Apply for a business
line of credit

What is a line of credit?

A business line of credit is a form of revolving financing that allows you to withdraw funds up to an agreed-upon credit limit and only pay interest on the amount drawn. It is revolving because you are able to withdraw funds, pay back a portion or all of those funds, and borrow more funds up to your credit limit.

Funds are available on-demand and take as little as a few minutes to reach your bank account.

For example, a line of credit for $100,000 could be extended to your company. You could take the full $100,000, or only take $5,000. You would then only be charged interest on the amount you took, so you could use your line of credit like a credit card.
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Do I qualify for a line of credit?

There are 4 basic rules that we use to check if someone is eligible for a revolving line of credit from Idea financial. These help us understand your business as well as ensure you have the funds available to make repayments.
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• Your business must have been in operation for at least 2 years. This allows us to understand your ability to repay anything you borrow and also shows that your company is able to sustain itself.
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• You must generate at least $15,000 in monthly revenue. This ensures that you have the cash flow to make repayments and also shows that your business is financially large enough to qualify for a line of credit.
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• You must have a 650 or higher personal credit score. This indicates that you have made smart financial decisions in the past, which lowers your statistical risk of defaulting.
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• You must not be a sole proprietorship or non-profit entity. This ensures that your business is large enough to qualify for a line of credit and not bound by not-for- profit restrictions.
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