The Line of Credit is a discretionary revolving line designed to meet seasonal and short-term financing needs of businesses in the USVI and BVI.

• May be used as overdraft protection for the business Commercial Checking Account
• The minimum is $25,000.00
• The interest rate on the Line of Credit is variable, and is tied to the JP Morgan Chase Bank Prime Rate
• It may be secured by cash or equivalents, real estate, inventory, accounts receivable or other assets of the business
• Minimizes paperwork and costs to the borrower: interest is only charged on the portion of the credit line that is actually used, and can be an important tool for a business to better manage its cash flow.

Eligibility:

• Available to licensed businesses
• Must be located in the USVI or BVI
• Subject to credit approval

Fees:

• Legal and filing fees, which vary depending on the collateral offered and size of credit.
• Commitment fee payable upon approval

Application Procedure:

Applications may be obtained at:

• STT: Waterfront Financial Center, Charlotte Amalie Business Center
• STJ: Cruz Bay Branch
• STX: Orange Grove Financial Center
• BVI: Roadtown Financial Center and Virgin Gorda Branch

Also required are:

• Signed copies of the business last three annual tax returns and financial statements
• A personal financial statement dated within 90 days from each owner
• Current business plan (for new businesses)
• Listing of collateral to be pledged as security for the loan

Related Products:

• Real Estate Financing
• Long Term Financing
• Letters of Credit
• Commercial Statement Savings Account
• Commercial Maximizer Savings Account
• Commercial Certificate of Deposit
• Commercial Insurance
• Merchant Services
• eFirstBank
• FACIL Services (Electronic Cash Management)

To receive information and advice about our loans and other banking products that can help you address your financial needs, visit any of our FirstBank branches or click here for a directory of our Commercial Banking contacts.