Applying for a business line of credit is a big step and there's a lot of information on the internet about the process — some good, some not so good. We're here to cut through the noise and tell you exactly what you need to do to qualify for small business financing.

Here we talk about the pros and cons of business credit cards and how they compare to a business line of credit. It is my belief that a small business would be better served if they activated a line of credit to supplement their business credit card usage. A business credit card and a line of credit are both useful tools for a small business to help ease cash flow crunches and extend payment terms to vendors.

The interest rates for a revolving business line of credit are usually under 8% annual interest, so using this cash can be a great way to save interest on more expensive business debts. If your business is shouldering expensive credit card and/or merchant cash advance debt, a line of credit is a great way to save money on interest payments.