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Fuel your growth and manage cash flow with our flexible financing options designed to help your business not just grow but thrive.
Finance long-term assets to support business growth
Use equity in existing properties to grow assets
Depending on your business goal, there is a wide range of business loans available to support short-term, seasonal and long-term borrowing needs.
Typically a business loan is good for businesses who have been in existence for 2 or more years and are growing. There are a variety of factors that will help determine which kind of business loan makes sense for your business.
When you meet with your Business Banker, let them know your needs and together you will review financing options to help you achieve your goals.
A line of credit is a flexible form of business financing that allows a company to borrow up to a certain limit and pay interest only on the portion of money borrowed. Unlike a term loan, which provides a lump sum of cash to be repaid over a set period, a line of credit works by offering a pool of funds that businesses can draw from as needed. This flexibility is one of the key distinctions between lines of credit and more traditional forms of business loans like term loans.
With a line of credit, businesses have the advantage of accessing funds on an as-needed basis, without having to reapply for a new loan each time additional capital is required. This makes it an ideal solution for managing cash flow fluctuations, unexpected expenses, or short-term financing needs. The interest on a line of credit is typically variable, which means it can change based on the market rates. Payments can also vary in amount, depending on how much of the line is used at any given time.
A term loan is a type of business loan that is often characterized by its fixed borrowing amount, set repayment schedule, and a predetermined maturity date. Unlike lines of credit that offer flexibility in borrowing and repayment, a term loan provides a specific amount of capital upfront, which the borrower agrees to pay back, along with interest, over a fixed period.
One key feature that differentiates term loans from other types of business loans is their structured repayment plan. Payments are typically due monthly and consist of both principal and interest, unlike lines of credit, where payments may vary based on the amount of credit used.
DISCLOSURES:
All business credit, loans and lines subject to individual review and approval. Terms and conditions apply.
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