Working Capital

Line of Credit

 

A business line of credit is a loan in the form of revolving capital which means as you pay back your loan or line of credit, you can immediately borrow from it again. It is like an open end credit account.

Business lines of credit can be secured with collateral but are often unsecured. Select Capital can work with borrowers and have a high approval rate for an unsecured business line of credit as long as requirements are met.

Typically, small businesses pay interest on the entire balance of a traditional business loan. Similar to a credit card, you will be given a limit and only pay interest on the amount withdrawn from the line, instead of the entire limit.  Unsecured business line of credit funds are provided by our private non bank lenders and they are great for startups.

Requirements:

  • Acceptable FICO score 600 plus to over 700 for unsecured
  • Business revenue for unsecured over $17,000 per month
  • Verifiable W9 income for unsecured term loans -5-7 years
  • Monthly expense to income ratio no higher than 35%

Working Capital