Business Lines of Credit

If you’re interested in getting a line of credit for your business, call us today at 845.452.7323, visit us at any branch, or CONTACT US here.

You could get an unsecured line of credit that does not require collateral. But it could cost you more. With unsecured lines of credit, the interest rates can be higher because lenders are taking a larger risk in lending to you.

You could get an unsecured line of credit that does not require collateral. But it could cost you more. With unsecured lines of credit, the interest rates can be higher because lenders are taking a larger risk in lending to you.

Once you receive approval for a line of credit and agree to the terms, the mechanics of a business line of credit are easy to understand. You can use the funds from the line of credit for any business-related expenses—you can even withdraw them as cash to use for business purchases. If you don’t repay any funds used within a statement period, your account will accrue interest.

Generally, you don’t want to spend too close to your credit limit for too long—this situation sends a warning to your lender that your business might be struggling.

A huge benefit of a business credit line is that you then only pay interest on and have to repay the money you actually use from your line of credit. To repay, you would usually make monthly payments on the amount you’ve borrowed.