Cash for your business needs, when you need it.
Use the Business Line of Credit to fund seasonal needs, cover emergency expenses, or consolidate higher-interest business credit card balances. It’s a smart business move.
For unsecured lines of credit:
No financial statements or pledged collateral required for qualified businesses at time of application, for lines of credit up to $150,000.
Next-business-day credit decisions for most requests up to $150,000.
For secured and unsecured lines of credit:
$250 Business Line of Credit origination fee waived, if your business has or opens a Santander Business Checking or Business Checking Plus account.
Small business financing products are available to qualified applicants with annual revenues up to $3,000,000, subject to underwriting and credit rules, policies, and guidelines of Santander Bank, N.A. (“Santander”). Credit decisions are made by Santander in its sole discretion and subject to change at any time without notice. Offers do not apply to loans that require a guarantee from the U.S. Small Business Administration or existing Santander loans and credit transactions. To apply for these offers, applicants must submit a signed and completed application and any other information requested by Santander by March 31, 2020.
*Introductory Variable Interest Rates. For Business Lines of Credit (“BLOC”) between $10,000 and $750,000, qualified and approved applicants who apply on or after January 1, 2020 and before March 31, 2020 are eligible for the following introductory variable interest rates for 12 months following BLOC closing date: (1) Secured BLOC – either Prime Rate + 0.00% or Prime Rate + 3.00%, depending on creditworthiness and other factors as determined by Santander in its sole discretion; or (2) Unsecured BLOC – either Prime Rate + 0.00% or Prime Rate + 3.50%, depending on creditworthiness and other factors as determined by Santander in its sole discretion. “Prime” or “Prime Rate” means a variable per annum rate of interest selected by Santander in its sole discretion from time to time and subject to change without notice. The Prime Rate is 4.75% as of October 30, 2019. Prime Rate is subject to change; please see banker for most current rate information. On the first year anniversary of the BLOC closing, the interest rate will convert to a variable rate between Prime Rate plus 0.25% and Prime Rate plus 8.00%, as determined and disclosed to you by Santander at the BLOC closing. To qualify for one of the 12-month introductory rates, an approved business applicant must: (i) have or enroll in at BLOC closing a Business Checking or Business Checking Plus account; and (ii) have or enroll at BLOC closing automatic pre-authorized electronic payment (ePay) transfers from that business checking account as payments for the BLOC. The applicable rate, including but not limited to any introductory rate, is at all times subject to the terms and conditions of the loan documents. If the Prime Rate is less than zero, it shall be deemed to be zero. Offer expires March 31, 2020.
1Easy application and fast decisions. For qualified businesses applying for unsecured business lines of credit between $10,000 and $150,000, next-business-day credit decisions will be available and financial statements or pledged collateral will not be required at time of application, unless: (1) your business is a not-for-profit organization; or (2) your business’ existing Santander business credit exposure at time of loan application in addition to the loan application request amount exceeds or will exceed $150,000; or (3) your business’ existing Santander business credit exposure at time of loan application in addition to the loan application request amount is more than 10% of your business’ most recent annual sales. Other restrictions or conditions may also apply.
2Origination Fee Waiver. For approved business applicants, as of January 1, 2020, Santander will waive the one-time, up-front origination fee of $250 on a new business line of credit between $10,000 and $750,000, if the approved applicant either has or opens at time of line of credit closing, a Santander Business Checking or Business Checking Plus account. Offer expires March 31, 2020.
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