Capital on demand for the business that never slows down.
A Business Line of Credit gives you access to capital when you need it without applying for a new loan every time. Draw from your approved limit as needs arise, repay what you use and your credit is restored. You pay interest only on what you carry, not the full limit. Business membership is required. Contact the Business Services team to get started.
What a business line of credit is good for.
A line of credit works best when your funding needs are ongoing or unpredictable. Here is when it makes the most sense and when a term loan might be the better fit.
Managing cash flow gaps.
Cover the gap between invoicing and receiving payment so your business keeps moving without interruption.
Purchasing inventory ahead of time.
Stock up before a busy period without draining your operating account or disrupting day-to-day cash flow.
Covering unexpected operating expenses.
Handle surprise costs quickly without needing to apply for a new loan every time something comes up.
Bridging slow seasons.
Keep the business running smoothly when revenue timing does not line up with your fixed expenses.
READY TO GET STARTED
Here is what you need to apply for a business loan.
Contact the Business Services team or apply online. You will need your business income statement and federal tax returns. Personal credit is reviewed during underwriting. Business membership with Firefighters First Credit Union is required before funding.
Everything you need to know about business lines of credit.
How long must my business have been operating to qualify for a line of credit?
Small business loans and lines of credit require the business to be operating for at least 2 years. This requirement helps lenders assess the business’s stability and repayment history, though specific eligibility criteria may vary by lender.
Who is eligible for a Business Line of Credit?
You must be a Firefighters First member with an active business membership. Business membership is required before any funding can occur.
What documents do I need to apply?
You will need your current business income statement and business federal tax returns. Your personal credit will also be reviewed as part of the underwriting process.
How does a revolving line of credit work?
You are approved for a credit limit and can draw from it as needed. As you repay the drawn balance, your available credit is restored. You pay interest only on the balance you carry, not on the full approved limit. Typically requiring a 30 day zero balance resting period annually.
How is a line of credit different from a business loan?
A business term loan delivers a fixed lump sum repaid over a set period. A line of credit is revolving, meaning you draw and repay repeatedly up to your limit. A line of credit is better suited for ongoing or unpredictable cash flow needs, while a term loan is better for a specific one-time purchase.
Business membership required before funding. All loans subject to Firefighters First policies and program guidelines.
Subject to credit approval.