Business Line of Credit
A Business Line of Credit gives you quick, convenient access to the cash you need. With flexible terms and repayment options, you can borrow however much cash you need whenever you need it, up to your available credit limit. Repay it, and borrow it again – it’s that simple.
Key features and benefits of a Small Business Line of Credit:
- Provides working capital for your business needs
- Great rates and flexible repayment options
- Easy to understand terms and conditions
- Convenient access to funds with no waiting period
- Lines of credit ranging from $10,000 to $2,000,000
Should I choose a Business Loan or Business Line of Credit?
Generally, a line of credit is a good choice if you aren’t sure exactly how much money you’ll need and over what period of time you’ll need it. A line of credit provides the working capital that every business should have to support its cash flow. A loan, on the other hand, is ideal if you want access to a one-time lump sum of money and more predictable repayment terms. Get in touch with a Webster Banker today for help choosing the right product for you.
How can I access my Business Line of Credit?
You can access your line by check or by making a transfer via Online Banking.
What do I need to apply for a Business Line of Credit?
To complete the application, you’ll need to provide general information about your business and personal information about each owner, including the following:
For the business:
- Tax Identification Number (TIN)
- Most Recent Federal Business Tax Return (complete return required)
- Number of years you have owned the business
- Information on your current business deposit & loan accounts (if not with Webster Bank, N.A.)
For the owner(s):
- Name, Address and Phone Number
- Social Security Number & Date of Birth
- Percentage of ownership
- Personal income and financial information
All credit products, pricing and overdraft protection are subject to the normal credit approval process. Some applications may require further consideration and/or supplemental information. Certain terms and conditions may apply. SBA guaranteed products may also be subject to additional terms, conditions and fees. Requires a Webster business checking account which must be opened prior to loan closing and which must be used for auto-deduct of payment.