Business Lines of Credit
Business Lines of Credit are one of the top credit solutions for business owners. It allows for flexible use and affordability with the added benefit of only using what you need, when you need it.
(Without affecting your credit!)
Business Lines of Credit
Usually you’ll find that Lines of Credit cap at around $250,000 for online providers.
A business line of credit is characterized for having the flexibility that other traditional lump sum loans don’t have. For instance, if y0u were approved for $100,000 in a line of credit, you would have that amount at your disposal. Now, let’s say that you need to make an emergency equipment purchase that will run you for $40,000. This would effectively work as a $40,000 loan from your available $100,000. You’d only pay interest on those $40,000.Â
Need to manage cash flow? Buy inventory? Pay for a surprise expense? Then a business line of credit makes sense.
- You have access to funds when you need them. Instead of starting an application when opportunity arises and potentially missing out.
- You only pay interest in the exact amount that you pull from your available credit line balance.
- You save on interest as you are able to plan your debt and repayment according to needs.
- Tighter restrictions for qualifying for a line of credit.
- Usually lines of credit are capped at a substantially lower amount than a lump sum loan.
- It can accumulate interest if borrower is unorganized with their repayment.
Get $20,000 - $250,000
Lines of credit start at around $20,000 and max out at around $250,000
Terms of 6 - 18 Months
Terms are customized according to your needs and up to 18 months.
Starting at 8.4% APR
Lines of Credit Start at about 8.4% APR which translates to 0.7% a month
Who Qualifies for Business Lines of Credit?Â
(Based on American SBA previous clients)
640 Minimum Credit Score
Credit score is moderately weighted when applying for a BLOC.
From $180K Annual Revnue
Getting approved for BLOCs may require a moderate business revenue.
1 Year in Business
We've seen that on average businesses that are approved have a minimum of 1 year in business.
How do you apply to a Business Line of Credit?
Business Lines of Credit actually have a quite simple application process for business funding. You can easily apply by filling up a quick 5-minute application and sending in your last six months of bank statements.Â
Your advisor will go over your documents and if there’s any information missing they will be in touch shortly.Â
You can find the application by clicking here.
Items you'll need:
- Driver's License
- Voided Check
- Bank Statements
- Signed Application
Compare Other Loan Types
Type of Loan
- WCL and MCA's
- Business Term Loan
- Lines of Credit
- SBA Loans
- Personal Loans
Amount
- $5,000 - $500,000
- $25,000 - $500,000
- $10,000 - $1,000,000+
- $5,000 - $5,000,000
- $5,000 - $30,000
Interest Rate
- Starting at 1.12x >
- Starting at 7.0% APR
- Starting at 6.5% APR
- Starting at 6.0% APR
- Starting at 5.99% APR
Credit Score
- 500 > Credit Score
- 680 > Credit Score
- 630 > Credit Score
- 680 > Credit Score
- 600 > Credit Score
- Characteristics:
- $25,000 – $500,0000
- Interest Rates: 7% >
- As Fast as in 48 Hours
- Requires:
- 3 Years in Business
- 680 > Credit Score
- Characteristics:
- $10,000 – $1,000,000 +
- Interest Rates Starting at 7.0% APR
- As Fast as in 24 Hours
- Requires:
- 1 Year in Business
- 630 > Credit Score
- Characteristics:
- $5,000 – $500,0000
- Factor Rates Starting at 1.12x
- As Fast as in 48 Hours
- Requires:
- 3 Months in Business
- 500 > Credit Score
- Characteristics:
- $5,000 – $5,000,0000
- Interest Rates Starting at 6.0% APR
- As Fast as in 2 weeks
- Requires:
- 4 Years in Business
- 680 > Credit Score
- Characteristics:
- $25,000 +
- Interest Rates Starting at 5.99% APR
- As Fast as in 48 Hours
- Requires:
- Consistent Personal Income
- 600 > Credit Score
Working Capital Loans and MCA's
- Characteristics:
- Get $5,000 - $500,000
- Factor Rates: 1.12x >
- Speed: As fast as 24 Hours
- Requirements:
- 3 Months in Business
- 500 > Credit Score
You'll be surprised what we can do for your business.
Know your options in just a few minutes!
What Industries can Benefit?
Virtually all industries can benefit from a line of credit. Some more than others, but given this product provides such flexible use-cases, opportunities arise at any situation.
Transportation Industry
Short term capital loans have proven to be a great option for the transportation industry! Funds are likely used for buying trucks, equipment, or repairs. Often a very popular option for this industry.
Retail Sales Industry
Many retail store owners require some extra capital to leverage economies of scale to take advantage of discounted prices and lower costs per goods sold!
Medical Industry
Many medical professionals that require an upgrade in their equipment or an expansion of their current operation resort to short-term capital loans. Often secure lower rates than the average.
Professional Services
Professional services often have the same issue than other independent contractors. There's a demand for work, but no capital for the required resources. This solves that issue!
Construction Industry
Contractors often have many projects ahead that are left untreated for lack of proper resources. These loans are able to bridge that gap and allow work to happen!
Restaurants and Bars
Time-in-time again we service owners with broken essential equipment. Every day without it is costing them money. This product serves useful as it is the fastest road to funds.
Our Achievements
Satisfied Business Owners
Loans Under 14% Approved
Free Financial Audits Done
Successful SBA Approvals
Have specific questions?
Give us a call or email us!
- (833) 735-4800
- submit@americansba.com
- 2901 W Cypress Creek Rd, Ft. Lauderdale, Florida
features
- Pricing
- Education
- Refer a Friend
- Updates
- Beta
BUSINESS CONSULTING
get started
- Tutorials
- Resources
- Guides
- Example
- Docs