Whether you're a new entrepreneur or an experienced small business owner, your company is bound to experience ups and downs over the years. That's why you'll want to partner with a local bank that understands the economic environment in your community. For more than a century, Vision Bank has provided essential capital and financing to hard-working Oklahoma businesses. Our friendly and experienced business lending team is here to help at every step of your business journey. A business line of credit is one of the easiest and most popular ways to deal with temporary cash flow shortages, unexpected expenses, and fund necessary investments in employees or equipment.
How do business lines of credit work?
One of the best things about this type of financing is its flexibility. You can obtain a business line of credit before you even need to use it and take care of just about any business expense with your credit line. That's what makes business lines of credit so popular among a wide variety of companies. It's an easy way to prepare for the inevitable twists and turns that arise in every business.
As a locally owned community bank in Oklahoma, we have more flexibility than bigger banks when it comes to eligibility, rates, and terms. Even if you haven't been in business very long, your personal credit score isn't perfect, or your annual revenue hasn't hit the six-figure mark yet, you may still be able to qualify for a business line of credit. Here are some of the factors we consider in every application:
- Business history
- Annual business revenue
- Credit score
- Personal financial situation
All of our lending decisions are made locally and we don't take a one-size-fits-all approach. The details listed above, as well as the rest of your application, will determine the amount of your business credit line, its initial duration, interest rate, and other terms. Since every business situation is different, it's best to talk about your particular circumstances with one of our business lending specialists.
Secured or unsecured business lines of credit
Depending on your commercial assets and credit needs, you may need to provide collateral for a secured line of credit. Your company inventory, accounts receivable, commercial real estate, and other assets can be used as collateral. Unsecured business lines of credit are also available for qualified applicants.
What are business lines of credit used for?
Whether it is secured or unsecured, a business line of credit is a "revolving" account like a credit card. Unlike the plastic in your wallet, though, you can use your business line of credit like cash. For example, you could use it to pay off other, higher interest debt, or to pay for a renovation of your office space. The possibilities are endless. If your business has a busy season and slower periods, your line of credit can cover payroll and other cash flow gaps during slow times. You can use it to invest in new equipment or technology, and you get peace of mind knowing it's there in case of an emergency or unanticipated expense.
Contact our business lending team today!
See the difference when you partner with Vision Bank for all of your business lending needs! To learn more about business lines of credit or get your application started, call us today or stop by your local Vision Bank office in Ada, Durant, Shawnee, Prague, Meeker, Davis, or Sulphur.
Contact Vision Bank by email or call us at 888-332-5132. Click here to download a Commercial Loan Application. Fill it out, print it, and bring it into one of our convenient locations.