Standard Business Line Of Credit
A Business Line of Credit is a flexible financing option that allows businesses
to draw funds as needed up to a predetermined limit, paying interest only
on the amount used.
Benefits: Flexible access to funds, interest only on used amounts.
Considerations: Variable interest rates, requires strong credit history.
- Dollar Amount: $10K – $275K
- Term: 12-36 months
- Buy Rate: 13% – 17% Annual Cost
- Revenue Requirement: $15K monthly revenue
- Time in Business: 1+ Years
- Credit: 650 FICO
- Restricted States: SD, ND, VT
- ADB / Neg Days: $5,000 ADB’s
- Fees: 2.49 – 2.99%
- Prepays: N/A
- Commission: 4% on New and 3% on Subsequent