The economic landscape in New York City is favoring start ups and new business owners, these days. There is room for innovative business owners to carve out their own niche in the marketplace and grow quickly. However, all of this takes capital, which can be rather challenging to secure through traditional channels. For these reasons, many new business owners are using unsecured lines of credit in NYC.
Unsecured LOCs in NYC Vs. Traditional Bank Loans
Unsecured lines of credit (LOCs) offer New York City entrepreneurs an extra source of working capital, without the restrictions of traditional bank loans. In most cases, new businesses do not have the established credit ratings and financial histories to qualify to traditional loans or conventional unsecured LOCs in NYC. Additionally, the introductory rates often skyrocket very quickly and the amount of financing is frequently not enough for local businesses to make any real headway. Fortunately, there are special unsecured LOCs in NYC to remedy this quandary.
Using Unsecured LOCs In NYC
Special unsecured LOCs in NYC are configured differently from traditional lines of credit. First, unsecured lines of credit for new business owners are based on overall profitability. No longer does approval hings on credit scores or bottom line numbers. Second, unsecured LOCs in NYC for emerging entrepreneurs often offer zero percent interest, which is a major divergence from conventional lines of credit. In most cases, entrepreneurs only pay on the capital they use, meaning there are no maintenance fees. Unsecured lines of credit for New York City business owners provide the capital needed to keep up momentum, plus the flexibility entrepreneurs demand, in order to thrive and grow successfully.
Who Uses Unsecured LOCs In NYC?
Unsecured lines of credit are used by New York City entrepreneurs across all industries. From retail stores to niche IT start ups, manufacturers, transportation companies, service industry businesses and more use unsecured business lines of credit to increase their purchasing power, meet overhead costs, and grow. Unsecured lines of credit can be used for everything from supplies and inventory on up to financing commercial real estate transactions, buyouts, and mergers.
Get The Best Lines Of Credit In NYC
At Express Capital Financing, we provide solutions to small business owners throughout New York City. We believe the economy is driven by small businesses, and as such provide the most flexible and versatile unsecured lines of credit to new and small business owners. Contact our office today to learn more.