Small businesses are really feeling the pinch today as the instability of the credit markets continues to take its toll.  Thankfully, companies like Novus Commercial Finance are making it a priority to get home-based and other small businesses, including start-ups, the lines of credit they desperately need.

Whether your business is just getting off the ground and has no prior credit history or even if it falls into what a bank might deem to be a “non-allowable” industry, there’s a reasonable chance that Novus’ business credit program has a solution for you.  In fact, they can arrange for business lines of credit bank cards in amounts ranging from $10,000 to as much as $100,000 or more in some cases.

If your small business is approved and funded, you’ll have access to anywhere from two to six bank card lines of credit, each with a different rate program that when blended can reasonably yield an estimated interest rate of as little as 0% to 2.99% to start.  Approximate blended rates after the promotional rate expires around the 6 to 12-month mark may vary and are estimated at around 10.99% to 12.99%.  There are additional fees of 0% to 3% for cash withdrawals.

Funding approval can take anywhere from two to six weeks, and use of the program may result in a maximum of three credit inquiries per credit report, minimizing credit score depreciation as much as possible.

To qualify, you must be at 50% or less of full utilization on any current, revolving credit (not including home equity credit lines).  In addition, you will incur a one-time fee as follows:

• Funding of $25K = $2,500 fee (10%)
• More than $25K = 10% per the above, plus 6% on the overage
• Funding below $25K = fee is 10% of the total

** Please note that fees can be drawn from new lines.