On February 1, Town and Country Bank / Peoples Prosperity Bank merged with Heartland Bank and Trust Company and operate as branches of Heartland Bank. Heartland Bank is a wholly owned subsidiary of HBT Financial, Inc., headquartered in Bloomington, Illinois. The merging of Town and Country Bank / Peoples Prosperity Bank data into Heartland Bank systems begins at close of business on Friday, April 21. To ensure a seamless transition, your online banking, bill pay, and mobile banking services may be unavailable from April 22 until the morning of Monday, April 24.

For the most up-to-date merger information, please visit https://www.hbtbank.com/welcome. Heartland Bank is committed to ensuring a smooth transition with a minimal impact on customers. Please look for additional information in the next few months.

Business Lines of Credit

A business line of credit is a revolving credit account. You can open it without using it right away, enjoying the peace of mind that comes with knowing your company can handle short-term cash flow issues. Apply just once and tap into your funds whenever necessary. You’ll only pay interest on the amount you borrow. A commercial line of credit is the perfect solution for businesses of all sizes. When your spending needs temporarily exceed your liquid capital, your credit line has you covered.

At Heartland Bank and Trust Company, terms and conditions on business lines of credit are custom-made to meet the needs of the borrower. Open-ended, closed-ended, 12-month maturities are typical. Business lines of credit can be used for working capital and revolve but may require a borrowing base of collateral. LOCs used for equipment acquisition do not revolve. Additional documentation for advances may be required.

What are commercial lines of credit used for?

As with other types of revolving credit accounts, such as business credit cards, there are few restrictions on what you can use your business line of credit for, though they are intended for business-related expenses. Our business banking customers typically use their commercial credit lines for short-term expenses such as payroll or accounts billable, unexpected costs that may arise after a fire or natural disaster, and seasonal cash flow shortages.

Business Line of Credit vs. Business Credit Card

Although credit lines and credit cards both offer the flexibility to pay for short-term and unanticipated business expenses, a line of credit is overall easier and more convenient to use. For example, your business line of credit can be linked to your business checking account, so you can instantly transfer funds between your accounts, either to access capital when you need it or to make a payment on your credit line.

How do business lines of credit work?

Our business lines of credit are secured, which means some of your business assets are used to back up what you borrow (this is similar to a home equity line of credit, which is secured by the equity in your home). The advantage of a secured business line of credit is the potential to receive a lower interest rate.

Once you use your credit line, interest is calculated daily. You can make interest-only payments if you wish. Any remaining balance is due at the end of the maturity period. It is also possible, at the bank’s discretion, to convert the balance into a term loan.

Business Credit Line Benefits and Details

  • Competitive rates for a wide range of long-term or seasonal business needs:
    • Seasonal fluctuations
    • Accounts receivables financing
    • Inventory purchases
    • Capitalize on trade discounts
    • Working capital needs
    • Equipment or machinery upgrade or purchases
  • Provides your business with financial flexibility
  • Repayment terms customized to fit around the unique needs of your business
  • Funds available as you need them
  • Revolving credit – as the loan principal payments are made, funds become available for use up to your credit limit
  • Only pay interest on the outstanding principal balance
  • Local decision-making and processing
  • Attentive, friendly service from application to closing

We specialize in helping businesses succeed!

Heartland Bank and Trust Company serve and empower local communities in Central Illinois and Metro East, one person or business at a time. From our Solution 300 checking account to our Perks Program for businesses, Town and Country Financial Corporation offers a full range of modern business banking services, all tailored to meet the individual needs of your company. Visit one of our branches in Springfield, Jacksonville, Lincoln, Decatur, Bloomington, Quincy, Edwardsville, and Fairview Heights. To learn more about business lines of credit and how they can help your company, request a consultation with our business lending team.