Line of credit – n : finance term; frequently referred to by its acronym, LOC; a mechanism by which a company arranges ongoing short-term borrowing from a bank. A line of credit functions very much as if it were a company’s credit card: the bank sets an interest rate for borrowing against the line of credit, an upper credit limit, and rules governing the schedule of repayment.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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