Traditional Line of Credit
A line of credit that is always there when you need it, providing vital capital for day-to-day expenses. Click here to access our Commercial Credit Application and our Personal Financial Statement.
Business Equity Line of Credit
Short term working capital using the equity in your personal residence.
Equipment Line of Credit
- Pre-approved for future equipment purchases.
- Business Overdraft Line
- Reassurance. Overdraft protection allows your firm to write checks with confidence.
Compare our Line of Credit options
| Question | Traditional Line of Credit (LOC) | Business Equity Line of Credit (BELOC) | Equipment Line of Credit (ELOC) |
|---|---|---|---|
| What are you looking for: | A line of credit that is always there when you need it, providing vital capital for day-to-day expenses. | Short term working capital using the equity in your personal residence. | Pre-approved for future equipment purchases. |
| Attached Primary Checking Account | NA | NA | NA |
| Guidance Facility | NA | NA | Yes |
| Advances | Advances are processed through our commercial lending division | Advances are processed through our commercial lending division | Requests are drawn against the line and specific terms and rates are applied to each loan |
| Credit Line | Approved for a set dollar amount | Approved for a set dollar amount | Approved for a set dollar amount |
| Secured | Blanket UCC filing on all business assets. May be secured by additional collateral. | Indemnity Deed of Trust (IDOT) on the personal residence | Blanket UCC Filing on all business assets. May be secured by a specific piece of equipment |
| Interest | Interest Billed Monthly | Interest Billed Monthly | Principal and interest payment billed monthly |
| Payments | Interest only. Principal curtailments | Interest only. Principal curtailments | Principal & Interest monthly |
| Rate | Relationship based pricing | Relationship based pricing | Rate determined at time of advance |
| Fee | Fees based on Relationship | Fees based on Relationship | Fees based on Relationship |
| Term | Renews annually | Renews annually | Based on equipment purchased |
| Amortization | NA | NA | NA |
| Legalese | Approval may be subject to a 30-day clean-up period. Subject to financial covenants. Personal guaranty required | Standard appraisal and title requirements apply |