Business Line of Credit

What is a Business Line of Credit?

A business line of credit is a flexible “revolving” pool of funds that works almost like a credit card, except you get access to cash and, in some cases, lower APRs. This is beneficial for businesses when purchasing used equipment, payroll, and a variety of other uses. Whatever a business borrows, is paid back on a set schedule with interest. Funds are quickly available for withdraw out of your own business checking account. Interest is only applied to money borrowed and no penalties for early payment.

Maximum Loan Amount

$5K to $250,000

Loan Term

6 months to 1 year

Interest Rates

4.8% - 25%

Speed

As fast as 1 day

The Pros

Only pay interest on funds drawn
Capital is available when needed
Suitable for a wide range of business purposes
Bad credit is acceptable
Excellent way to build your credit score

The Cons

Might need to provide updated documents upon each draw
May require collateral
Higher rates for lower credit scores

What Documents Will I Need to Apply?

Application

6 Month Bank Statement

Who Qualifies?

Younger, less established businesses might be able to qualify for short-term lines of
credit, while medium-term lines of credit are more for businesses with good credit and a
solid financial history. The maximum amount of funding available, introductory duration
of the credit line, and repayment terms depend on your business’s revenues, credit
rating, history, and other factors.

Minimum Qualifications
• 600+ FICO
• 6+ months in business
• $100,000 in annual revenue

APPLY NOW!