Line Of Credit
A pre-approved amount of credit granted to a business or professional, upon which they may draw, as and if needed.

Features:
Lines of credit are for short-term business use. Usually available for terms up to one years. If payment in full cannot be made in one year, it may be converted to a term loan with a definite payment plan and monthly or quarterly payments. Lines of credit are intended for businesses that currently bank, or will begin banking at NVE. Rates and fees are negotiable. Interest may be fixed rate or adjustable. Collateral maybe required securing the line of credit, in whole or part. Advances on the line are by check against the borrower’s NVE Business Checking Account. Personal guarantees of borrower or company principals are required.

Rates:
Rates and fees are negotiable, call extensions 2832 or 249 for further information. Interest rate is variable and floats with the Prime Rate. Borrowers are responsible for appraisal costs, collateral evaluation and bank’s attorney review fee.