The BCL is a credit line that's linked to your People's United Plus Business Checking Account.
- Minimum $500
- Maximum $25,000.
The interest rate is 15% of your outstanding balance, calculated on a daily basis.
There is an annual fee of $100. The fee will be debited to your account initially upon the opening of your account, and on the annual anniversary date thereafter.
No. The Business Credit Line is an unsecured credit product. But it's very important that you fully understand your company's repayment obligations. Your Business Credit Line Agreement explains these obligations in full detail.
All of your billing information will be conveniently included in your monthly Business Checking statement. You won't receive a separate invoice from us, but for your convenience, a minimum principal payment of 1/36 of the outstanding balance, plus interest will be automatically deducted from your Business Checking Account each month.
Your company must be in business for a minimum of one year and you must use the credit line for business purposes only.
To apply for a BCL up to $10,000.00, simply visit any People's United Bank branch and complete a BCL Application with your local branch manager.
If the loan request is for more than $10,000 ($25,000 limit) you must also provide:
- The latest Business Tax Returns or Business Financial Statements (2 Years Preferred)
- The most recent Personal Tax Return of all the principals owning 20% or more of the business
Equal Housing Lender
