Top 10 Business Lines of Credit
1. American Express Business Line of Credit (via Kabbage)
Loan Amount: $2,000 – $250,000
Eligibility: Minimum 1 year in business, $50,000+ annual revenue, 640+ credit score
Documents Required: Business tax ID, bank account details, government-issued ID
Fees: Monthly fees ranging from 0.25% to 3.50% of the outstanding balance
Benefits: Fast online application, flexible access to funds, no prepayment penaltiesnationalbusinesscapital.com
2. Wells Fargo Small Business Advantage® Line of Credit
Loan Amount: Up to $100,000
Eligibility: Established business with good credit history
Documents Required: Business financial statements, tax returns
Fees: Annual fee of $95; interest rates vary based on creditworthiness
Benefits: Access to funds via checks or online transfers, competitive interest ratesinvestopedia.combusiness.org
3. JPMorgan Chase Business Line of Credit
Loan Amount: $10,000 – $500,000
Eligibility: Strong business financials, good credit score
Documents Required: Business and personal tax returns, financial statements
Fees: Annual fee applies; interest rates based on market rates
Benefits: Flexible repayment terms, access to funds via online bankinginvestopedia.com
4. Bank of America Business Advantage Credit Line
Loan Amount: $10,000 – $100,000
Eligibility: Minimum 2 years in business, $100,000+ annual revenue
Documents Required: Business tax returns, financial statements
Fees: Annual fee of $150; variable interest rates
Benefits: Rewards for timely payments, integration with business checking accountsebusinessblog.co.ukinvestopedia.com
5. Citibank Business Credit Line
Loan Amount: $5,000 – $250,000
Eligibility: Established business with good credit history
Documents Required: Business financial statements, tax returns
Fees: Annual fee varies; interest rates based on credit profile
Benefits: Access to funds via checks, online transfers, or debit cardspaveapp.com+1ebusinessblog.co.uk+1investopedia.com
6. PNC Bank Business Line of Credit
Loan Amount: $20,000 – $100,000
Eligibility: Minimum 3 years in business, strong credit profile
Documents Required: Business and personal financial statements
Fees: Annual fee of $175; variable interest rates
Benefits: Online account management, overdraft protection options
7. TD Bank Business Line of Credit
Loan Amount: $25,000 – $500,000
Eligibility: Established business with solid financials
Documents Required: Business tax returns, financial statements
Fees: Annual fee applies; interest rates based on market conditions
Benefits: Flexible repayment options, dedicated relationship managersebusinessblog.co.uk+13rbcroyalbank.com+13shopify.com+13fastercapital.cominvestopedia.com+3paisabazaar.com+3taxoo.co.uk+3
8. U.S. Bank Business Line of Credit
Loan Amount: $5,000 – $250,000
Eligibility: Minimum 2 years in business, good credit score
Documents Required: Business financial statements, tax returns
Fees: Annual fee of $150; variable interest rates
Benefits: Online and mobile access to funds, customizable repayment termsinvestopedia.com+5investopedia.com+5rbcroyalbank.com+5
9. Capital One Business Line of Credit
Loan Amount: $10,000 – $100,000
Eligibility: Established business with strong credit
Documents Required: Business financial statements, tax returns
Fees: Annual fee varies; interest rates based on creditworthiness
Benefits: Access to funds via online banking, dedicated customer support
10. Fundbox Business Line of Credit
Loan Amount: Up to $150,000
Eligibility: Minimum 6 months in business, $100,000+ annual revenue
Documents Required: Business checking account, accounting software integration
Fees: Weekly fees starting at 4.66%; no prepayment penalties
Benefits: Fast approval process, flexible repayment terms
📄 Common Requirements Across Lenders
Business Age: Typically, a minimum of 6 months to 2 years in operation
Annual Revenue: Ranges from $50,000 to $250,000
Credit Score: Minimum personal credit score between 600 and 680
Documents: Business and personal tax returns, financial statements, bank account details
💰 Typical Fees to Consider
Origination Fee: May apply at the time of account opening
Annual Fee: Ranges from $95 to $175, depending on the lender
Maintenance Fee: Some lenders charge a monthly or annual maintenance fee
Late Payment Fee: Applicable if payments are not made on time
Prepayment Penalties: Generally, most lenders do not charge prepayment penaltiesbusiness.org
🎁 Key Benefits of Business Lines of Credit
Flexibility: Borrow only what you need, when you need it
Revolving Credit: As you repay, your available credit replenishes
Interest Savings: Interest is charged only on the amount you draw
Cash Flow Management: Helps manage short-term funding needs and unexpected expenses
Builds Business Credit: Timely repayments can improve your business credit profile
Frequently Asked Questions (FAQs) — Business Lines of Credit
1. What is a business line of credit?
A business line of credit is a flexible loan that allows you to borrow up to a set limit and pay interest only on the amount you use. It helps manage cash flow and cover short-term expenses.
2. How do I qualify for a business line of credit?
Qualifying usually requires a minimum time in business (6 months to 2 years), a certain annual revenue (often $50,000+), and a good personal/business credit score (typically 600+).
3. What documents do I need to apply?
Commonly required documents include business tax returns, financial statements, bank account details, and government-issued ID. Some lenders may ask for personal tax returns as well.
4. What fees are associated with business lines of credit?
Fees may include annual or maintenance fees, origination fees, and late payment fees. Most lenders don’t charge prepayment penalties.
5. How fast can I access funds after approval?
Many lenders provide funds within 1-3 business days after approval. Some online lenders offer same-day or next-day funding.