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MenuSmall Business Line of Credit
Paragon Bank is pleased to offer a Small Business Line of Credit product to sole proprietorships, LLCs, and closely held corporations with annual gross revenues of less than $1,000,000. Small businesses can use this line of credit product for the various business purposes such as: funding cash flow needs, short-term inventory, equipment or FF&E purchases or any other expenses related to the business.
Loan Details:
- Loan Amount: Up to $25,000
- Loan Terms: Revolving Line of Credit. One year maturity with interest due monthly
- Business Locations Allowed: Shelby County, TN, DeKalb County, GA, Fulton County, GA, Lafayette County, MS, and New Hanover County, NC
- Must have primary business operating account at Paragon Bank
*Subject to credit approval. This is not a commitment to lend. All loans or offers of credit are subject to credit and underwriting approval. Other eligibility requirements may apply. Programs, rates, terms and conditions are subject to change without notice. The Small Business Line of Credit has a variable interest rate. The line of credit has a draw period of one year, after which you will no longer have access to borrow funds and will be required to repay the borrowed balance within a one-year term. Other restrictions may apply. Personal Guaranty of all owners required with minimum credit score of 720 for each owner.