more enjoyable all around. Whether it’s a business line of credit or one of our many other business loans, count on us to meet your needs. To learn more about local business lending from Manasquan Bank, click here.

Mary Anne Whittemore
Senior Vice President, Commercial Lending


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