Line of Credit

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Line of Credit

The maximum borrowing power granted to a person from a financial institution.

Line of credit denotes a limit of credit extended by a bank to a customer, who can avail himself or herself of its full extent in dealing with the bank but cannot exceed this limit. It most frequently covers a series of transactions, in which case, when the customer's line of credit is nearly exhausted or not replenished, the customer is expected to reduce the indebtedness by submitting payments to the bank before making additional use of the line of credit.

See: capital
References in periodicals archive ?
This function aims to take the stress out of running accounts including outsourced services so offers different perspectives on how entrepreneurs can grow their businesses.
Instead of concentrating on providing traditional services like running accounts and helping small businesses, they went on a crazed spree betting billions on dodgy takeovers and wild schemes.
The Indian Youth Congress, which is under the direct charge of Rahul, has instructed its IT department to track those running accounts on its leader Rahul Gandhi's name and at the same time written to the Facebook management to close down all such fake accounts.
Although it's expected some providers will pull out of the market - with no new business it won't be commercially viable to keep running accounts.
The company said that the fee would cover administrative costs of running accounts that are left idle.
Judy said the team was delighted with the boost in turnover and the benefits that running accounts in house brought to their service.