Give your business the flexibility it needs to take advantage of every opportunity.
FirstBank offers several lending options for businesses that require flexibility in their financing to manage cashflow and to handle the unexpected.
Customer Testimonial
"There's a couple of parts of our business that are a little bit unique. FirstBank just makes it super easy to handle all of those, with lines of credit, with their 24/7 online banking, and really just all the support that they provide."
Erik Neandross | GNA, CEO
How Would My Business Benefit From a Line of Credit?
Lines of credit are revolving loans used to fund short-term or seasonal needs, take advantage of bulk inventory ordering, bridge accounts receivables gaps, and more. Lines of credit have the flexibility that a regular business loan doesn't have. By allowing you to draw and repay funds repeatedly, your business is better equipped to manage cash flow and handle unexpected expenses.
Which Lines of Credit Does FirstBank Offer?
We offer three different line of credit options for your business.
Working Capital Line of Credit
FirstBank's Working Capital Line of Credit can help your business manage expenses by linking the amount available to draw to your accounts receivable or inventory. We can help you take advantage of trade discounts, facilitate payroll, and better manage your cash flow. The monthly payment for this account is typically limited to the accrued interest, giving you the flexibility to pay down the principal as you collect your accounts receivable or sell your inventory.
Commercial Cash Reserve
Any business type and size can benefit from a Commercial Cash Reserve. Collateral can vary from real estate to general business assets, or the line of credit may be unsecured.
Our Commercial Cash Reserve is attached directly to a business checking account, allowing for quick access to funds as needed. The cash reserve can be advanced for specific purchases or can simply serve as an overdraft protection line of credit to help bridge gaps in your cash flow cycle. If there is a balance owing on the reserve when your monthly statement cycles, the payment will be deducted from your attached checking account automatically.
Commercial FirstLine of Credit
Our FirstLine of Credit is similar to the Commercial Cash Reserve, except that the line of credit is not linked to your checking account. This solution is a standalone line of credit where you can transfer funds as needed. The monthly payment is typically limited to the accrued interest allowing your business to pay down the principal balance as cash flow allows. As with our Commercial Cash Reserve, the collateral type can vary.
I Still Have Questions.
That's what we're here for - to help your business grow and become even more successful. We're happy to discuss the details of lines of credit or other ways to assist your business. Contact a loan officer today at businesslending@efirstbank.com, click on the Get Started button above and we'll contact you, or call us: