Estimated Business Loan Term
Flexible
Rates
5% to 10%*
Time in Business Required
6 Months
Min Credit Score Require
650
Min Monthly Deposits Required
5
Min Monthly Revenues
$10,000
Min Business Loan Amount
$5,000
Max Business Loan Amount
$250,000
Max Number of Negative Days
None
*Rates depend on the duration of funding
A business line of credit offers business owners financial security by providing access to funds for any type of business expense. You can draw on the line of your credit up to your approval amount in just a few clicks and your line of credit replenishes when you make payments. There are zero prepayment fees, and there are no costs to maintain your credit line. You can stop using the credit line at anytime if all outstanding funds are paid back. This type of funding is for clients with fairly strong credit that require immediate access to capital and cannot meet the requirements of bank financing or do not have the time to go through the red tape of acquiring a business loan.
The credit requirements are high so this program is not ideal for business owners looking for business funding with bad credit. A credit line is a great way to have the security of business financing without the costs of holding unnecessary funding but it does require a good credit history. If you are not in the excellent credit range you may want to explore a merchant cash advance as it has no credit requirements and also provides access to immediate working capital.
Below is a list of the requirements to get approved for business funding with our most basic program.
Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at
or
Submit your online application by clicking apply below and entering a few basic details about your business.
The cost of a business line of credit depends on the rate received and the money you draw and have outstanding. To calculate the rate we use simple interest that is calculated with total repayments over a twenty six week period. Use the calculator below with weekly payments to give you an example of total cost scenarios for accessing your credit line for a specific period of time.
A credit line is a fast financing solution where a small business owner is approved for a specific amount of money that can be accessed in part or all of it depending on the business owners financial needs. The principal plus any fees will be paid back through weekly debits from the business owner’s bank account. As you make payments your line of credit is replenished for the principal paid back. As an example, if you have a $200 payment, $180 might be the payment that week for your principal and $20 would be for fees.
A credit line is a fast financing solution where a small business owner is approved for a specific amount of money that can be accessed in part or all of it depending on the business owners financial needs. The principal plus any fees will be paid back through weekly debits from the business owner’s bank account. As you make payments your line of credit is replenished for the principal paid back. As an example, if you have a $200 payment, $180 might be the payment that week for your principal and $20 would be for fees.
Having a line of credit allows business owners the security they need to operate their business without the weight of paying back more money than necessary. Below you will find some of the ways small business owners utilize their credit line.
There are many small businesses that have customers that only pay a portion of a product or service’s cost upfront and take the rest on credit. During the early stages of growth in a business it is easy to take on a lot of customers in an attempt to build a client base. This type of strategy puts the initial burden of the debt on the business owners. Having a line of credit allows an owner the flexibility to take the funds that they need based on how customers pay their debts to the business.
Managing inventory is one of the most difficult tasks for any business owner. Whether you should buy more or less for a particular product at any given time is almost impossible to guess exactly so the most common action is to purchase more inventory than needed. The last thing you want as a business owner is a customer willing to make a purchase without the product for that customer. The purchase of additional inventory of one product can leave the inventory of another product short. Having a credit line allows owners the flexibility to purchase inventory when needed.
Just like inventory, it can often be difficult to gauge what a weekly payroll will be. Having a credit line available takes all the worry out of paying employees. Any time you have a big payroll week you can access additional capital and just repay it in the later weeks when cash flow increases.
When operating a business there are myriad expenses that can arise and for most early stage business owners it is impossible to be prepared for every cost. Knowing that there is a financial cushion for any unforeseen costs allows business owners to operate their business more efficiently and with confidence, factors critical for success.
