New Business Line of Credit
Is your business in need of working capital?
What if I told you there is a way to get a new business line of credit with no paperwork and no personal credit check to get started?
What if it’s as easy as syncing your business bank account online and have a decision within hours?
How about access to your line of credit as soon as next business day?
Now I’m sure you probably have questions but if the concept interests you then keep reading on and we’ll get into the details.
Not too long ago I wrote post about invoice financing and how Fundbox provided the easiest and fastest way for a business to get an advance on outstanding invoices online.
What I’m excited about is that same company has recently introduced a new business line of credit product called Direct Draw (up to $100k) which allows small business owners to acquire funding using only bank account data. This is great news if you don’t issue invoices or use accounting software but you have revenues coming into your business checking account.
With Direct Draw, Fundbox underwrites using bank account data instead of accounting software data or personal credit —a business owner just needs to login using their online banking credentials with any of their 12,000+ supported banks.
With Direct Draw, you get these benefits:
- No soft or hard FICO® pull to your credit reports to get started
- Fully automated, fast application—credit decision in hours
- Funds available as soon as next business day
Now keep in mind when you create a Fundbox account, you will have the option of accessing funds through either Invoice Financing or Direct Draw. Select the Direct Draw option since you will be connecting your business checking account during the application process.
Am I eligible?
If you answer YES to the following questions then you are eligible:
- Does your business bank account get at least $25k or more in deposits per year?
- Does your business bank account have at least a $500+ average daily balance?
- Have you been in business for at least 6 months?
If you answered YES to those questions that’s great BUT there are 3 issues that will disqualify you automatically which are the following:
- If you have non-sufficient funds (NSFs) it should be less than 5% of all debit transactions. Any more than that will disqualify you.
- If you have more than 9 days of negative balances a month.
- If you filed bankruptcy in the last 2 years.
If you are eligible than follow these three simple steps to get started.
Step 1 CLICK HERE to register for free in seconds
Step 2 Connect your bank account to get accessed.
Step 3 If approved for a business line of credit, draw the funds you need and they’ll transfer as soon as the next business day to your business checking account.
What are the terms?
There are no application or origination fees. They charge a fee based on the amount you draw. Payments are automatically debited over 12-week or 24-week repayment terms, and weekly fees start at 0.58% of the drawn amount. If you repay early then they waive all remaining fees.
For example, if you draw $1,000 with the 12-week repayment term then you would pay about $5-7 a week in fees)
With this business line of credit, Fundbox gives small business owners like you access to the funds you need to grow in just a few clicks. They disclose their pricing and terms right upfront which puts you in control. As always, know the fees before committing to drawing on your line of credit.
Now keep in mind if you’re not approved they encourage you to keep your account connected because Fundbox regularly reviews accounts, and new data could help you get approved for a new business line of credit with them in the future.
Well there you have it. Another financial tool that you can add to your company’s funding arsenal. Whether it’s financing growth opportunities, funding marketing campaigns, hiring additional staff, buying equipment or inventory or covering operating expenses; expanding your access to business credit lines is essential to your success.
Looking for more ways to access business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($497 value) =>
To Your Success in Business and in Life!
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, Business.com, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’, ‘American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.