How to Apply for a U.S. Bank Business Line of Credit – You’ve created an amazing business with huge potential, and you want to capitalize on it by buying new equipment or investing in your next big project. Before you do that, though, you need to figure out the best approach.
The U.S. Bank offers two business lines of credit to meet the various needs of our customers: the U.S. Bank Business Line of Credit and the U.S. Bank Business Preferred Line of Credit. Both are revolving lines of credit, which means you can use funds as needed throughout the term without closing your account or paying an early-closing fee or pre-payment penalty, as long as your balance does not exceed the line of credit’s maximum limit and you pay in full by the end of the loan term (you can select from terms ranging from 24 to 60 months).
What is a U.S. Bank business line of credit?
A business line of credit is a loan that allows you to borrow up to a certain amount of money, which you can then use for business expenses. You only pay interest on the money that you actually borrow, and you can usually choose how long you have to repay the loan. The amount you’re approved for will depend on your company’s financial information, like your revenue and number of employees.
A Business Lines of Credit Application Online or by Phone: Fill out the application form or call and Submit supporting documents as needed. Speak with a personal banker if you need assistance understanding your options or completing the application process.
Applying for your business line of credit with U.S. Bank
U.S. Bank offers business lines of credit to help business owners with their working capital needs. You can apply for a U.S. Bank Business Line of Credit online through their website. The application process is simple and only takes a few minutes to complete. Once you have submitted your application, a U.S. Bank representative will contact you to discuss your credit options and terms.
The process steps you can expect
1. Go to the U.S. Bank website and navigate to the Business section.
2. Under Loans & Credit, select Lines of Credit.
3. On the next page, select Apply Now under the U.S. Bank Business Lines of Credit section.
4. You will be redirected to an online application where you will enter your business information and personal information.
5. At the end of the application, you’ll have to click Submit Application before continuing on with other steps in the process. If you have any questions about your U.S. Bank Business Lines of Credit Application Online or need help completing it, contact one of our business loan specialists at 800-728-4272 Monday through Friday from 8:00 am – 6:00 pm CST.
Benefits and terms of a business line of credit
A business line of credit from U.S. Bank can provide your business with the flexibility to cover unexpected expenses or take advantage of opportunities when they arise. Plus, you’ll only pay interest on the portion of the credit line that you use, and you can access funds quickly and easily through online banking or by calling customer service. The application process is simple and straightforward, and you can get started today by visiting the U.S. Bank website.
Why use a line of credit versus cash flow loans?
A business line of credit provides more flexibility than cash flow loans because you can access the funds as you need them, up to your credit limit. With a cash flow loan, you receive the full amount of the loan in one lump sum and then make fixed monthly payments, regardless of whether or not you use the entire loan amount.
Tips on how to manage your account
Applying for a U.S. Bank Business Line of Credit is easy and can be done entirely online. Once you have been approved and have your account set up, here are a few tips on how to manage it
1) Be sure to read the terms and conditions of the line of credit agreement before accepting the offer.
2) Review the Advantages page (available from within Online Banking) which includes a summary overview on important benefits like automatic overdraft protection that may come with this type of loan.
3) Check out the Common Questions page which contains answers to common questions about business lines of credit. These include whether or not an external accountant will need to sign off on an application.
4) The Disclosures page has important information about the risks associated with applying for a U.S. Bank Business Line of Credit so take some time to review it if you’re considering applying or opening an account!
Frequently asked questions
1. How do I apply for a U.S. Bank Business Line of Credit?
You can apply online by filling out the U.S. Bank Business Lines of Credit Application form.
2. How long does it take to get approved?
The approval process usually takes about two weeks.
3. What information do I need to provide? To complete the application, you will need your company’s Social Security Number or Tax ID number, mailing address, phone number and email address. 4. Do I have to provide my financials with my application?
No, you will not be required to attach any financial statements or supporting documents when completing your application; however, you may upload them separately at a later date if needed. 5. Is there anything else I should know before applying?
You must sign in with an existing U.S. Bank account to submit the application.
If you are under 18 years old, a legal guardian will need to approve your request as well as enter their own U.S. Bank account credentials and email address on the authorization page. Once you’re approved, you’ll receive an automatic notification via email confirming that we’ve received your request and opened up your new line of credit in MyU. Please note that this doesn’t mean your account has been fully activated. You’ll need to activate your account by logging into MyU, selecting your business line of credit and following the instructions provided. As soon as you’re ready, you can start using your funds right away!
We hope these answers were helpful. If not, please feel free to contact us so we can help find the best solution for your needs.
