Applied Bank is offering a new Micro Loan Visa card aimed at small businesses, even those struggling with a poor credit history.
Applied Bank, based in Wilmington, Delaware, is one of the leading issuers of both secured and unsecured credit cards and they specialize in those individuals and businesses that have little or no credit history.
The bank prides itself on making their catchphrase, “Making the most of your money” a reality for their customers while providing the best solutions for their customers’ problems. For many small businesses seeking a micro loan, the new “Small Business Micro Loan Visa Card” is a perfect solution.
The Applied Bank Small Business Micro Loan Visa Card offers a maximum line of credit of $750, making it perfect for business users who need short term financing of a minimal amount. It is not feasible to borrow a small amount by way of a bank loan so the business might end up borrowing more than required.
However, the Small Business Micro Loan Visa card can be used as an alternative funding method. The card does carry a onetime activation fee of $125 and monthly maintenance charges of $9.95 each month.
These fees are added to the account when it is opened, so the credit line is immediately reduced. For this reason the card is mainly attractive to only business clients with poor credit.
The most attractive features of the recently launched micro loans card is being offered to sole proprietors and entrepreneurs — no business is considered too small. It can be used as a regular credit card anywhere that Visa is accepted.
Having a business credit card allows business expenses to be kept separate from personal ones, and the name of the business will appear on the card. On the downside, some of the less attractive features are the average daily balance method of calculating the account balance and the origination and maintenance fees.
The Small business Micro Loan Visa card is suitable for resupplying a business, pay employees, or cover day to day business expenses in a small business or start-up company. It functions as a credit card so there are no pre-paid balances or security deposits required in advance.
The card can provide a financial cushion while waiting for clients to make payments which is a major hurdle for many new small businesses starting to establish themselves.