Business Lines of Credit Questions

Things to consider when preparing to apply for an unsecured business line of credit:

• Typically, guarantors have a FICO^® Score of at least 680 at time of application.
• A Wells Fargo BusinessLine^® line of credit account requires personal guarantees from any owner with 25% or more ownership in the applicant business, with a minimum combined aggregate of 51% ownership.
• A Wells Fargo Small Business Advantage^® line of credit account requires personal guarantees from any owner with 20% or more ownership in the applicant business, with a minimum combined aggregate of 51% ownership.
• Additional information related to applying for credit can be found at our Small Business Resource Center:
  
  
  • Developing a good credit application
  • Five steps to consider before applying for credit

All business applicants are unique and some exceptions may apply. All applications are subject to final credit approval.

How do I access or view my FICO Score with Wells Fargo?

Credit Close-Up^SM is a centralized hub on wellsfargo.com where customers can easily view and manage their FICO^® Score. Customers access Credit Close-Up within Wells Fargo Online^®, through the Wells Fargo Mobile^® app, or mobile browser. To enroll in Credit Close-Up, new and returning FICO^® Score users will need to agree to updated Terms and Conditions.

My FICO Score is lower than 680. How does this impact my BusinessLine or Small Business Advantage line of credit application?

Your personal and business credit histories are some of the factors considered by lenders when reviewing credit applications. Typically, the lender decides based on the five Cs of credit: character, capacity, capital, collateral, and conditions.

What other factors are considered by lenders when reviewing a credit application?

When you apply for business credit, the lender will carefully examine your application to determine your creditworthiness. The lender will make a decision based on the five Cs of credit: character, capacity, capital, collateral, and conditions.

• Character: How you have handled past credit obligations. Both business and personal credit histories and experience are relevant.
• Collateral (when applying for secured credit options): Personal and business assets, such as investments, real estate, equipment, and cash.
• Capital: Business assets that can easily be turned into cash that may offer additional reassurance that your business can survive unexpected setbacks.
• Conditions: Internal and external factors affecting the ability of a business to repay a loan, and the intended use of the loan.
• Capacity: How you and your business will generate enough cash to repay the loan, along with any other personal or business commitments.

What is a personal guarantee of a small business loan?

A personal guarantee is a condition a lender puts in a business loan agreement that requires business owners to be personally responsible for paying back the loan if the business fails to repay.

• A Wells Fargo BusinessLine^® line of credit account requires personal guarantees from any owner with 25% or more ownership in the applicant business, with a minimum combined aggregate of 51% ownership.
• A Wells Fargo Small Business Advantage^® line of credit account requires personal guarantees from any owner with 20% or more ownership in the applicant business, with a minimum combined aggregate of 51% ownership.

How will my business partner’s credit worthiness impact the lender decision?

If your business partner is required to be a personal guarantor of the loan, then the business partner's credit worthiness will be considered by lenders when reviewing the application. A good credit rating increases the company's overall borrowing power. A poor credit rating can hinder the business' ability to get approved for credit.

Apply Today

• Apply online or in person for our unsecured business lines of credit
• To learn more and to apply for the Wells Fargo Prime Line of Credit call 1-866-902-9181

What you’ll need to apply online

• Legal business name, address, and phone number
• Date business was first established (this is the date the business originally opened, even if it was under different ownership)
• Business tax identification or Social Security number
• Ownership type
• Number of owners
• Gross annual revenue

At least one business owner/guarantor who indicates they have authority and control must apply and provide:

• Name, address, and phone number
• Social Security number
• Date of birth
• Citizenship

Plus, for all businesses (excluding non-profits), each guarantor listed on the application must provide:

• Percentage of ownership
• Annual household income

• Two years personal tax returns
• Personal Financial Statement (form provided) 
• Two years business tax returns
• Two years company-prepared, year-end financial statement

• If you applied for an unsecured business line of credit (includes Wells Fargo BusinessLine^® line of credit and Wells Fargo Small Business Advantage^® line of credit), you will receive written notification from Wells Fargo. If approved, it will state the approved amount.
• If you applied for a Wells Fargo Prime Line of Credit, it will take up to two weeks for processing after you have submitted the required documentation. Your underwriter will provide you with guidance on additional requirements for your business.

