Business Advantage
Business Advantage is Peoples First's signature credit product, designed as a flexible funding source for smaller businesses in instances when a corporate credit card may not be appropriate. This line of credit has the following features:
- Generous Credit Lines, up to $50,000
- Easily accessed, either by phone, fax, or check
- May be established as an overdraft facility, when linked to a commercial checking account
- Automatic repayment available to minimize interest expense
- Two year approval, no annual renewals required
- Competitive rates, as low as Prime plus 1.50%
- Annual fee of $100 may be waived based on relationship maintained
- Abbreviated application process
- 48 hour turnaround time in most cases
What are some Potential Uses of the Business Advantage?
Your Business Advantage Line of Credit may be used for anything other than the purchase of real estate. It is an excellent tool that provides cost effective funding for equipment purchases, tenant improvements, new computer equipment, or general working capital needs. This is an excellent alternative to expensive and complicated lease arrangements.
Sounds Interesting, what are your approval criteria?
Peoples First views businesses as an extension of their owners. It is often quite difficult to determine one from the other. Just as your business relies upon your skills and expertise to succeed, we will base our decision primarily on the qualifications, stability, and credit history of the business owner. Your Business Advantage line may be secured by accounts receivable, inventory, or equipment.
How do I get started?
Simply contact your nearest Branch Location and ask for additional details. One of our Business Banking representatives will meet with you to discuss your banking needs and the potential benefits of establishing a Business Advantage Line of Credit. There is a brief loan application, which requests financial information on the business and the business owners. We normally reach a credit decision within 48 hours.
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