Working Capital Credit
Is your business experiencing growing pains? Do you have lots of money and working capital tied up in accounts receivable and inventory? A working capital line of credit let’s you squeeze badly needed cash flow out of those working assets to help make payroll, pay vendors and keep the taxman happy. Never has the adage, “It takes money to make money” been more relevant than when considering a working capital loan. Come see a commercial lending professional at any of our eight locations.
Competitive rates that are usually floating tied to “WALL STREET JOURNAL PRIME RATE AS PUBLISHED IN THE MONEY MARKET SECTION OF THE WALL STREET JOURNAL.” Loan terms vary depending on your working capital needs. Loans of up to 70% of the value of the accounts receivable and 50% of finished inventory are traditionally available. Apply Now! In addition to completing a loan application, it is generally recommended that you bring along the following additional financial information to expedite your loan request:
- A business financial statement, and copies of business tax returns covering a 3-year period if possible.
- A personal financial statement and copies of 3 years of personal tax returns if possible.
- An up-to-date aging of your accounts receivable.
- A short business plan indicating what you intend to do with the funds and what bills or other loans you intend to repay with the proposed loan proceeds.
- For companies that are brand new or in a start-up mode, a business plan may be your most important piece of banking information.
