Corporate Line of Credit
Short-term funds to make the possible, possible
As a business owner, you understand the importance of having funds available should you incur unexpected business expenses or simply wish to expand. Securing a corporate line of credit with a trustworthy lender may be where you start.
At Crown Bank, we believe that you know what is best for the success of your company, and are prepared to listen. Our team of experts will walk you through the process of securing a business line of credit to help fund your short-term expenses.
What is a corporate line of credit?
You can think of a corporate line of credit as a credit card. Like a credit card, you have access to a specific amount of funds and only pay interest on the amount you use. Once you make a payment, those funds become available again as revolving credit (less any interest paid).
There is no lump-sum disbursement made when you open your line of credit, and no interest accrues until you utilize the funds in your account.
Typically, our lines of credit offer lower interest rates and fewer restrictions to allow you the freedom to make the best decisions for your company.
“What is great about Crown is that I truly consider them a partner in my business.”
— Kam Talebi; Brit’s Pub
How does your company benefit from a corporate line of credit?
Whether you are just starting your business, or can use additional short-term funding, a corporate line of credit provides the funding to ensure you have the greatest opportunities to succeed. Our clients have used their credit on everything from replacing a leaky roof and updating equipment, to using the funds as working capital to offset expenses during slower seasons and investing in additional inventory to grow.
Businesses can change dramatically and unexpectedly, but securing funding can provide the peace of mind and security you need to make clear and logical decisions.
Plus, maintaining a healthy line of credit with Crown Bank builds your business credit rating and opens the door to opportunities for better loan terms in the future.
Understanding secured and unsecured lines of credit
The majority of our corporate lines of credit are unsecured, meaning you do not have to put up collateral in order to secure funds.
However, depending on the credit amount, we may require a secured line of credit and ask that you provide collateral. Upon discussing your unique needs, we will find a solution that fits.
Why choose Crown Bank Minneapolis or Edina?
We take immense pride in working with a variety of business owners, the relationships we build, and the various success stories we get to be a part of. At Crown Bank, you are getting much more than an online lender. You’re getting a partner who believes in your dreams and wants to give you the most valuable assets we own—our time and our investment.
Having worked with countless small businesses owners, we understand the unexpected and immediate needs that arise––a slow season, an investment opportunity, replacement equipment, or a global pandemic. Which is why we want to ensure you are prepared, and have a personal guarantee from a financial partner who can provide you with the resources that matter most.
Interested in opening a corporate line of credit?
Give us a call and we’ll walk you through the process to ensure you get all of your needs met.
“Knowing that I have a partner in Crown Bank that will be right there with me to let us say yes to opportunities and offer a funding mechanism is really important.“
— Rob Laughlin, President, Sunburst
Frequently Asked Questions
What is the difference between a business line of credit and a small business loan?
A corporate line of credit allows you to only interest on the funds you use. Once the borrowed funds are repaid, you can continue to use the funds for future expenses in the form of revolving credit.
Typically, a corporate line of credit offers lower interest rates and fewer restrictions, allowing more flexibility in your spending.
What are the interest rates on corporate lines of credit?
The interest rates vary depending on your business credit rating and other factors. Because we want to ensure you receive the most competitive rates, we recommend you contact our lenders to discuss your specific needs.
What is the difference between secure and unsecure lines of credit?
Unsecured corporate lines of credit do not require up-front collateral in order to secure funds. Secured lines of credit may require that you provide collateral—details we are more than happy to discuss either over the phone or in person.
- You only pay interest on the amount you use.
- Funds are provided in the form of revolving credit.
- Make monthly payments.
- There is no lump-sum disbursement.
- Lower interest rates and fewer restrictions than loans.
- Builds your business credit rating.
Looking for something different? We have other lending options, including business loans that are available for funding your business needs. Check out our additional loan options and find the one that fits.