A credit facility is a line of credit you can tap into when you need business funding. When you have a business credit facility, you can withdraw capital whenever you need it, without having to reapply.
How do I apply for a credit facility?
Different lenders have different application processes. Banks typically require more paperwork and take longer than alternative lenders such as Lulalend. Lulalend’s online application process takes only minutes and is paperless. Lenders will consider your business performance and ability to repay the credit when they assess your application.
How do credit facilities work?
Credit facilities let SMEs access capital up to an agreed limit whenever they want, without having to reapply each time. The lender agrees to make a line of credit available to you. You repay the credit over an agreed term.
What is the benefit of a credit facility?
For a small business, easy access to working capital allows you to take advantage of opportunities for growth. A business credit facility gives you peace of mind because you have instant access to funding.