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A business line of credit (LOC) can provide financing for larger business expenses but could be more difficult to qualify for than a business credit card. An LOC offers financing for a defined ...
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Small business and corporate credit cards are both used for business transactions, but there are some key differences. Here’s what you need to know.
Business credit cards are specialized credit cards issued in the name of a registered business, and typically they can only be used for business purposes. Their use has grown in recent decades. In 1998, for instance, 37% of small businesses reported using a business credit card; by 2009, this number had grown to 64%.
The sources of debt financing may include conventional lenders (banks, credit unions, etc.), friends and family, Small Business Administration (SBA) loans, technology based lenders, microlenders, home equity loans and personal credit cards. Small business owners in the US borrow, on average, $23,000 from friends and family to start their business.
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Some small businesses are further financed through credit card debt—usually a risky choice, given that the interest rate on credit cards is often several times the rate that would be paid on a line of credit at a bank or a bank loan and terms can change unpredictably.
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