LINES OF CREDIT
Why it works so well
A business line of credit is one of the most popular options for business owners who need on-demand access to capital for any business need.
Key Facts
Less than perfect credit can be approved. Helps build business credit with Paynet, DNB & Experian. As you pay off your balance, that money is available the next day, Flexibility and Easy accounting.
How to Qualify?
- Over one year in business
- Business Checking or Savings Account
- 600 Fico Score or Higher
- $150,000 or more in verifiable business revenue
- No Bankruptcy in last 5 years
- No Foreclosure in last 7 years
Documents required for all applications - Application completed (signed by majority owner), 6 Months Business Bank Statements, Voided Check and ID.
What does a line of credit cost? What's my rate? Cost and repayment are determined by the borrower's credit, the business credit, and the program.
Premier lines of credit with longer terms and higher dollar amounts can be as low as 3.49%. Smaller credit lines with shorter terms can have a 0-1% cost for the first 60 days with no minimum requirements to use.
Asset-based credit lines from $250,000 up to 2MM are from 5.99% based on usage and the types of collateral provided. Each line is customer based on the borrower, the collateral, and the use of funds.
Lines of credit and hybrid lines of credit usually provide the longest terms with the easiest repayment schedules. The opportunity to replenish funds comes less often but can become the most affordable form of funding over time.
