Businesses come to Carson Bank for more than just loans. It’s our ability to assess a business’s needs and tailor-fit a credit solution to their unique circumstances that provide the most value to our commercial clients.
Using the consultative approach, Carson Bank’s entire staff can relate to you and your business, striving to understand the challenges and opportunities in your industry. As your financial partner, we work hard to combine competitive rates and the most flexible terms, utilizing a vast array of commercial loan products to ensure that you are poised to reach your business objectives.
Business Line of Credit
This loan can help you and your business with cash flow situations that may develop due to seasonal sales, early inventory purchases, general cash operating needs, or short-term capital requirements. Our commercial customers enjoy the ability to optimally cash manage their business with a line of credit set up specifically for their operation.
When a business line of credit might be necessary:
- You don’t want to apply for a loan every time you need funding
- You aren’t sure how much funding will cover your needs
- You experience regular fluctuations and downturns and need funding to stay afloat in busy and slow seasons
- You’re opening a new business and are having a hard time qualifying for a loan
- You want a lower interest rate than what’s available to you via other financing options, like credit cards
- You need a cash infusion to your business on a regular basis
Carson Bank’s local team is here to help. Get in touch with our friendly team to strategize your cash flow and see why a business line of credit could be your ideal business funding solution.
We typically offer secure lines of credit in three ways:
1. Small business line of credit
Commercial lines of credit can be a lifeline for small businesses. When you need a modest amount of money to cover payroll, inventory, or other needs, a business loan can keep your operation up and running.
Small business owners can use a secure business line of credit like a credit card. Carson Bank will give you the money to cover expenses as they happen. Pay interest only on what you use from your small business line of credit. If you need cash several times throughout the year, we can renew your line of credit annually.
However, most small businesses work with us to cover short-term expenses, like supplies, payroll and inventory. If you run a seasonal company, a small business line of credit can keep you afloat throughout the rest of the year.
Here at Carson Bank, we are small business champions. That’s why our small business lines of credit often have lower APRs than credit cards. If you have an early-stage business, a line of credit is also a great way to build a credit profile and qualify for a loan down the road.
2. Real estate lines of credit
Carson Bank works with businesses to help you secure funding through real estate lines of credit. This financing option taps into a property’s equity. You can draw on these funds multiple times to cover your business needs, whether you want to buy a real estate property or refinance.
Needing quick financing for your business ventures? Real estate lines of credit can be a great way to enjoy longer repayment terms, lower interest rates and paying interest only on what you use.
3. Agriculture lines of credit
Seasonal businesses, such as farms, often need a cash infusion to ramp up. Buy seeds, hire workers, or install a much-needed irrigation system with an agriculture line of credit from Carson Bank.
We’re here to ensure you have adequate cash on hand to cover all of the expenses that come with farming. You can put up accounts receivable or even your current crops as collateral to secure financing for livestock, machinery and more.
Kansas farms feed America. Carson Bank is proud to partner with local farms to keep your operation going for generations.
Business Line Of Credit Requirements
Curious how to get a business line of credit? While every customer is different, we follow this process to evaluate your need for securing a line of credit.
To start the process for your secure business loan, reach out to your Carson banker. We’ll sit down and discuss your business to personalize a funding plan. If we determine a line of credit would benefit your business, we’ll ask you about:
- Your cash flow. How much money do you think you’ll need?
- Your industry and the market. How do you expect you’ll perform this year?
- How you will use the funding. What do you need the cash to cover?
Next, your banker will gather details. Depending on your situation, this could include:
- Your business name
- Your personal contact information
- The business’s gross sales and net profits from the past 3 years
- Debt and other financial obligations. Does your business have the ability to carry extra debt right now? Will you be able to repay all of your debts and stay financially healthy?
- Bank accounts and tax information
We’ll also run a credit check. While good credit is helpful, a lower score won’t necessarily disqualify you for a line of credit.
Unlike other banks, Carson Bank reviews every line of credit application personally. We evaluate your eligibility with an eye on growth, treating you the way we would want to be treated. Because you’re so much more than an account number.
If a line of credit is a good fit, we’ll collaborate with you to set an interest rate and an amount for your line of credit. These are based on our previous conversations with you, as well as the information you provided.
You then provide collateral to back up the loan as a show of good faith. All Carson Bank lines of credit need to be secured with some kind of collateral. We’re able to accept a wide range of collateral, including:
- Real estate and property
- Product inventory
- Accounts receivables/invoices
- Certificates of deposit (CDs)
If you have collateral not listed above, contact us about available options.