Every tax professional and CPA understands that no matter how well you plan, the busy season can still be a rollercoaster of exhaustion and stress. From January to the peak in March and April, you're pulling long hours, missing out on time spent with friends and family, and racing against deadlines. During this period, tax services often need to expand whether in staffing or inventory, to keep up with the changing demand. That's where Academy Bank’s Business Line of Credit1 can help. In this blog, we’ll discuss how a business line of credit can provide a much-needed breath of fresh air for tax pros.
A business line of credit is a handy tool that gives you access to a set amount of money that is ready to borrow whenever you need it. No need to jump through hoops—just tap into the funds when you’re in a pinch.
The agreement typically covers a “draw period” of several months to a few years, offering the freedom to withdraw money as needed. Once this draw period ends, you enter a repayment phase, during which you pay back both the principal amount and interest. Ultimately, a business line of credit is a valuable tool for managing financial needs, especially if you work in a seasonal industry like tax services.
A business line of credit is like having the best of both worlds with business credit cards and traditional loans. Like a credit card, it allows cash withdrawals and fund transfers to your business checking account. However, a business line of credit comes with much higher credit limits, allowing you to make those larger investments and cover major expenses. Meanwhile, like a traditional loan, a business line of credit offers financial opportunity and support for business growth. But, unlike a loan, the repayments don’t follow a strict structure and you can receive your funds on an ongoing basis (instead of all at once). This distinctive feature, coupled with its higher credit limits, positions a business line of credit as a valuable and flexible tool for efficiently managing the financial needs of your business.
When you choose to partner with Academy Bank for your business banking needs, you’ll get the personal attention, expertise, and guidance that you deserve. From day one, you’ll receive a dedicated specialist who understands the intricacies of your business, offering tailored solutions.
Therefore, as tax season hits its peak, we understand the need for a revolving line of credit. Our Business Line of Credit1 empowers tax professionals like yourself with the flexibility to borrow, repay, and borrow again without the hassle of reapplying for a loan.
What you get with our Business Line of Credit:
1 All business loans and lines of credit are subject to credit approval and require automatic payment deduction from an Academy Bank business checking account. Origination and annual fees may apply.