Business Banking · Business Loans ·
Business Line of Credit
Manage your cash flow, fund your seasonal inventory needs, or pay for an unexpected expense with a business line of credit. Apply today and only pay interest on the funds you use.
What is a business line of credit?
A business line of credit works like a credit card, you borrow up to a certain limit and pay interest only on the portion of money you use. You can continue to use the line of credit as necessary for your needs. Simply draw the money you need for your business needs and repay the funds you used.
How does a business line of credit work?
A business line of credit is different than a regular business term loan. A business term loan gives your business a lump sum of money that gets paid back over a fixed term. A business line of credit is a revolving account that allows you to draw funds, repay, and redraw from available funds.
With a business line of credit, you can keep using and repaying on your approved funds as often as necessary to meet your business needs.
If your business needs a higher credit limit, you may be required to provide collateral such as real estate or inventory. However, lower credit limits are typically unsecured not requiring collateral.
How to qualify for a business line of credit?
To qualify for a business line of credit at Central Bank, collateral and credit history may be required.
To apply, we require a completed Central Bank application, documentation such as business and personal tax returns (past 2 years), business financial statements, and information on collateral such as inventory or accounts receivable.