Revolving Line of Credit
A revolving line of credit from American Bank will provide your company with the short-term funding your business needs, such as the conversion of your company’s short-term assets to cash, cyclical fluctuations in cash cycles, and short-term expansion needs.
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Purchase inventory
Finance accounts receivable
Manage cash flow
An approved amount of credit, available whenever you need.
Revolving lines of credit will provide your company with needed operating capital. Funds can be borrowed, repaid, and reborrowed as your needs dictate and are typically reviewed annually for renewal.
Generally, accrued interest is paid monthly, with principal repayments coming from liquidation of operating assets, such as sale of inventory and collection of accounts receivable.
Financial Information Checklist
Ready to apply? We’ll be by your side through every step of the process, but first, we need a little information about your venture, including:
A detailed business plan that provides an overview of your business. Examples of information provided might include:
- What is your market? Your products or service?
- What is your strategic plan to develop your market?
- How is your company organized? Who are your owners and management and what is their experience?
- What is your marketing and sales plan?
- What are your company’s projected sales, profits, and cash flow?
- What financing requirement will your company have over the near and intermediate term?
- Last three years' financial statements for the company (balance sheet, income statement, reconciliation of net worth, and cash flow).
- Most current interim financial information for the business.
- A personal financial statement and the last three years' tax returns for each individual owner.
You don’t need to pull together the following documents for our initial meeting. But having them handy will help ensure you receive a timely, accurate response, and speed things along:
- While tax returns for each owner are required, it is also recommended to have the last three years’ tax returns for the business.
- Legal documents (i.e., Articles of Incorporation, Certificate of Incorporation, Assumed Name Certificate, Partnership Agreements, Employer Identification Number).
- Additional information may be required based on the specifics of your loan request.
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At American Bank, you don’t just apply for a loan; you start a relationship, the way banking should be. We are committed to your success and are here to act as your trusted business advisor.
Treasury Management Solutions
Our experienced professionals are available to discuss your plans and develop a customized solution based on the unique aspects of your situation.
