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Business representative

Line of Credit

Flexible loan which 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.

Revolving line of credit for instant access to funds

How funding works

 

  • A business grossing more than $18,000 a month with owner(s) FICO scores above 600 may be provided with a revolving Line of Credit (LOC) at low rates

  • Rate Range: 4.8%-24.99%

  • Line of Credit is paid on a consistent predetermined schedule (weekly or monthly)

  • Line of Credit terms are 6, 12, or 18 months

  • More funds are available to draw as the principal is paid down

  • Credit lines up to $250,000

  • Approvals are fast, and the credit limit may increase as long as there is a good repayment history

Rates are based on

 

  • Credit score and profile

  • Time in business

  • Monthly Revenue

  • Industry

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Required documents include

 

  • 3-6 months of recent bank statements or securely linking the business bank account

  • Application with basic details about the business and merchant

  • Driver’s license

  • Voided check

  • Proof of Address

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Questions

 

  • Do you have any existing debt on your balance sheet? If yes, what are the balances owed and who are the balances owed to?

  • Do you anticipate needing funding anytime in the next 12 months?

  • What do you intend to do with the funds from a line of credit?

  • 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?

  • Can repayment be made on a weekly or monthly basis?

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LOC is a great option for business owners with a 600+ FICO score and grossing at least $18,000 per month

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