For the average person, obtaining the right financing can be a confusing and daunting task. At Meridianet, our expert loan consultants will guide you through the entire process from the initial application to walking away with your financial goals achieved. At Meridianet, there is never an upfront fee, so there is absolutely no risk to you. If you are not satisfied with the results we achieve for you, we simply part as friends and you haven't wasted a penny.
What is a Line of Credit?
A line of credit many be used to fund a variety of business needs.
Revolving Line of Credit
May be used to provide working capital to purchase inventory and carry accounts receivable for a business whose sales growth is greater than the working capital available to support that sales growth.
Seasonal Line of Credit
May be used to finance the build up of inventory and the carrying of accounts receivable during a “business peak” sales period.
Draw Note
May be used to finance the construction of a specific real estate project.
Each Line of Credit provides the following features:
Access
By simply calling a loan officer, customers may request draws to be deposited into a business checking account enabling them to manage how and when funds will be used. Automated systems (sweep accounts) which transfer funds from the pre-approved line of credit to cover items presented for payment in your business checking account, may be used with the revolving line of credit.
Terms
Terms are typically one year or less, and are customized by line of credit type and borrowing need. Interest may be billed monthly, quarterly, or semi-annually. For your convenience, interest payments may be automatically deducted from your business checking account.
Small Business Administration (SBA) Guaranteed Loan Program
These loans are backed by the Small Business Administration, an agency of the U.S. government and enable the bank to aid the small business community by advancing necessary funds that would not be available under normal lending criteria. SBA loans can be made for credit-worthy purposed such as the acquisition of business real estate, machinery or equipment, working capital, as well as other entrepreneurial ventures.
The maximum loan amount is $2 million and the maximum guarantee is $1 million. Loans under $150,000 carry an SBA guarantee of 85%, and those greater than $150,000 carry a 75% SBA guarantee. All loans require both bank and SBA approval.
With the Business Line of Credit through Meridianet Inc. you have access to up to $100,000 of working capital to:
Buy equipment or inventory.
Meet short and longterm business needs
Pay business taxes
Cover business travel and entertainment expenses
Help you manage your business in your terms!
Borrow any amount you wish up to your available credit limit. Plus, flexible payment options make managing your money easier, with an interest rate starting at prime + 1 ½. Pay the minimum which is as little as 1% of your balance, the full amount, or anything in between. No business seasoning requirements And, because your Business Line of Credit through Premier Processing is a revolving account, you can request to use it over and over again or you may apply for up to a seven year term loan. 650 min. credit score required You will receive a quick decision in as little as 24 hours! Request your Business Line of Credit through Meridianet, Inc.. with up to
