Business Ready Reserve
With Business Ready Reserve, you don’t need to go out of your way when you’re short on funds, or worry about being overdrawn. Business Ready Reserve is a secured line of credit that’s great for short-term use. The total amount available to you is determined by your credit history with a minimum of $5,000 and maximum of $50,000. Your interest rate is variable and adjusts dependent on the New York Prime Rate.
Business Ready Reserve automatically advances from your credit line to your business checking account in increments of $1,000. There is no set maturity date and you never need to reapply provided that you maintain good account standing. A minimum payment of 5% of the outstanding principal balance is automatically deducted from your checking account each month. You can also pay down your Business Ready Reserve balance with no prepayment penalty.