When it comes to managing the financial ebb and flow of your business, flexibility is key. Our Business Line of Credit offers you the financial freedom you need, precisely when you need it.
Business Line of Credit
Financial Bandwidth Your Business Needs
Whether it's working capital, seizing new opportunities, or addressing unexpected expenses, Chartway’s Business Line of Credit is your trusted partner on your entrepreneurial journey.
With a Chartway Business Line of Credit, you can benefit from:
| Standard Terms | Rate - As Low As | Minimum Credit Limit | Maximum Credit Limit |
|---|---|---|---|
| Secured Line of Credit | 10.50% | $10,000 | $50,000 |
| Unsecured Line of Credit | 13.50% | $10,000 | $50,000 |
| Rate based on risk scoring factors including length of business, liquidity, strength of guarantors, debt service coverage ratio, and others. Two-year draw period followed by repayment term up to 60 months. | |||
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Frequently Asked Questions
How can I qualify for a Chartway Business Loan?
You will need to have:
- Business established for at least two years with 1 year tax returns
- Liquidity to Total Debt = 7%
- Combined Net Worth (borrower plus guarantor) at least 3x the loan amount for term loans and lines of credit, 2x for vehicles and Residential Commercial Real Estate.
- Businesses must have a Chartway account with Prime Share and be located within Chartway’s markets (Virginia, Utah, Northern Arizona, Southern Nevada, North Carolina, Houston Texas area)
- Business documentation and identification required from borrower and guarantors
How can I reach out for more questions?
- If you have questions regarding our Business Loans, please give us a call at (877) 609-8533.
Is there a Loan Origination Fee?
- A loan origination fee will apply to each small business loan. This fee is permitted to be deducted from the loan proceeds.
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