Funding when your business needs it
Meridian’s Revolving Line of Credit is especially designed to support your business’ daily banking activities, assist with short-term financing and protect against unexpected expenses. Once your Line of Credit amount is approved and secured within your Business Chequing account, funds can be immediately accessed for whatever amount you require within the approved limit.
Key Benefits and Features
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- Deposits made to your Business Chequing account are credited directly to the outstanding balance on your Revolving Line of Credit, reducing the amount of interest you pay monthly
- Only pay interest on the actual dollar amount that’s borrowed, as opposed to a fixed amount
- Spend less time monitoring your daily cash flow
- Access your Line of Credit by writing a cheque against your Business Chequing account or through online or telephone banking
- Credit limits are based on your business’ borrowing needs
Details
Type
- Variable rate Line of Credit, connected directly to your Business Chequing account
- Calculated on the closing daily balance and charged at the end of the month
- Monthly statements provide a consolidated view of your account activity for easy records management
