Opening a Miami business credit line can keep your business going when you need extra cash. You may need some extra funds to cover payroll during a slow period. Alternatively, you may need some money to purchase supplies and fulfill a major order. A Mercantil Bank line of credit can give your business access to fast cash without requiring you to take out a South Florida business bank loan. The best time to arrange your credit line is now, before you find yourself short on funds.
Many small business owners make smart use of their credit lines. A credit line should be used the way that a consumer uses a credit card. Smart business owners access credit only during emergencies, and they set a well-defined payoff goal. For example, some business owners repay their credit line monthly while others set a long-term payoff goal. Mercantil Bank credit lines give you flexibility so that your company can adapt to changing business conditions.
Miami Business Credit Line
At Mercantil Bank, we make lending decisions locally. Our structure gives us the opportunity to get to know you and your business. Instead of evaluating you as just another set of numbers, we value the vital role that you play in the local economy.
Our Miami commercial lending products enable you to make big investments when you need to grow. At the same time, your line of credit gives you a fallback position without requiring a long-term commitment. You can take advantage of your credit line during periods when.
- Your business receivables are late. You’ve fulfilled an order for a buyer, but that buyer’s invoice is past due. Your credit line can help you fulfill payroll and purchase inventory until you are able to collect on outstanding receivables.
- You experience seasonal business cycles. Many businesses go through dry periods during certain months of the year. Your line of credit can help you navigate dry spells. It can also ensure that you’re ready when volume picks up again.
- You spot a great bargain. If a supplier offers you a discount, then you want to take advantage of the bargain. Instead of waiting until you have revenue and losing your chance to save, tap your credit line and make the purchase at a lower price.
- You want to avoid credit card fees. Credit cards can be acceptable sources of financing, but they often come with high interest rates and fees. Mercantil Bank’s credit line interest rates are competitive, enabling you to avoid relying on plastic.
- You need peace of mind. One of the biggest advantages of a Miami business credit line is knowing that cash is available when you need it. You rely on savings and revenue as much as you can, but your credit line can be a lifesaver when other funding sources run low.
Open Your Miami Business Credit Line
Talk to a local lender to discuss opening a credit line for your company. Give Mercantil Bank a call today to discuss how our options for small business lending in Miami can help your company to thrive.