Business Line of Credit at Old National Bank

Flexible capital designed to keep your business moving. The Business Line of Credit at Old National Bank provides fast access to working capital with competitive rates, simple qualification criteria for established businesses, and the freedom to draw funds only when you need them. Whether you’re managing seasonal swings, stocking inventory, covering payroll gaps, or pursuing timely growth opportunities, this revolving credit solution gives you the control and liquidity to operate confidently.

Key Features

• Revolving access: Borrow, repay, and borrow again up to your approved limit without reapplying for every need.
• Competitive variable rates: Interest charged only on the outstanding balance, not the total line amount.
• Flexible terms: Short-term and longer-term options available to match your cash flow cycle.
• Customized limits: Credit limits tailored to your business size, revenue, and financial profile.
• Streamlined application: Efficient underwriting process for timely decisions so you can access capital when it matters.
• Secure or unsecured options: Choose collateralized terms for higher limits or unsecured lines for convenience subject to qualification.

Benefits for Your Business

A business line of credit is one of the most versatile financing tools a company can have. It provides:

• Cash flow stability: Smooth out irregular income and manage gaps between invoicing and receivables.
• Inventory management: Take advantage of bulk discounts or seasonal buying opportunities without straining cash reserves.
• Payroll and operating certainty: Cover payroll, rent, and supplier payments during slower periods.
• Opportunity readiness: Move quickly on supplier deals, one-time projects, or strategic investments.
• Cost-efficient borrowing: Pay interest only on funds used, reducing the cost compared with term loan structures for intermittent needs.

Who Should Consider It?

The Business Line of Credit at Old National Bank is well suited for:

• Small to mid-sized enterprises with predictable revenue or seasonal cycles.
• Companies that require short-term working capital rather than large, long-term financing.
• Businesses that value flexibility and want to avoid repeated loan fees for recurring cash needs.
• Established firms seeking a financial backstop for unexpected expenses or growth opportunities.

How It Works

After approval, you receive an approved credit limit. You can draw funds as needed up to that limit through transfers, checks, or online withdrawals. Interest accrues only on the amount you use. As you repay principal, your available credit is restored. Periodic reviews may adjust your limit or terms based on business performance.

Common Uses

• Purchasing inventory ahead of seasonal demand.
• Bridging receivables until customer payments arrive.
• Financing short-term projects or one-off contracts.
• Covering unexpected expenses like equipment repairs.
• Funding marketing campaigns or product launches that require upfront investment.

Application and Qualification

Old National Bank focuses on a straightforward, business-focused underwriting approach. Typical requirements include:

• Demonstrated business revenue and cash flow history.
• Credit history for the business and principal owners.
• Financial statements or tax returns to verify income and expenses.
• Business plan or explanation of intended use for the line.

Collateral may be requested for higher limits or to receive more favorable pricing. The bank’s relationship managers work with applicants to match the right structure and term to the company’s goals.

Repayment Structure

Repayment typically includes interest-only payments during a draw period, followed by principal plus interest or a renewal cycle based on the agreement. Minimum monthly payments and seasonal repayment schedules can be structured to align with your cash flow. Clear, transparent disclosures outline fees, margin over index rates, and renewal conditions so you can plan with certainty.

Why Choose Old National Bank?

Old National Bank combines local decision-making with experienced commercial lending teams to deliver financing that understands the realities of running a business. Benefits include:

• Personalized service from relationship managers who know your market.
• Flexible solutions that evolve with your business.
• Competitive pricing and transparent terms.
• Access to broader banking products and advisory services as your needs grow.

Tips for Maximizing a Line of Credit

• Use the line for short-term needs and repay promptly to minimize interest expense.
• Maintain accurate financial records to support renewal and possible limit increases.
• Match draw timing to cash flow cycles—avoid prolonged usage for long-term investments.
• Communicate proactively with your banker if circumstances change or if you anticipate higher funding needs.

Frequently Asked Questions

How quickly can I access funds? Approval times vary by application complexity, but streamlined processes are in place to provide timely access when documentation is in order.

Is the rate fixed? Most lines are variable, tied to an index plus a margin; fixed-rate options may be available for certain structures.

Can I increase my limit later? Yes—limits can be adjusted during periodic reviews or upon request as your business performance improves.

Final Thought

A Business Line of Credit from Old National Bank offers the agility businesses need to seize opportunities, manage seasonality, and navigate uncertainty with confidence. It’s a practical, cost-effective tool to keep operations smooth without tying up capital in idle cash. Discuss your business goals with a lending specialist to determine the right structure, limit, and repayment plan tailored to your company’s needs.

Address Bank: Chicago, Illinois Evansville, Indiana, U.S.
Bank: Old National Bank
Headquarters: Evansville, Indiana
Products: Loans & Credit
Type: Business Line of Credit