A Sonabank line of credit gives you the power to keep up with the market and pull ahead. This loan is ideal for short-term needs and for capitalizing on opportunities. After all, you don't have time to apply for a loan every time you need funds. With a line of credit, the funds are already waiting for you when you need them.
- Competitive rates for a variety of long-term or seasonal business needs:
- Commercial construction
- Working capital
- Business startup
- Provides greater financial flexibility
- Repayment terms customized to your business's budget
- Revolving credit — as principal is repaid, more becomes available for use
- Pay interest only on the portion you spend
- Over a century of local business experience
- Local decision-making and processing
- Detailed, attentive service from start to finish
Types of Lines of Credit
Standard Line of Credit
This line of credit can be used for day-to-day business needs and may be secured by business assets such as real estate, marketable securities and certificates of deposit.
Commercial Overdraft Protection
Sonabank offers commercial overdraft protection, which is a line of credit that is tied to your business checking account. For a low annual fee, you can protect your accounts and reputation. Interest is charged only on outstanding balances, and repayment is made by convenient monthly deductions from your checking account.
Beneficial Ownership Requirements
All Sonabank business account holders will be required, due to regulatory reasons, to provide us with certain information on its Beneficial Owners.
This information must be provided on Sonabank's Beneficial Owner Form before a new account can be opened, or any changes can be made to an existing account.