LINE OF CREDIT
A line of credit may be your best option if you need working capital to purchase inventory, or manage a mismatch in the timing of your costs and revenue.
Why businesses love the Credibility Capital Line of Credit
How it works:
At closing we provide a financing commitment you can tap at any time over the next 2 years. During those 2 years you pay only interest on what you've drawn. There are no draw fees or prepayment penalties. At the end of the draw period you pay back whatever you've drawn via equal, fixed monthly payments over the following 3 years. Or, if you qualify, you can renew your line of credit, or refinance the drawn amount into a larger, longer-term installment loan.
Key line of credit features:
- Commitment amounts of $100,000 to $250,000
- Up to 4 draws per month for the first two years, followed by a 3-year payback period
- Option to renew the line or refinance the balance at the end of the draw period
- No draw fees or prepayment penalties
- Interest rates starting at 7.49%
- Commitment fee paid at closing can be financed via an initial draw