Get fast and easy access to funds for your business with these solutions
|Wells Fargo Small Business Advantage® Line of Credit||BusinessLine® Line of Credit||Secured BusinessLine® Line of Credit||Wells Fargo Commercial Equity Line of Credit|
|This Solution Offers||A 5 year revolving line of credit which is backed by the Small Business Administration. Use this line for short-term financing needs with no cash advance fees.||A revolving line of credit with no expiration. Use this line of credit as short term financing to handle cash flow fluctuations or large business expenses.||A line of credit secured by a Wells Fargo savings or CD account. Preserves savings while offering access to working capital.||A real estate-secured revolving line of credit to use for many business needs.|
|Ideal For||Established businesses that are more than 2 years old.||Established businesses that are more than 2 years old.||New or established businesses. Businesses with liquid assets that want to preserve savings and don’t want to divest or incur early withdrawal fees.||Business owners or real estate investors who want to leverage the equity in their commercial property and/or need a higher line of credit amount.|
|Rate||Variable rate tied to Prime Rate.||Prime1 + 1.75% to Prime1 + 9.75% depending on credit evaluation (interest charged only when account is used).||Low, variable rate tied to Prime Rate.||Variable rate tied to Prime-Based2.|
|Credit Amount||$5,000 to $100,000||$10,000 to $100,000||$5,000 to $100,000, line size up to 95% of collateral amount.||$50,000 to $500,000 (up to 75% of the property value).|
|Collateral||None — it's unsecured.||None — it's unsecured.||Secured by a Wells Fargo savings or CD account.||Secured by business or investment property, valued up to $3 million3 (No second homes).|
1 Prime refers to Wells Fargo's announced Prime Rate, which was 3.25% as of February 1, 2015. If credit is granted, your credit limit will be in an amount up to $100,000 and your rate will be between Prime + 1.75% to Prime + 9.75% depending on your business and personal credit evaluation. The interest rate that you are assigned will remain in effect, unless a default occurs under the Customer Agreement or we exercise our right to change the terms of the account.
2 The index for the Prime-Based loan is the Wells Fargo Prime Rate. The interest rate for the loan will be adjusted with each change in the Wells Fargo Prime Rate. The payment will be fixed for 12 months and adjust only once per year on the anniversary of the loan. Any over or under payment of accrued interest resulting from a rate change, will be applied to the borrower’s balance. The reamortized payment will be calculated annually, using the remaining term, current balance and Wells Fargo Prime Rate then in effect. Restrictions may apply. Some properties may require an environmental loan insurance policy. Only loans/lines in 1st position are eligible. Policy costs range from $800-$1,200. This is a one-time cost and varies based on risk, loan term and loan amount.
3 Most property types are eligible. Environmentally sensitive properties may require an environmental loan insurance policy. Property located in a flood zone may require flood insurance. These expenses if applicable, are the borrowers responsibility. Collateral properties located in rural areas may not be eligible for this offer. Please contact us for details. Note on Texas properties: Commercial property owners having a personal residence situated on, or adjacent to, the collateral property are not eligible for this offer.
Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.