How does applying for a Cambrian Business Line of Credit work?
When applying for a Business Line of Credit, it is important to work with a lender that understands your needs.
The first step of this process is a meeting with a Cambrian Business Advisor to complete your application. Our advisors are available to meet you however is most convenient for you – by phone or video or if you prefer, in-person at your place of business or at our office.
Following our initial meeting, you can expect to receive a phone call to review the discussion paper outlining the specific details of your line of credit including amount, rate and term. The discussion paper will also list the conditions and precedents that must be met before Cambrian can fund the line of credit, the reporting requirements and any other relevant information.
The discussion paper will provide you with all the information you need to decide if you want to proceed with our proposed financing.
Once Cambrian has received all the required documentation and reports from your business and third parties, our team will analyze, verify and validate the information before proceeding with the approval of the line of credit.
Once the line of credit is approved, Cambrian will send a Committment Letter for your review and signature, which will outline your approved credit and the terms and conditions of your line of credit.
Upon meeting the pre-funding conditions, you have access to your Business Line of Credit and can use it, as per the draw down conditions outlined in the Committment Letter.