Business Line of Credit
Need help managing working capital, operating expenses, cash flow or payroll? Our Business Line of Credit (BLOC) offers an ideal solution.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.
- Established businesses
- Bridging cash flow gaps
- Business growth
- Unexpected expenses
- Other operational purposes4
What You'll Need to Apply:
- 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
Already a Navy Federal member, but not yet a business member?
Already a business member and ready to apply for a line of credit?
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
- 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.
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.↵