Lendinero announces a revolving business line of credit

Lendinero offers companies a business line of credit between $10,000 to $150,000. This financing program allows businesses to draw funds anytime, online.  The credit replenishes as they repay their outstanding balance.  This means that businesses can reutilize their business line credit several times when they pay off their balance.  New customers can be approved within 24 hours.

What is needed to qualify for the Lendinero Business Line of Credit?

The process is quite simple.  Businesses can apply online at Lendinero and upload the required documents.  The only documents the business needs to provide are as follows:

• The last 4 months of business bank statements
• A copy of a business utility bill
• A copy of a business voided check
• A valid US driver’s license or identification

With these documents, Lendinero can deliver a credit decision.  Businesses need to meet the minimum requirements to be considered for this program.   The minimum qualifications for a small business are the following:

• A 620 + personal credit score and good credit history
• 1 year in business or more
• An active status of the business with the Secretary of State
• $10,000 of monthly deposits into the business account or $120,000 in annual revenues
• Demonstrate good cash flow management with the business bank statements

An affordable business financing solution

Businesses repay in fixed weekly installments or monthly payments.  The repayment terms are either over six months or 12 months.  Alternative financing has been around for a long-time for businesses.  Most businesses have used merchant cash advance term loans as an alternative solution.  In comparison to merchant cash advances, a business line of credit is an affordable solution.

“While merchant cash advances has been an option for many businesses, it is a more expensive solution.  First, most merchant cash advances are repaid via a fixed percentage of credit card revenues, a fixed daily payment or a weekly payment.  With this program business borrowers may be able to repay on a monthly basis.  This gives the business more time to work with the capital,” said Gil Zapata, CEO and founder of Lendinero.

Since launching this program in March of 2018, Lendinero’s business line of credit solution has helped thousands of small businesses obtain quick, easy access to funds they need.  The funds can be used to purchase inventory, equipment, payroll, cover expenses or expand operations. Lendinero indicates that the average business credit line is around $100,000.  Most businesses who obtain approvals are obtaining an initial credit line between $50,000 to $100,000.  Through Lendinero, businesses can access their business line of credit immediately once approved.

About Lendinero

Lendinero, is a leading provider of business funding to Minority-owned and Latino-owned businesses. Founded in 2014, Lendinero utilizes its own proprietary automated online loan application platform — available in both Spanish and English. Lendinero acts as an online marketplace and syndicate lender. Today, Lendinero offers a wide range of term loans, lines of credit and invoice financing customized for the needs of small business owners. The company has received 5 star ratings on Google, Trustpilot and other online rating systems. Lendinero has been featured in numerous publications to include: Forbes Magazine, Entrepreneur, Debanked, The Miami Herald (El Nuevo Herald), Negocios Magazines and other major publications. Lendinero is the leading Fintech company that is addressing the needs to Latino-owned businesses in the U.S.

For further details, please feel free to visit https://www.lendinero.com/. Or contact them at contact@lendinero.com to accommodate other concerns.