Commercial Lines of Credit

Get approved for a predetermined borrowing limit that’s there whenever you need it.

What is a Line of Credit?

A business line of credit is similar to a credit card: you have a set borrowing limit on which you can draw and pay back as needed. Lines of credit are often used to manage cash flow. Seasonal and agricultural businesses, construction companies, and other businesses with regular fluctuations in income may use a line of credit to cover purchases, inventory, payroll, and other expenses during lower-income periods. Lines of credit allow your business to maintain its cash reserves and keep your business solvent year-round.

How do Commercial Lines of Credit work?

Many commercial lines of credit have one-year terms that are reviewed each year, though term lengths can vary from a few months to several years. Unlike a loan, you can borrow only the amount you need, when you need it, making monthly payments on the balance and interest. At the end of the term, you can pay the balance in full or apply to renew the line of credit.

Lines of credit can be unsecured or secured by real estate, cash reserves, or other assets like equipment. Secured lines of credit tend to have lower interest rates. Lines of credit typically have modest origination fees, draw fees, and maintenance or annual fees, in addition to interest.

What do I need to apply for a Commercial Line of Credit?

To qualify for a line of credit, you’ll need to provide documentation of cash flow and other liabilities. This could include:

  • Personal and/or business income and cash flow statements
  • Balance Sheet
  • Business registration documents
  • Bank account, other loan, and credit card statements
  • Business plans

Why Get a Line of Credit with Field & Main Bank?

At Field & Main, our lenders live and work in the communities they serve and are dedicated partners in the success of your business. With Urgency & Care you would expect from your local trusted advisor, Field & Main Bank continually strives to meet your small business banking needs. We offer exceptional accessibility and availability, before, during, and after your loan closes, with direct lines of communication. And because we’re based right here in Central Kentucky, Western Kentucky, and Southern Indiana, you can take advantage of fast, local decision-making and in-person, one-on-one assistance, when you need it most.

Apply for a Commercial Line of Credit Today

Ready to take advantage of our competitive rates and dedicated, local service? Contact us for a business line of credit or visit one of our convenient branches in Henderson, Cynthiana, Evansville, and Lexington.

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