Bank Business Lines of Credit 

Currently, we obtain approvals from at least seven different banks in advance and proceed with one to three approved lines of credit.

The interest rate is Prime rate (currently at 8% per annum) plus an additional 2-5%. The interest rate may vary each year based on the Prime rate.

The duration of the line of credit varies depending on the bank and approval, but it typically ranges from one to five years. At the end of the term, the remaining balance may be converted into a term loan (1-5 years). The longest repayment period is 10 years, which includes a 5-year line of credit and a 5-year term loan. During the line of credit period, you may only need to pay the interest monthly, while for the term loan, you repay both the principal and interest over the specified period.

The advantage of a line of credit is that you can make minimal monthly payments, such as only paying the interest. Additionally, you can use and repay the amount as needed, similar to a credit card, and continue to have access to the funds.

  • ​Line of Credit Amount: $25,000 - $250,000 per bank
  • Variable ​​Rates: Prime  + 2 - 6%
  • Term: Revolving
  • ​Monthly payment: minimum interest only
  • ​One Time Fee for Opening Accounts
  • May turn into a term loan at the end of the term
  • No Collateral  
  • ​Loan Processing Time: 2-3 weeks

<​Pre Qualifications>

​- Minimum 2 years in business

​- Personal credit fico 700 above

- Tax Return Revenue $350,000 - $10,000,000​

​- Tax Return Loss less than $100,000

​- Only for Green Card holder or Citizen

​- Restricted States - Business Not in LA, HI, AK, AR, MT, MS

​- No criminal record

​- No federal or state tax liens

​- Restricted Industries: Gambling, Bail bond, Pawn shops,  Non profits, Farming & Car dealers

​<Docs for Pre Qualification>

​- Last Year Business Tax Return

-​3 Recent Months Business Bank Statements

- ID

- Application

Business Lines of Credit

The business lines of credit can be flexible, convenient and low cost. They are revolving accounts like credit cards, You pay interest for the amount you used, the term used and you can keep using it as you pay.  We have 3-5 different business line of credit programs, but they all have different qualifications and guidelines. The bank business lines of credit may be the best rates and terms but they have very different qualifications, guidelines and processing.  We offer free approvals for all options without obligations.

Non-Bank Business Line of Credit

You can use it whenever needed within your credit limit and repay the principal and interest over a predetermined period. The repaid amount can be reused. It takes approximately 2-3 days from approval to deposit.

  • Business revolving account
  • Create your own online account
  • ​Draw any amount at any time
  • Available credit replenishes as you pay
  • Monthly or weekly payment
  • Starting rate 8%
  • Only pay interest for the term used​​
  • Approval: 1-2 days, Funding:  Next day
  • 3 Recent months bank statements needed