Business Line of Credit
A line of credit (LOC) can be a great benefit for a business that needs short-term working capital, or money on hand, to cover business needs. Typically, business assets are provided by you, the borrower, as collateral for the line of credit.
With an LOC from Security Federal, you have:
- Convenient ways to access your funds
- Make a Digital Banking transfer from the Line of Credit into your checking
- Call a loan officer to make a transfer for you
- Stop by a branch location to make a transfer
- The option to use the funds as you need them
- Many payment options are available, such as
- Send payment using Digital Banking
- Automatic Funds Transfer (AFT)
- Automated Clearing House (ACH)
- Overdraft protection for your Security Federal business checking account
- Life happens. If you establish SWEEP protection at loan origination and you later overdraft your checking account, your LOC will automate a nightly SWEEP from your LOC to your checking to cover the over drafted amount.
We offer competitive interest based on the Prime Rate.
If you’d like to get started
Contact our team