Best For
- Recurring or unpredictable expenses like inventory and payroll
- Businesses with a few years of history and solid credit
- Owners who want funds ready before they need them
A Business Line of Credit, Ready When You Need It
Get a revolving credit limit you draw on as needed. You pay interest only on what you draw.
Velo is not the lender.
Business Line of Credit
- Apply with Velo(Done)
- Matched with a Lender(Done)
- Draw as Needed(In progress)
Illustrative example.
Process3 steps
How It Works
Step 1: Apply with Velo
One short application covers every option.
Step 2: Matched with a Lender
Your advisor presents your file to lenders whose criteria fit.
Step 3: Draw as Needed
If a lender approves, draw funds when needed and repay on its terms.
FitBusiness Line of Credit
Is It the Right Fit?
Consider Something Else If
- You need funds within days and have limited credit history.Same-Day Business Funding
- You're making one large, planned purchase.Term Loans
Before you apply
What We Look at, and What You'll Need
What We Look At
- Typically 1+ year in business
- Typically $100,000+ in annual revenue
- Personal credit typically 600+
- Final requirements are set by each lender
What You'll Need
- Last 4 months of business bank statements
- Driver's license or other government ID
- A voided business check
- For larger requests: a recent business tax return or financial statements
Requirements vary by product and are reviewed case by case. Meeting them doesn't guarantee approval.
CostDisclosures
Cost & Disclosures
In short
- A third-party lender decides and sets terms
- APR and fees disclosed by the lender
- Velo may be paid by the lender
Lines of credit, term loans, equipment financing, SBA loans and home equity lines of credit are made by third-party lenders, subject to their credit approval and terms. Velo is not the lender and may receive compensation from the lender. APRs, fees and terms vary by lender and are disclosed by the lender before you sign.
Questions, Answered
Booking a call or starting an application on this site doesn't involve a credit check. Our initial review uses a soft inquiry that doesn't affect your credit score. If you move forward with an offer, the lender or funder may obtain a report that results in a hard inquiry, and we'll tell you first.