Small business owners may need funds for several reasons. Luckily, there are a number of financing options available today that can help businesses secure funds on time. Two of the most common options are a line of credit and a loan.
In a nutshell, a business line of credit is often the best option when you have short-term and occasional credit needs. A small business loan, on the other hand, is best to meet long-term credit needs. Let’s break down the difference between a line of credit and a loan to see how they differ and help you meet your credit needs.