Business Financing
-
Santander Bank offers a business line of credit up to $500,000 with no financial statements required for amounts up to $250,000, becoming a secured line above that threshold.
-
To qualify for the $500,000 line, businesses need a personal credit score of at least 700, established business credit, and 2+ years under the same ownership.
Geographic Restrictions and Usage
-
The $500,000 business line of credit is geographically restricted to the Northwest and parts of Florida, excluding startups and businesses less than 2 years old.
-
This credit line offers interest-only payment options, providing financial flexibility for various business expenses like payroll, marketing, and everyday costs.
Application Process
- For amounts under $100,000, a UCC filing is required as collateral, but not for lines above that amount, streamlining the application process for larger credit lines.