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Business Line of Credit

Business Line of Credit Program

A business line of credit functions like a credit card for businesses. A business will have a predetermined amount of credit and can use it over time as needed for working or growth capital. Collateral is not usually required unless the business has poor credit when they apply. The amount issued for a business line of credit depends on the business’s credit rating and cash flow.

In order to be approved for a business line of credit, a company must first demonstrate financial responsibility and an ability to repay. As with a credit card or loan, payments on a business line of credit are made monthly. Some banks will require interest-only payments for a period of time, in order to keep payments small.

However, the borrower can generally still pay on the principal as well or simply pay the remaining balance at any given time, without penalty, if he or she wishes to do so. A business line of credit will often have a variable interest rate, based on the prime rate (that offered to the bank’s most credit-worthy clients).

 

A business will have a predetermined amount of credit and can use it over time as needed for working or growth capital.

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Loan Amount

$2,500 to $250,000

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Payback Period

3 to 18 Months

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Interest Rates

Starting at 10%

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Qualifying Time

1 day but could be longer

We Can Help You Plan Your Business Line of Credit Financing

In order to be approved for a business line of credit, a company must first demonstrate financial responsibility

 

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We’d Love to Help You With Your Business Line of Credit Financing

A Business Line of Credit looks at different things than a conventional loan to qualify for financing. We look at how much you have in sales each month and your annual revenue. It’s all about the cash flow with this type of loan. Great cash flow equals a larger loan amount.

 

Keep in mind that other factors matter but will determine the interest rate more than actually qualifying for the loan. Your credit score combined with the history will determine the interest rate.

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Annual Sales

50k

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Credit Score

525

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Business Age

1 Years

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