Support ongoing operational expenses with a line of credit secured by a certificate of deposit or a blanket lien on your assets.
How can I use an unsecured business line of credit?
Unlike many small business loans, an unsecured line of credit is not designated for a specific purpose or purchase. For this reason, it's a good choice for small businesses looking for ways to better manage cash flow.
An unsecured business line of credit can help you bridge the gap between payables and receivables, temporarily fund fluctuating payroll or purchase seasonal inventory. It can also provide cash flow for longer-term financing in larger amounts with lower interest rates (unlike a business credit card). Plus, there are no cash advance fees, and no interest charges until you use the funds.
What are the differences between a secured and unsecured line of credit?
Our unsecured line of credit does not require any collateral. You can borrow from $10,000.
For a secured line of credit, you may need to provide collateral such as a blanket lien on general assets or a certificate of deposit. Our flexible revolving credit lines start at $25,000. (You may not be required to secure your line of credit for amounts up to $100,000; schedule an appointment to speak with a specialist to discuss your options.)
What are the differences between an unsecured business line of credit and an unsecured term loan?
Both products are unsecured, meaning you won’t need to provide any collateral. Unlike an unsecured line of credit, though, an unsecured term loan will provide you with working capital in a lump sum. You then have a set period of time (the term) in which to pay it off, usually in predetermined increments.
Once I’m approved, how can I access my credit line?
If approved, you’ll have easy access to funds using the VISA® card provided with your account, or you can transfer funds directly from Online Banking to your checking account.