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Business Line of Credit
Flexible access to capital for short-term business needs.
Who this loan is for
This product is designed for established small businesses that need ongoing access to funds for short-term or recurring expenses.
To qualify, businesses must:
- Operate in any Ascendus service territory
- Have been operating for at least 1 year
What this line of credit offers
- Credit limit: Up to $50,000
- Interest rate: 9.99%–15.99%
- Revolving access to funds as you repay
- Use funds as needed within your approved limit
How this line of credit can help
This product is intended for short-term, non-capital liquidity needs with a typical use window of 0–90 days, including:
- Recurring operating expenses
- Seasonal cash flow needs
- Advance funding needs
- Unexpected business emergencies
For capital assets or renovations, a term loan is the better fit.
Before you apply
If you found Ascendus through an online search, we ask that you first connect with a local business resource partner before applying.
Partners like an SBDC, bank, or community organization can help you prepare a stronger application and improve your chances of success.
Clients who take this step are typically better prepared for the loan process.
Once you’ve worked with a partner, you can move forward with your application.
Just include their name when asked “How did you hear about us?”
Need help finding one? Find your local SBDC
What to expect
To be eligible, applicants must meet the following requirements:
- Credit score: Above 575
- Debt history:
- No more than $3,000 in unpaid or past-due debt
- Bankruptcy must be discharged for more than 1 year for loans up to $25,000, or more than 2 years for loans up to $50,000.
- No repossession or foreclosure completed within the last 2 years
Fees to know upfront
We believe in transparency. Here are the costs associated with this loan:
- $200 application fee
- 5% closing fee
- $80 UCC filing fee
No cost to apply online. These fees are included in the loan and only apply if the loan is approved and disbursed. There are no out-of-pocket expenses during the application process.
Since my first loan with Ascendus, I have increased my staff, the number of children I can serve, and raised my credit score by 90 points.
Ascendus has really gotten me into a good habit of keeping up with my finances, making sure I’m noting what’s going out the door and what’s coming in. It’s been a really great learning experience that’s given me confidence and consistency.
You guys are amazing. Very reliable. I can rely on you all. Like if I need help I could definitely depend on you guys.
