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Business Lines of Credit

As a longtime community bank, we understand that business happens in cycles. Seasonal sales, sudden growth, and other cyclical factors create temporary cash flow shortages. That’s why we’re happy to extend line of credit options to help you keep your business on track.

Contact a Commercial Lender

 

Since 1902, TFB has been serving local businesses in Northern Virginia. You can count on us for competitive rates, flexible terms, and personalized service. Our local ownership also leads to swift decision-making. We know that time is of the essence when businesses need access to capital.

What is a Business Line of Credit?

A Commercial Line of Credit from TFB is simple and easy to use. As with other types of revolving credit accounts, you can borrow as much or as little as you need (or nothing at all). You’ll only pay interest on the amount you borrow. Apply for a business line of credit before you plan to use it and you’ll enjoy the peace of mind that comes with being prepared for anything. Small business lines of credit are an excellent financial tool for:

  • Providing short-term funds until accounts receivable are paid
  • Covering seasonal working capital needs
  • Investing in new employees or equipment to meet sudden demand
  • Anything else that comes up!

How does a business line of credit work?

Opening a commercial line of credit is similar to the application process for other types of business loans. Choose between an unsecured or secured (guaranteed by business assets) credit line. Generally, lines of credit come with lower interest rates than credit cards. They are also easier to use--linked to your business checking account, you can transfer funds into and out of your credit line, using it like cash. For as long as your credit line remains untouched, you won’t have a monthly payment. Once you draw from it, you can make interest-only payments until the maturation period ends. At that point, any remaining balance will be paid off as a term loan.

Government Contractor Lines of Credit

Northern Virginia is a hub for government contractors. While contract work can be rewarding, it’s also an uncertain enterprise. You have to cover your expenses up front, often before your invoice is paid. That’s why TFB offers asset-based lines of credit to provide working capital to government contractors for payroll and other operating expenses. We offer flexible repayment terms and advance rates up to 90%. Small-to-medium sized government contractors can benefit from local decision-making and the community bank relationship to support their business.

  • Asset Based Lines of Credit
  • Flexible repayment terms
  • Advance rates up to 90%

For more information on a government contractor line of credit, contact our business lending team.

 

Starting the Business Lending Process

Apply online and get approved in minutes with Minute Lender! This convenient service is available to all of our existing clients. In business, there’s no time to waste. Get an instantaneous loan decision so you can get back to growing your company.

When it comes to commercial lending, it’s important to work with a local, experienced financial institution you can count on. As a community bank, it’s what we do—straightforward banking with no surprises. That’s why generations of business owners in Prince William County and Fauquier County have partnered with TFB to support their company goals.

Intimidated by the business lending process? Our friendly team of commercial lenders will help you every step of the way.

Here are a few things you will need to get started:

  • Business Organizational Document
  • Last 3 years of Business Financial Statements and Tax Returns, Including All Schedules
  • Current Interim Business Financial Statement
  • Report of Accounts Receivable and Payable
  • Last 3 years of Personal Tax Returns for Owners of the Business, including All Schedules
  • Current Personal Financial Statement for Owners of the Business
  • Commercial Real Estate Transactions: A Copy of Sales, Land, and Construction Contracts
  • Business Startups: A Business Plan (including Proform Financial Information) and a Market Feasibility Study

For more information on starting the business lending process, contact our team.

Contact our Business Lending Team Today!

Ready to start the application process for a business line of credit? Want to learn more about what is needed for a business line of credit? Visit our Commercial Lenders page to meet our team and check out our Business Loans page for a full menu of commercial lending and small business loan options. Our TFB Commercial Lenders will take the time to thoroughly understand the financial needs of your business.

Call the Fauquier office for an appointment at 540-347-2700 or email us. You can also call the Prince William office for an appointment at 703-366-1600 or email us.

*All loans are subject to credit approval.

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