Who offers business lines of credit?

Best business line of credit providers

When business owners need money, seeking a business line of credit is often the last thing that occurs to them. What comes to mind first is typically going to a bank for a variable or fixed-rate loan, using credit cards, turning to specialized peer-to-peer social lending, borrowing from family and friends, or donation sites on the web. In the direst of circumstances, there are payday lenders or pawnshops.

Businesses have been using credit lines for years to meet working capital needs and make excessive use of strategic investment opportunities. The challenge is to get one that meets your needs. Here is where to look for business lines of credit work, if you are just starting out or you are established and looking to grow.

Bank of America

Bank of America provides both unsecured and secured credit lines. Both kinds might come with an interest rate discount of 0.25, 0.50, or 0.75 percent. This is based on your three-month average mixed balances in Bank of America business deposit accounts and Merrill Edge® or Merrill Lynch® business investment accounts. The unsecured lines range from $10,000-$100,000. And the secured lines begin at $25,000 though you might not be required to secure the line of credit if it is $100,00 or less, (more than $100,00, and you are typically required to secure the line of credit with collateral). Based on your needs- such as your desired credit-line interest rate and amount preferences- one type might be more appealing to you. Both the unsecured and secured business lines of credit are subject to annual renewal. To qualify, your company must have a two-year track record under existing ownership, and annual sales of at least $250,000 for a secured line or $100,00 for an unsecured line.

PNC Bank

PNC Bank provides a secured business equity line of credit that offers you seven years of revolving credit, during which you are only required to make payments on the interest you are charged. After that, you will have ten years to repay the money that you borrowed. There is no annual renewal required to keep your business credit line open for the full seven-year duration. The credit line can be secured by commercial property or personal residence that is owned and occupied by the business. The limit varies from $ 10,000 and almost $1 million.

One of PNC Bank’s other secured business credit lines has a limit of $100,0001-$3 million. That is one of the highest maximums of credit lines assessed, even though Bank of America’s secured credit line has no particular maximum. The business line of credit can be secured by non-real estate business assets, like equipment, as far as the items or property meet a specific value. There will be an annual review to make sure your business still meets the requirements to renew the credit line for another year. During the revolving duration, you can make automatic payments on interest charges, and you can make payments toward the principal anytime.

Wells Fargo

Wells Fargo provides two unsecured lines of credit, Wells Fargo Small Business Advantage® and Wells Fargo BusinessLine® and Wells. Both of these provide you access to the Wells Fargo Business Line Rewards Program. Generally, you will earn one point for every dollar you spend on net purchases you make with an access credit card, which allows you to make purchases directly from the credit line. You can also make 1,000 bonus points in every billing period if you spend $1,000 or more in net purchases.

Occasionally, credit lines require you to have a track record of several years in business with the present owner to qualify. The unsecured Wells Fargo Small Business Advantage® does not make it an excellent option for start-ups, even though it does have a five-year term, after which it might be reviewed. The unsecured varies from $5,000 to $50,000. And there might be an annual fee based on your credit line amount.

  • $175 annual fee for credit lines from $ 25,001 to $50,000
  • $95 annual fee for credit lines from $10,000 to $25,000
  • No annual fee for credit lines from $5,000 to $9,999


Among its competitors, Fundbox offers some of the most lenient qualification age-of business requirements. Fundbox’s business line of credit does not require a minimum personal credit score. You need to have been in business for three months, with $50,000 in annual revenue. Its fees are also very competitive since they generally charge 0.7-percent of your drawn amount weekly. This cost varies based on the term length. Like other online lenders, the turnaround time has your application assessed, and money made available is quick-within just a few business days.

However, Fundbox does have restrictions with the size of the business credit line you can get accepted for and the length of the credit term. The business’s credit line limit and term lengths reflect the increased risk they are accumulating by having such lenient requirements. If you need a revolving business line credit that is above $100 to $100,000 and a term longer than twelve to twenty-four weeks, Fundbox is not right for you. Besides, the company does cap the initial draw at $40,000, indicating even though you do get approved for a $100,000 business credit line, you can initially only take out $40,000 of that.


Kabbage provides a business line of credit that is especially attractive to business owners with poor personal credit since it does not require a minimum personal credit score. Both Fundabox and Kabbage are the same in his; however, Kabbage seems to accept those with lower credit scores since most applicants who get accepted generally have a credit score of at least 560.

You will need to have been in business for one year with approximately $50,000 in yearly revenue, which is on the lower end in the industry. Kabbage’s default credit line limit caps at $150,000, and it does frame up a minimum draw range of $10,000. Kabbage also provides Kabbage Card, which allows for instantaneous access to your business of credit. This benefit is particularly useful as most other online lenders require that you request access from your business line of credit every draw, which can take at least a business day.

On the downside, Kabbage offers flexibility, lenient qualification requirements, and fee transparency, its default credit line limit of $150,000 is less than most. If you would like a credit line over $150,000, you will have to undergo a manual review, and you will have to have been in business for at least three years with $300,000 in annual revenue. 

The company does require an online payment platform or business checking like QuickBooks, which is the organization’s solution for underwriting and can be a challenge for those who do not really operate online. Also, the fees are front-loaded, indicating the early months of the term have the highest fees, which really lowers the incentive to repay your credit early on. Moreover, Kabbage’s rates are quite high, ranging from twenty to eighty-percent APR.


OnDeck is the only lender that distinctly offers discounts to clients who continuously renew their business lines of credit. For instance, the company’s credit line accumulates fees of 13.99 to 39.90 percent APR; however, repeat customers might be eligible to receive discounts on their rates based on their credit line standings. Another benefit is while its availability of money might not be as fast as Kabbage’s business lines of credit, it can make funds available within one or two business days. Typically, it is a well-rounded lender.

On the downside, OnDeck’s stricter requirements might not make it the best fit for start-ups, and its higher APR range does not make it an excellent fit for companies with lower revenue or credit scores. With an average APR of 32.1 percent, that immediately makes it one of the more costly lenders in this list. Besides, it does require a personal credit score of 600 with $100,000 in annual revenue. Typically, OnDeck is a great fit for companies who can clear the minimum requirements and present a strong case for a low risk to get close to the 13.99 percent end of the APR spectrum. Besides, if you are looking to build a relationship with a lender and lower fees over time, OnDeck is ideal for you.

Business lines of credit offer valuable working capital, and cash flow helps many businesses. Many lenders provide business lines of credit, and it is up to you to decide the best one for you. Of course, we have outlined several solid business lines of credit providers, and there are more in the market. So whatever your funding needs, we are confident you will find the right line of credit for your business.