Cornerstone Capital Solutions specializes in Unsecured Business Lines of Credit. These business lines of credit do not require collateral and include anything from smaller business credit card solutions up to individual lines of credit for $500,000. How much the business owner qualifies for depends on the credit profile and the size and profitability of the business. Start-up companies with no established revenue and a business owner or partner with a good credit file can expect to receive between $25,000 – $100,000 normally.
Established businesses with revenues of $1,000,000 up to $10,000,000 can expect between $100,000 – $500,000 with no collateral if they qualify with their financials and credit. These are A-Paper products so the rates are very good.
They range anywhere from 0% introductory offers on all our business credit card solutions to 1-5% over prime for the larger lines of credit. We don’t offer “subprime” Unsecured lines so you’ll either get the good rates or you will not be approved.We offer a No-Obligation Pre-Qualification that takes 10 minutes to complete and only requires a credit-check that costs less than $45.Feel free to speak to one of our representatives on obtaining an unsecured line of credit.
Best for rate discount
Bank of America offers secured and unsecured business credit lines. Both types may come with an interest rate discount of 0.25%, 0.50% or 0.75%, depending on your three-month average combined balances in Bank of America business deposit accounts and/or Merrill Edge® or Merrill Lynch® business investment accounts.
The unsecured lines range from $10,000 to $100,000. And the secured lines start at $25,000, though you may not be required to secure the line of credit if it’s $100,000 or less (more than $100,000 and you’re generally required to secure the line of credit with collateral). Depending on your needs — like your desired credit-line amount and interest rate preferences — one type may be more appealing to you. Both the secured and unsecured business lines of credit are subject to annual renewal.
In order to qualify, your business must have a two-year track record under existing ownership, plus annual sales of at least $100,000 for an unsecured line or $250,000 for a secured line.
Best for longer repayment term
PNC Bank offers a secured business equity line of credit that gives you seven years of revolving credit during which you’re only required to make payments on the interest you’re charged. After that, you’ll have 10 years to repay the funds that you borrowed. No annual renewal is required to keep your credit line open for the full seven-year period.
The line can be secured by a personal residence or a commercial property that’s owned and occupied by the business. The limit ranges between $10,000 and nearly $1 million.
Best for higher limit
One of PNC Bank’s other secured credit lines has a limit of $100,001 to $3 million. That’s one of the highest maximums of the credit lines we reviewed, although Bank of America’s secured credit line has no specified maximum.
The line can be secured by non–real estate business assets, such as equipment, as long as the property or items meet a certain value. There will be an annual review to ensure your business still meets the requirements to renew the line of credit for another year.
During the revolving period, you can make automatic payments on interest charges and you can make payments toward the principal at any time.
Best for fixed-rate option
You may see credit lines with a variable interest rate, which means your interest rate can fluctuate based on an index. US Bank’s Cash Flow Manager Line of Credit comes with an option to lock in a fixed rate. The option is available if you have a minimum credit line of $2,000 with a loan term of 1–5 years. Plus each fixed-rate option has a $50 fee.
A few things to note: The bank may limit the number of fixed-rate options you can have at one time. And if your credit line has a Small Business Administration guarantee, you won’t be able to use the option to lock in a fixed rate.
And the credit limit tops out at $250,000.
Best for rewards program
Wells Fargo offers two unsecured lines of credit, Wells Fargo BusinessLine® and Wells Fargo Small Business Advantage®. Both of these get you access to the Wells Fargo Business Line Rewards Program.
You’ll earn one point for every dollar you spend on net purchases you make with an access card, which lets you make purchases directly from the credit line. You can also earn 1,000 bonus points every billing period if you spend $1,000 or more in net purchases.
Types of Financing
- Accounts Receivable Financing
- Bridge and Hard Money Loans
- Commercial Real-Estate Financing
- Equipment Leasing
- Franchise Financing
- Health Care and Medical Financing
- Merchant Cash Advance
- Mergers and Business Acquisitions
- Project Financing
- Purchase Order and Trade Finance
- Structured Settlement & Annuity Financing
- Unsecured Business Lines of Credit