As a small business owner in New York City looking to grow, you likely need funding. However, taking on too much debt or the wrong kind of financing can hinder rather than help expansion. This is where leveraging a flexible line of credit from alternative lenders like Line of Credit Depot can assist NYC small businesses in scaling intelligently.
The Problem of Business Debt in NYC
New York is already a notoriously expensive place to operate a business. Commercial rents are sky high, labor costs are rising, and regulations abound. Taking on excessive debt to expand can be risky if growth stalls or a downturn hits.
Traditional loans force businesses to take on a big block of debt all at once. This debt is then repaid on an inflexible schedule regardless of how revenues fluctuate. Lines of credit are a smarter option as you only take on debt as needed.
