Varies according to you're the lender, your business profile and any security you may offer
APR (variable interest per annum) and monthly fee vary according to the lender and your business profile (interest-free period may be up to 90 days)
Same day if you are already a customer
Short-term working capital, to help you manage cash flow
All businesses – lenders may require a minimum turnover and trading history and may consider your assets
Business credit cards, also known as corporate credit cards, work in the same way as a personal credit cards. They come with a set credit limit and you can roll over your balance from month to month, though your spending will accrue interest, based on the APR for which you qualified.
Perhaps you’re a small business owner who’s found it difficult to get a traditional business loan. You can of course hit up your network of deep-pocketed friends… but if they aren’t forthcoming, a business credit card can be a good option. Like a revolving credit line, a business credit card can be your emergency lending, up to a limit. This limit will depend on the your credit rating, trading history, turnover and profit.
A business credit card is a useful way to manage cash flow when you don’t have enough working capital. It’s also useful for keeping track of the expenses your staff might incur (several cards can be used on the same account though the credit limit will remain the same).
Once you’ve set up your credit card, you can improve your business credit rating by observing the credit limit and paying back the balance each month and on time.
Otherwise you can roll over your balance from month to month, paying only the minimum amount required (if there is a minimum), and accruing interest based on the effective APR for which you qualified.
Because business credit cards are a type of unsecured lending, you will find the criteria are quite stringent and the limits are strict.
You might also want to consider other types of working capital finance.
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