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