For the Wells Fargo BusinessLine^® and Wells Fargo Small Business Advantage^® lines of credit

Collateral is not required.

For the Wells Fargo Prime Line of Credit

Secured by business assets (non-real estate); accounts receivable, inventory, or equipment.

Wells Fargo BusinessLine^® line of credit fees

• Annual fee. The annual fee is waived for the first year only. An annual fee of $95 (if line amount is $10,000 - $25,000) or $175 (if line amount is more than $25,000) will be assessed on your anniversary month in subsequent years.
• Cash advance. No fee for access checks, online transfers, Bill Pay or telephone transfers. 3% ($10 minimum) fee for ATM and over the counter transactions from a bank or financial institution. 4% ($10 minimum) fee for wire transfer advances and for Casino Cash/Quasi Cash transactions when using the BusinessLine^® Mastercard^®.

Wells Fargo Prime Line of Credit fees

• Origination Fee: Competitive 0.50% origination fee of line amount, due at account opening and annual renewal.
• Cash advance. No fee with unlimited access, up to line limit, during one-year draw period.

• Wells Fargo BusinessLine^® line of credit
  

  Interest rates range from Prime + 1.75% to Prime + 9.75% and credit limits from $10,000 - $150,000; depending on credit evaluation.

• Wells Fargo Small Business Advantage^® line of credit
  

  Interest rates range from Prime + 4.50% to Prime + 6.50%; interest charged when you use the account. Credit limits from $5,000 - $50,000; depending on credit evaluation.

• Wells Fargo Prime Line of Credit interest rate and credit limit
  

  Competitive Prime-based rates, subject to a floor rate of 5%, with credit limits from $100,000 to $1 million; depending on credit evaluation.

Current Payment Due

Wells Fargo BusinessLine^® and Wells Fargo Small Business Advantage^® lines of credit have a current payment due that is equal to the sum of finance charges, bank fees, other charges plus up to 1% of your new balance; rounded to the next highest dollar, with up to $50 minimum.

Wells Fargo Prime Line of Credit will have a monthly interest-only payment due that is calculated on the outstanding balance of the funds that have been drawn on.

Prime refers to the rate that Wells Fargo announces from time to time as its Prime Rate. The Wells Fargo Prime Rate is subject to change at any time. The overall rate assigned is variable and is expressed as Prime plus a spread. Rates are subject to change after booking.

For a BusinessLine^® line of credit

• Request a line increase online or in person with your business banker
• Call 1-800-225-5935

For a Small Business Advantage^® line of credit

• Request a line increase online or in person with your business banker
• Call 1-800-225-5935

You can access funds from your Wells Fargo BusinessLine^® and Wells Fargo Small Business Advantage^® line of credit using several convenient methods:

• Use personalized checks
• Make purchases using your Mastercard access cards
• Transfer funds online or by telephone
• Pay expenses online using Wells Fargo Business Bill Pay (a Wells Fargo business checking account is required). Please see the Customer Agreement for more information.
• Enroll in Overdraft Protection and link your business line of credit account to your Wells Fargo business checking account.

You can access funds from your Wells Fargo Prime Line of Credit using several convenient methods:

• Wells Fargo business checking or savings accounts customers can transfer to accounts online, with the help of their banker, or by calling Small Business Customer Service at 1-800-225-5935.
• Customers without a Wells Fargo business checking account need to contact the Small Business Customer Service and provide a written request. The funds will then be transmitted via Automated Clearing House (ACH) into the designated non-Wells Fargo account.

Wells Fargo BusinessLine^® line of credit

No fee for access checks, online transfers, Bill Pay or telephone transfers. 3% ($10minimum) fee for ATM and over the counter transactions from a bank or financial institution. 4% ($10minimum) fee for wire transfer advances and for Casino Cash/Quasi Cash transactions when using the BusinessLine Mastercard. 

