LINE OF CREDIT
A flexible loan that you can access as needed to borrow up to a certain amount over time.
A line of credit allows you to borrow funds for planned and unexpected expenses with a low rate. The approval process is fast and requires minimal paperwork.
There is no commitment or impact on your credit by applying.
1.
How funding works:
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A business making more than $20,000 with owner(s) FICO scores above a 600 is provided with a revolving Line of Credit (LOC) at low rates
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Rate range: 4.8%-24.99%
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LOC is paid on a consistent predetermined schedule (weekly or monthly)
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LOC terms are 6, 12, or 18 months
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More funds are available to draw as the principal is paid down
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Credit lines up to $250,000
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​Approvals are extremely fast, and the credit limit can increase as long as there is a good repayment history
2.
Rates are based on:
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Credit score and profile
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Time in business
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Monthly revenue
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Industry
3.
Ask Yourself:
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Do you have any existing debt on your balance sheet? If yes, what are the balances owed and who are the balances owed to?
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Do you anticipate needing funding anytime in the next 12 months?
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What do you intend to do with the funds from a line of credit?
4.
Required documents:
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3-6 months of recent bank statements or securely linking the business bank account
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Application with basic details about the business and merchant
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Driver’s license
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Voided check
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Proof of Address
5.
Good to know:
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Why not set up a line of credit now for a rainy day, as you won’t be paying anything until you draw from it?
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Repayment can be made on a weekly or monthly basis
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Great option for business owners with a 600+ FICO score and grossing at least $20,000 per month