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BCNA provides revolving line of credit loans to experienced, stable micro and small businesses that cannot access a LOC product through major banking institutions. Our LOC loans range from a minimum of $10,000 to a maximum of $50,000. Unlike BCNA term business loans, the borrower is only required to pay interest on the money actually withdrawn on a monthly basis.

Check our Loan Requirements to make sure you qualify and if you have any questions, contact our loan staff below.

Loan Requirements and Costs

Loan Requirements

  • Funds for financing project/contract specific, accounts receivable/payables financing, short-term inventory purchases, and cyclical operating expenses. This product is not suitable for long-term fixed asset financing, nor for normal operating expenses for a prolonged period. Borrower is required to show documents validating the use of funds.
  • Interest only payments on a monthly basis on 1st or 15th. Interest only applies to funds drawn (outstanding balance) under the business line of credit. The outstanding principal balance is paid in full* at end of term or prepaid at discretion of client when paid by vendors. The .25% charge for each drawdown is paid at the next billing cycle via ACH following the disbursement/drawdown, in addition to the interest.
  • Secured with UCC filing on business assets, if applicable.
  • Lending Tier is $10,001 to $50,000
  • Guarantor(s) required, in accordance with BCNA loan policies.
  • Reported as Line of Credit Account Type 9B—business line personally guaranteed.

Interest Rates and Fees

  • Fixed interest rate at 10%
  • Maximum term up to 1 year with payment of complete outstanding balance required at 12-month period, or earlier at the discretion of the borrower. Renewal highly likely if client demonstrates proper use of funds and positive cash flow.
  • Closing fee 2% of full LOC amount for 1st year, paid at initial disbursement/closing date.
  • Access to Line of Credit limited to once a month

If you have any questions, contact our loan staff below:

Juan González
Manhattan – 212 898 4167
Queens – 845 241 3691

*Loan Officers may recommend full payment in less than a year.