Take your business to the next level with a Santander Business Line of Credit.
Use available cash to fund seasonal needs, cover emergency expenses, or consolidate high-interest business credit card balances. It's a smart business move.
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, NA. (“Santander Bank”). Credit decisions are made by Santander Bank in its sole discretion and subject to change at any time without notice. Offer excludes businesses whose approved applications require a guarantee from the U.S. Small Business Administration and current Santander Bank credit transactions.
*Introductory Variable Interest Rate: For Business Lines of Credit (“BLOC”) between $10,000 and $750,000, qualified and approved applicants who apply on and after October 1, 2016 and before December 31, 2016 are eligible to receive an introductory variable interest rate for 12 months following BLOC closing date of either Prime Rate +0.50% or Prime Rate +3.00%, depending on creditworthiness and other factors as determined by Santander Bank in its sole discretion. “Prime” or “Prime Rate” means a variable per annum rate of interest selected by Santander Bank in its sole discretion from time to time and subject to change without notice. The Prime Rate is 3.50% as of 9/15/2016. On the first anniversary of the BLOC closing, the interest rate will convert to Prime Rate plus (+) a percentage amount between 0.50% to 8.00%, as determined by Santander Bank at time of origination. To qualify for one of the 12-month introductory rates, an approved business applicant must: (i) either have or open at the time of BLOC closing a Santander Bank Business Checking or Business Checking Plus account and (ii) have or sign up to begin upon BLOC closing, automatic pre-authorized electronic payment (E-Pay) transfers from that Santander Bank 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 12/31/2016.
>1 Starting October 24 2016, for qualified businesses applying for 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 Bank 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 Bank 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 Wavier: For approved business applicants, as of 10/01/2016, Santander Bank 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 Bank Business Checking or Business Checking Plus account. Additional fees, terms, and conditions may apply. Offer expires 12/31/2016.
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