Is A Business Line of Credit Right For You?
A Line of Credit for your business provides a very flexible option for controlling when and how much funding you take on.
Once approved, you can draw as little or as much as you want up to the maximum approved amount, which ensures that you never have to pay for more money than you need. And with no prepayment penalty you can pay back whenever is feasible, potentially reducing the interest you pay.
What Does A Business Line of Credit Look Like?
Timing: If approved, funding can take place in as little as 24 hours, although not all business owners will have this experience. In some cases, additional documentation will be needed, which can delay funding.
Requirements: 6 months in business; minimum personal FICO of 620 for ownership; minimum annual gross revenue of approximately $300K.
Process: Submit your company’s 3 most recent months of business banking history along with our easy online application to find out if you qualify – your dedicated SBF Funding Manager will take it from there!
Approval Amounts: $10,000 to $250,000
Repayment Terms: 6 month or 12 month terms; 12% to 47% simple interest (annualized)*
*Not all will qualify, rates and terms dependent on approval.
Qualifying For Business Line of Credit…
If you meet the minimum requirements of 6 months in business; minimum personal FICO of 620 for ownership; minimum annual gross revenue of approximately $300K. Next step is to complete the online Business Funding Request Form. Soon after completing this form, one of our Funding Managers will be in touch to discuss your options.