Business Line of Credit

Your business is always evolving. There are times when you need access to capital immediately, but don’t have time or a desire to go through the long approval process traditional banks utilize only to have them ultimately deny you. You also don’t want to go with a high cost Merchant Cash Advance if you can avoid it. We have several options available to you, but one that really stands out is our Business Line of Credit. It is an affordable option, providing you access to up to $1M. Once approved, our business line of credit will be there for you if and when you need it and you only have to commit to a minimum initial loan of $5,000.

• Loans up to $1M with minimum initial loan of $5,000
• Max amortizing term up to 36 months with fixed weekly payments
• A revolving period up to 52 weeks
• Unlimited draws of $5,000 or more during the revolving period
• Unlimited partial principal paydowns of $5,000 or more during the revolving period
• Every payment made and partial principal paydown frees up line availability
• Finance charges accrue and are collected weekly
• Pay off or pay down with no penalties, maintenance fees or prepayment fees
• Closing points only charged on cash out
• Loan amounts reset with each draw or pay down, providing the client with an adjusted, fixed weekly payment amount based upon their reset loan amount

Typical uses include:

• Expand your business
• Address unique business opportunities or setbacks 
• Deal with seasonal issues or downturns in your business

We use net sales to determine your loan amount.

Potential loan amounts vary from 6% to 22% of total annual sales (cash and credit card sales – actual or projected), based on your time in business, and your credit worthiness.

Example: If your business’s average monthly sales volume is $100,000 or $1,200,000 annually, your potential loan amount is $72,000 to $264,000. If sales increase over time, you may qualify for additional capital.

• Fast approvals and fundings within a week
• Streamlined underwriting process with limited paperwork – all loan docs signed via DocuSign
• Repayment is not tied to credit card transactions (payments collected via ACH)
• The interest paid is tax deductible
• Early pay-off options are available (allowing you to save on interest)
• Once you are approved, as long as you pay back the loan within the designated term, the entire credit line will likely become available to you again

You are in complete control of the loan based upon your unique business needs, which may change over time.

Early payoffs without penalty anytime during the loan!

• Since this a technically a loan it will appear on your books as such and may therefore reduce your availability to additional capital until the facility is closed
• You will have to submit updated bank transactional data (electronically or via paper statements) prior to a draw request being funded to ensure your business’s creditworthiness has not materially changed since the original Loan was initiated.

When you call we’ll need 4 pieces of information to provide you a preliminary offer:

1. Length of time in business (same ownership, concept and location)
2. Your personal credit score range
   Excellent = 700+
   Good = 651 – 699
   Fair = 601 – 650
   Poor = 551 – 600
   Unqualified = Less than 551
3. Average monthly sales (cash & credit card)
4. If you own a home and are current on your mortgage

We have several other loan products that can help you attain your business objectives. We will work with you to ensure you get the capital you need. It’s not a question of whether we can get you funded, it’s under what terms.