Term Loan
A lump sum and a fixed schedule, for the purchase you have already priced.
- Amount
- $25,000 – $500,000
- Rate
- Set in the lender's offer
Line of credit
Business Line of Credit
A limit to draw on when it is needed, and interest only on what is drawn.
- Limit
- $10,000 – $250,000
- Interest
- On the amount drawn only
- Draws
- Repay and draw again
- Rate
- Set in the lender's offer
Line of credit
What it is, and who it suits
A line of credit is an approved limit rather than a loan. The business draws what it needs, when it needs it, and pays interest on the drawn balance only; as the balance is repaid, the limit is there to use again.
It is built for money that comes and goes: a gap between paying suppliers and being paid, a slow month, a repair, a discount for paying early. Used and repaid steadily, it also builds the business's own credit record, which is what larger limits are later written on.
What it is for
Six things line of credit pays for
- Cash flow gaps
- Between what is owed and what has been paid in.
- Seasonal swings
- Carrying the quiet months until the busy ones.
- Opportunities
- A supplier's bulk discount that will not wait.
- Repairs
- The breakdown that stops work until it is fixed.
- Restocking
- Reordering the lines that sold out.
- Marketing
- A campaign paid for before it pays back.
The bar
What a lender will look for
- At least 6 months in business
- Personal credit score of 650 or higher
- At least $50,000 in annual revenue
- No recent bankruptcies
A minimum is where an assessment starts, not a promise of an offer.
And what it will ask to see
- Three months of business bank statements
- Two years of business tax returns
- Two years of personal tax returns
- A driver's license or other government ID
The application
Get a free quote
About fifteen minutes, a soft inquiry rather than a hard pull, and no obligation to take what comes back.
Rather talk to somebody first? (213) 204-5628.
The six programs
All six, this one marked
Business Line of Credit
A limit to draw on when it is needed, and interest only on what is drawn.
- Limit
- $10,000 – $250,000
- Interest
- On the amount drawn only
Short-Term Business Loan
A smaller sum repaid within months, for a need that cannot wait for a bank.
- Amount
- $5,000 – $100,000
- Rate
- Set in the lender's offer
Working Capital Loan
Money for the running of the business — wages, rent, suppliers — without pledging what it owns.
- Amount
- $15,000 – $300,000
- Term
- 6 months – 3 years
Equipment Financing
Buy or lease what the business runs on, and let the equipment secure it.
- Amount
- $20,000 – $1,000,000
- Term
- 2 – 7 years
Merchant Cash Advance
Cash now against future card sales, repaid as a share of each day's takings.
- Advance
- $5,000 – $200,000
- Repayment
- A share of daily card sales