Unlike a loan, a
business line of credit allows you to use funds only when you need them, and you are only required to make periodic payments on the amount that you use. When you've repaid the used funds, the line of credit is replenished, and the funds remain available for you to use again as needed.
Business Line of Credit
Borrower Criteria
| Required | Preferred | |
|---|---|---|
| Time in Business | 2 Years | 3 Years |
| FICO | 650 | 700 |
| Monthly Revenues | $5,000 | $21,000 |
| Entity Structure | LLC / Corporate | LLC / Corporate |
Terms
| Amounts | $5,000 - $250,000 |
| Term Length | 6 Months - 5 Years |
| Payment Frequency | Weekly or Monthly |
| % of Revenue | 1 - 20% of Annual Revenue |
| Credit Pull | Soft |
Documentation
| Basic credit application |
| Copy of credit report |
| 6 months of business bank statements |
| Government issued photo ID |
| Voided check or bank letter |
Benefits
| Funds available on demand |
| Access to a revolving line |
| Same day funding |
| Options with no monthly fees available |
PRE-APPROVAL FORM
*** All files are subject to full underwriting & qualifications specified by each bank. There can be no assurance that any applicant will be approved and that credit will be offered.***