Startup Line of Credit Revolutionizes New LLC Growth
Financial Opportunities and Cost Considerations
While the benefits are clear, it's important to consider the costs associated with a startup line of credit. Interest rates can vary widely based on your business's creditworthiness and the lender's terms. Typically, rates range from 7% to 25%1. Some lenders might also charge annual fees, maintenance fees, or draw fees, so it's essential to understand all potential costs before committing. However, many financial institutions offer competitive rates for startups, and some even provide introductory offers with lower interest rates for the first year.