Wells Fargo Small Business Advantage^® line of credit

No fee for ATM, over the counter transactions from a bank or financial institution, access checks, online transfers, Bill Pay or telephone transfers. 4% ($10 minimum) fee for wire transfer transactions and for Casino Cash/Quasi Cash transactions when using the Small Business Advantage Mastercard.

Wells Fargo Prime Line of Credit

No fee with unlimited access, up to line limit, during one-year draw period.

If you are an existing business line of credit customer and want to request additional cards, contact Small Business Customer Service at 1-800-225-5935.

• Wells Fargo BusinessLine^® and Wells Fargo Small Business Advantage^® lines of credit payments should be sent to:

  • Wells Fargo Bank Payment Remittance Center
    PO BOX 54349
    Los Angeles, CA 90054-0349

• Wells Fargo Prime Line of Credit payments should be sent to:

  • Wells Fargo Bank
    Business Loan Operations Center
    401 Linden Street, 3rd Floor
    Winston-Salem, NC 27101

There are additional ways to make payments:

• Call Small Business Customer Service at 1-800-225-5935
• Transfer funds online from an eligible Wells Fargo account through Wells Fargo Business Online^®
• Use Wells Fargo Business Bill Pay
• With our free Automatic Payment service

With our Automatic Payment service, have your monthly payment made automatically from any business checking account.

• For the Wells Fargo BusinessLine® and Wells Fargo Small Business Advantage® line of credit, call  1-800-225-5953 to sign up. You can choose from three monthly payment options:
  1. Make the minimum payment
  2. Pay a set amount of your choice
  3. Pay your balance in full

• For the Wells Fargo Prime Line of Credit payment Automatic Payment service, please speak with your Relationship Manager.

You can link your Wells Fargo BusinessLine^® or Wells Fargo Small Business Advantage^® line of credit account to your Wells Fargo Business Checking account to cover unexpected overdrafts. Available funds from your unsecured line of credit are automatically transferred to cover overdrafts in the linked checking account. With this service you’ll benefit from:

• No cash advance fees
• Your current low rate on the amount accessed from the unsecured line of credit

Note: For Wells Fargo Prime Line of Credit work with your Relationship Manager to establish your Overdraft Protection preference.

How it works

1. It is free to enroll – pay for Overdraft Protection only when you use it
2. Link your account to your business checking account when you apply or through Wells Fargo Business Online^®
3. If you overdraw your business checking account, available funds from your credit account are automatically transferred to cover the overdraft

Fees

• No fee for an Overdraft Protection advance
• Interest charges apply to Overdraft Protection advances from the date of the advance

How to enroll

• Online. Sign on to Wells Fargo Business Online and add Overdraft Protection as an optional feature
• Phone: You can add Overdraft Protection by calling 1-800-225-5935.

If you have a transaction on your account that you or your employees did not authorize, please contact Small Business Customer Service at 1-800-225-5935 immediately.

Through the free WellsProtect^® program, you are not responsible for unauthorized transactions that are reported within 60 days from the first statement showing the unauthorized transaction. If your card (or card number) is ever lost or stolen, your account is safe. Just report your missing card right away or tell us as soon as you notice any unauthorized activity by calling Small Business Customer Service at 1-800-225-5935.

If you have a missing access card, report it immediately to Small Business Customer Service at 1-800-225-5935. We will cancel your card and send you a new one.

Mastercard Identity Check is a service offered by Mastercard^® and Wells Fargo to help protect cardholders against unauthorized online purchases. Each transaction is evaluated by the service and in some cases, you will be asked to enter a one-time passcode to complete the transaction.

• To add employee cards at no additional cost, sign on to Wells Fargo Business Online^® or visit our mobile app then select Add Cardholders
• With employee cards, you can track your employee’s expenses and stay in control with customized alerts, while earning rewards on their business purchases
• To remove employee cards, please call the number on the back of your card

The one-time passcode will be sent via text to the mobile phone number that is on file with Wells Fargo to service your account. (Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply.) If you have more than one mobile number on file, you will be prompted to select the desired number. We send our one-time passcodes from 93557 or 93733. We recommend that you add the numbers to your phone’s address book so you’ll be able to easily identify our text messages.