Secured Business Lines of Credit

Expand Your Financial Reserves

Lines of Credit for Small Businesses

Do you have a great idea and want to start your own business? Are you an entrepreneur who is ready to carve out your own niche in the market? Or is your company simply ready to take the next step?

Whether you’re starting your business or expanding it, investing in new inventory or office supplies, Wasatch Peaks Credit Union has a small business line of credit that’s right for you.

Trusted Local Partner

Join the many community business owners in Davis, Weber, and Morgan counties from a diverse array of industries who work closely with Wasatch Peaks Credit Union. Business owners like Jana Shaw, a Wasatch Peaks member since 1991 and owner of Shaw Dance in Clearfield, who was able to realize her dream of building her own dance studio with the help of Wasatch Peaks.

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Business Line of Credit: How It Works

Essentially, they work like credit cards, allowing borrowers access to working capital to start, grow, or improve their business as needed.

Instead of receiving the lump sum that comes with a term loan, repaying over a fixed amount of time, you have a credit limit, paying interest only on the amount you take out.

  • Reuse and repay as often as you want
  • Borrowing limits from $1,000 to $250,000
  • Potential to repay full balance early

Line of Credit Features

Wasatch Peaks Credit Union wants to help you fund your company's growth and help drive you to reach your business goals. Our experienced financial advisors are here to help your business reach its full potential. We are proud to be part of the local community and will work with you personally to find a loan that will fit your specific needs.

Fixed and variable rates

Flexible collateral options

Online loan access and payment options

SBA government-guaranteed loans

Small Business Administration Loans


"Wasatch Peaks has always been behind us, and has continued to do a wonderful job keeping me on track with my financial goals!"

- Hailey


Business Line of Credit FAQs

  • What is a secured business line of credit?

    With secured lines of credit, borrowers can access a revolving line of credit backing it with a valuable asset, such as inventory or real estate, which the lender can seize if payments are not made.

    This type of collateral often enables them to take advantage of higher credit limits. An unsecured line of credit typically accompanies a smaller credit limit. A lender may still ask for a personal guarantee or lien with an unsecured business line.

  • What’s the difference between business credit cards and lines of credit?

    With a business credit card, you don’t have quite as high a credit limit, there’s no collateral, and cash doesn’t actually show up in your bank account. To get a cash advance with a business credit card, you may experience fees and higher interest rates.

    You may want to consider a business card for your business if you often need to make smaller purchases for your organization on a regular basis. Likewise, they can be a good short term solution for newer businesses establishing cash flow.

    A line of credit is a better solution for longer term, bigger projects and more established businesses.

  • How does a business qualify for a line of credit?

    Lenders typically extend lines of credit to more mature businesses, at least six months of established history, and solid revenue (around $25,000 annually). Businesses usually have to provide traditional lenders with both business and personal tax returns, financial statements, and bank account information as part of the application process.

    Online lenders tend to have less rigid qualifications, but may offer lower credit limits.

  • Will my business line of credit affect my personal credit score?

    Business and personal credit are different. Business loans are associated with your company’s tax ID. Personal loans are associated with your own social security number.

    Lenders look at your personal credit when you apply for a business loan to assess your creditworthiness. This is especially true for newer businesses who don’t have a business credit report.

    As with your personal credit score, making prompt, adequate payments on your business loans can affect your business credit score positively, and failing to do so can negatively affect it.

    Business loans affect your personal credit if you personally secure them.


For more information contact our Business Services Department at 801-452-7880, email them at business@wasatchpeaks.com, or click below to get started.


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