How do I apply?
1.
Fill out one simple application
Answer a few questions about your business to see which financing products you may qualify for.
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An overview of business lines of credit
- What is a business line of credit
- Eligibility requirements
- Rates and fees
Unlike a traditional small-business loan — where you receive a lump sum of capital and repay it over a specific period of time with interest — a business line of credit is a more flexible form of financing.
With a line of credit, you receive access to a set amount of money, say $150,000, and can draw funds as needed. You only pay interest on the funds that you draw. You then repay the funds over time, typically on a weekly or monthly schedule. You can continue to use your business credit line as often as you’d like, as long as you make payments on time and don’t exceed your credit limit.
Unlike a traditional small-business loan — where you receive a lump sum of capital and repay it over a specific period of time with interest — a business line of credit is a more flexible form of financing.
With a line of credit, you receive access to a set amount of money, say $150,000, and can draw funds as needed. You only pay interest on the funds that you draw. You then repay the funds over time, typically on a weekly or monthly schedule. You can continue to use your business credit line as often as you’d like, as long as you make payments on time and don’t exceed your credit limit.
At a minimum, you’ll want to be able to meet these business line of credit requirements:
- Credit score: 600 or higher.
- Time in business: Six months or more.
- Annual revenue: $36,000 or more.
Rates
- Rates can range from 10% to 99% APR.
- The interest rate you receive will vary based on your lender, credit score, time in business, among other factors.
Fees
- Depending on your lender, you may also have to pay fees on your line of credit, such as:
- Origination fee: Fee charged to process your application.
- Account maintenance fee: Monthly or annual fee associated with managing your account and keeping your business line of credit active.
- Draw fee: Fee charged each time you draw on your credit line.
- Inactivity fee: Flat fee a lender may charge if you don’t draw from your line of credit within a specified period of time.
Our mission
Our goal is simple: help small businesses like yours find funding and financial products. We know there's no one-size-fits-all solution, so we're here to provide clarity and guidance at every stage of your business.