Frequently Asked Questions
Once you submit your application it is encrypted for transmission using state of the art 256 bit encryption. Also all the application pages will display the “secure icon” in your browser indicating that the information you entered is transmitted securely. Finally, at American Business Credit the privacy and security of your personal information is our top priority.
A line of credit much better for the start-up phase, the payments are lower and it gives you more flexibility to charge and pay back as you please.
Monthly payments on Lines of Credit will be 1% to 2% of the outstanding balance, so if you borrow $50,000 your monthly payments would be between $500 and $1000 per month, a good part of which will be principal, and another part interest, depending on your interest rate.
Monthly payments on Loans will vary depending on the term of the loans, which can vary from 24 to 84 months.
A true business loan requires a minimum 24 months in business with average gross sales of $150,000 or higher. Generally 90% or more ownership will be required to guarantee the loan and the personal credit of the guarantors must meet the requirements for this type of loan. Although business credit does play a role in your approvals, ultimately the deciding factor is the personal credit of all owners.
American Business Credit offers a Start-Up loan program that funds from $10,000 ot $100,000 for those business’s who have not hit the 2 year mark or have not attained $150,000 in gross sales.