Lines of credit and commercial loans can provide the necessary sources of financing your business needs. Whether you are in need of additional cash or want to expand your business, WashingtonFirst Bank has a variety of loan products that can be tailored to fit your business’ needs. Plus, with local decision makers you benefit from quick turnarounds on loan and credit requests.
- Flexible payment schedules
- Wide range of terms to meet your needs
- The cost of a fixed asset is spread over its useful life, with a more manageable monthly payment
Lines of Credit
When you find your business is in need of cash, a Line of Credit may be the perfect answer. With a WashingtonFirst Bank Business Line of Credit, you have access to short-term working capital or ongoing financing. Having access to a business line of credit is ideal if your business is seasonal or cyclical, has fluctuations in cash flow, or if you are looking to make high volume purchases. Your line of credit also gives you the capability to finance receivables, better manage your cash flow, and perhaps even improve your company’s credit standing with vendors or suppliers.
Start-up and business expansion costs can be intimidating—especially when there is need to invest in new (and potentially expensive) equipment. WashingtonFirst Bank’s Equipment Loans offer business owners the means to acquire the equipment needed without using vital capital or credit lines.
Letters of Credit
A letter of credit helps to make certain payments are received. The use of Letters of Credit has become a very important aspect of trade. WashingtonFirst Bank acts on behalf of your business (the buyer of the letter of credit) by ensuring that the supplier is not paid until the bank receives a confirmation that the goods or services have been delivered. Additionally, WashingtonFirst Bank will also issue Letters of Credit for customers wishing to secure their office leases in lieu of a security deposit.
Small Business Loans
When you have big plans for your small business, WashingtonFirst Bank can help you succeed. Whether you are looking to purchase equipment, upgrade your facilities or want to expand your business, our banking experts can help you qualify for the program that’s right for you.
Business Overdraft Protection Line of Credit
WashingtonFirst Bank knows that a revolving line of credit is an important business tool. That’s why we designed our business overdraft line of credit with you in mind. It is a revolving line of credit with credit lines up to $25,000, providing your company with a continual resource of working capital that can be accessed any time through automatic transfers from your line to your business checking account as needed.
Whether you are looking to purchase commercial real estate or need to renovate, refinance, or redevelop current commercial property, WashingtonFirst Bank has the right loan to meet your needs.
Commercial Construction Loans
WashingtonFirst offers flexible financing to both commercial property developers and single family homebuilders for new construction projects. It may be offered for a set term (typically around a year) to allow you time to complete the project. At the end of the construction process, you will need a new loan to pay off the construction loan. Our residential and commercial mortgage departments can make this a seamless and painless process for you.
District of Columbia
* All loan products are subject to credit approval.