GoKapital, an alternative business lender based in Miami, announced the launch of a new loan product available to business owners in all 50 states. Its revolving business line of credit program offers $20,000 to $250,000 to established businesses.
Chris Moreno, GoKapital’s CEO, noted the advantages of obtaining a revolving line of credit: “GoKapital offers a variety of commercial lending programs to fit the needs of all businesses. And with our new line of credit program, we’ve streamlined the application process to approve you within 24 hours, while still offering rates that compete with your bank – all without the red tape. Since it is a revolving line, you are able to draw on available funds as needed, and only pay for what is used. Furthermore, as your business grows, so does the amount available on your credit line. This is a great option for businesses that need access to on-demand funds for the purchase of inventory, equipment, supplies or any other expense.”
The requirements for pre-qualification are simple. For companies in business for one year with a 630 credit score or above and $250,000 in gross annual revenue, line of credit offerings include loan amounts from $20,000 to $250,000, terms up 12 months, simple interest rates averaging from 6% to 18% and early payment discounts.
Founded in 2013, GoKapital is a financial technology company that offers a wide variety of business loan products nationwide, including equipment financing, commercial mortgages, revenue-based loans, hard money real estate loans, SBA loans, and now, lines of credit.
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