Business Lines of Credit
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Working Capital
Secured Business Line of Credit
Need help managing working capital, operating expenses, cash flow or payroll? Our secured Business Line of Credit (BLOC) offers an ideal solution.Footnote 1 Different than a term loan, BLOCs are flexible, allowing you to use funds as needed rather than receiving a lump sum—meaning interest is only paid on credit used.
Highlights:
- Revolving line of credit for operational purposes
- Line amounts starting at $10,000
- Variable rate tied to PrimeFootnote 1
- Must be securedFootnote 2
- Fees applyFootnote 3
Best For:
- Established businesses
- Bridging cash flow gaps
- Business growth
- Unexpected expenses
- Other operational purposesFootnote 4
- Businesses with annual sales of at least $100,000+
What You'll Need to Apply:
BLOC requests must be discussed with a lending representative before applying.
- Completed and signed business loan application
- Business tax returns under existing ownership (most recent 2 years)
- Business plan may be required
- Personal tax returns for all owners/guarantors (most recent 2 years)
- Financial Statements (Balance Sheet, Profit and Loss, A/R A/P Aging Report, Debt Schedule)
- Personal Financial Statement for all owners/guarantors pdf
- Proof of collateral
- Additional documentation may be required
- Personal guarantee
- Personal credit check
Checking Line of Credit
Get peace of mind with a Checking Line of Credit (CLOC),Footnote 1 which protects your checking account from overdrafts and per-item overdraft fees.
Best For:
- Overdraft protection of business checking account
- Offsetting short-term cash needs
What You'll Need to Apply:
- Completed and signed business loan application
- Personal guarantee
- Personal credit check
PDF
Ready to Apply?
To be eligible for Business Solutions offerings, business owners must first be members of Navy Federal Credit Union. Already a Navy Federal member, but not yet a business member?
Already a business member and ready to apply for a line of credit?
Secured Business Line of Credit
- Call 1-877-418-1462, 9 am to 5 pm, Mon.-Fri., ET and request to be connected with a business lending representative.
Checking Line of Credit
- For Single-Owner Businesses: Begin the application process by signing in to our secure portal using your Navy Federal personal credentials.
- For Multi-Owner Businesses: Complete the application form and beneficial owner form (if required). Print them out and sign with a pen (digital signatures aren’t accepted). Then scan the signed document(s) and submit online.
You'll receive an update approximately 7-10 business days after you've submitted your request.
Note: If you’re a Navy Federal employee applying for business credit, you must contact Business Solutions by calling 1-877-418-1462 to apply.
Disclosures
A business line of credit (BLOC) is a credit product, and rates are based on creditworthiness and will vary with the market based on The Wall Street Journal Prime Rate. A business checking line of credit (CLOC) is a credit product with a fixed rate of 17.9% APR. CLOC repayment terms are 2% of the outstanding balance or $20, whichever is greater, and the total outstanding balance will be due when it is less than $20.
↵Eligible collateral may include: accounts receivable (up to 80% of qualified receivables and requires an all business assets lien); inventory (with advance rates determined by underwriting); and qualified real estate (with Navy Federal in first lien position).
↵Fees include: Annual fee of $325 for equity up to $100,000; 0.5% origination fee for limits greater than $100,000; lien search and recording fees may apply.
↵Not to be used for real estate ventures.
↵The initial $50 annual fee is assessed with the first statement.
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