- A business making more than $15,000 with owner(s) FICO scores above a 600 is provided with a revolving Line of Credit (LOC) at low rates
- Rate range: 4.5%-24.95%
- LOC is paid on a consistent predetermined schedule (weekly or monthly)
- LOC terms are up to 24 months.
- More funds are available to draw as the principal is paid down
- Credit lines up to $500,000
- Approvals are extremely instant, and the credit limit can increase as long as there is a good repayment history
Understanding Business Line of Credit
Credit Limit
$1000 - $5,000,000.00
Time to fund
1 - 2 week
Credit Terms
1 - 2 year Maturity
INTEREST RATE
8 - 24 %
Line of Credit Rates are based on
- Fico Credit Score
- TIB (Time in business)
- Monthly Deposits
- Current Positions
Line of Credit Required documents
- 6 months of recent business bank
- Debt Schedule (List of outstanding business Loans)
- Application with business and merchant details
- Driver’s license
- Voided check
Minimum Requirements For a Business Line of Credit
if your business doesn’t match some of the qualifiers below,it may be more challenging to receive funding from our lending partners
Credit Score
560 or higher
ANNUAL REVENUE
at least $100K
TIME IN BUSINESS
6 Month Or More