A business line of credit loan gives you the ability to borrow money when you need it.
Uses:
- Separate business expenses from personal expenses
- Easy access from Online Banking, by phone or at a branch
Benefits:
- Flexibility to withdraw as much or as little funds as you need
What we consider when evaluating a business lending request:
Business Standing
Our Lenders consider your business history, current business standing, and the type of loan you desire. For some loan types, including SBA loans, you may also be required to provide a business plan highlighting your project financial statement, including profit and loss, cash flow, and balance sheets.
Collateral
The loan you can secure may depend in part on the collateral you have available to put up against the loan value. As part of the loan process, you may want to prepare information regarding the value of potential collateral items.
Financial Standing
To determine your business’ creditworthiness, our lenders may review several sources of information, including your credit score, bank statement, tax returns, and other information.
Legal Standing
Our lender may want a good idea of contracts you have in place with third parties, any leases or other agreements that are in place, and your business licenses or registrations.