HOW IT WORKS
You have grand ideas for expanding your business, but you need the capital to put them into effect. If you don’t have the highest credit rating and collateral, banks may refuse to grant you a loan. Fortunately, you can obtain funds from an alternative source.
The Business Line of Credit
The business line of credit is an easy way for people to fund their business ventures. Upon approval, you will have access to the funds you need, without a restriction on what you need to borrow. You will be able to draw down on the credit line, but you will only pay for the money that you use. As you build up a track record more funds are made available to you.
If your business has been open for at least six months, you can qualify for a line of credit by proving that you obtained at least $10,000 in sales for the time period. The line of credit offers your business a few ways to payback. It can be a fixed payment, a percentage of sales payment or a hybrid payment of both! This is the most flexible and sought after program we offer.
If you are a large business and require up to $1,000,000 and have the financials to support it, a Superior Concierge will assist you directly. These loans and lines of credit start at $20,000 – $250,000. If this is the case for business, you can apply for as much as $1 million and your options are numerous.
1. Get a credit decision in under 5 minutes.*
Connect your accounting software or business bank account to give us insight into your business. Choose whichever represents your business performance best.
2. Funds right away
If approved, draw funds anytime. Funds transfer as soon as the next business day. Only pay when you draw.
3. Pay us back over time.
Each week the amount you repaid (minus the fees) becomes available again. Repay early and we’ll waive all the remaining fees.
Find out if you’ll qualify
To apply, you should have:
- A business checking account.
- At least two months of activity in a supported accounting software, or three months of transactions in a business bank account.
- Ideally a minimum of $50,000 in annual revenue.
Choose an amount to draw and repay it, plus a weekly fee. Pay us back over 12 or 24 weeks.
How much will this line of credit cost you?
Below is an example of a $10,000 Line of Credit:
Line of credit: $10,000.00
Fee: $ 37.46
This puts your weekly repayment at: $454.13
And Brings the total, including fees, to : $10,899.00