4 Min Read | Published: December 12, 2023 | Updated: June 21, 2024
How to draw funds from your Amex® Business Line of Credit
In this article, you’ll learn the withdrawal process for taking a loan from an American Express® Business Line of Credit and its associated fees.
After logging into your account there are a couple ways to start the process of taking loan.
- From your American Express Business Blueprint™ dashboard, click the “Take a loan” button, right below your welcome message,
or
- From the Business Line of Credit home screen, click the “Select loan amount” button under your available line of credit.
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First, enter your desired loan amount by using the slider or the input field. You can select any amount up to the amount of your available line of credit. Minimum draw amounts apply based on each loan term length. Not all customers are available for all loan term lengths.
NOTE: If your new loan is greater than $10,000, you’ll be taken to a screen with a dropdown where you’ll be asked how you plan to use the funds. Please select the most fitting answer.
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What’s the difference between a “line of credit” and a “loan”?
Your American Express® Business Line of Credit is the total amount of funding available to your business upon approval. This is also the maximum amount you can borrow at any one time, and this amount can increase or decrease, or the line may be suspended or closed, depending on your credit profile, account status, account utilization, and business performance.
Each draw on the line of credit is a separate 6-, 12-, 18-, or 24- month installment loan, depending on your eligibility for different loan term lengths and the loan amount. Not all customers are eligible for all loan term lengths. As you pay off your outstanding loan balances, your available line will replenish subject to ongoing credit review of your account. You only pay fees on the loan amount, not for the full line of credit.
Next, select your loan term length from the options shown – that is, the number of months you will take to pay off your loan and applicable fees. Each draw on the line of credit is a separate 6-, 12-, 18-, or 24- month installment loan, depending on your eligibility for different loan term lengths. Not all customers are eligible for all loan term lengths.
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If you don’t have any other outstanding loans:
Selecting a loan term length from the options available to you will generate a drop down where you will see your repayment schedule breakdown.
NOTE: If you pay off the entire loan balance early, you are not required to pay fees for the months that haven’t posted.
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If you already have more than one outstanding loan:
You’ll see how taking out a new loan will impact your total repayment schedule. For each loan term option, you can toggle between "This Loan" to see the repayment schedule for the new loan you are considering, and "All Loans" to see the total due inclusive of your other loans. (You can also access your repayment schedule in the "Repayments" tab in your Business Line of Credit home screen.)
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Once you’ve chosen your loan amount and available loan term length and hit the continue button, you’ll advance to a screen allowing you to choose a deposit location. All your linked business bank accounts are automatically listed here, including your American Express® Business Checking account, if you have one.
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If you don't see the account where you want to deposit your loan funds, you have the option to link a new business bank account from this screen.
For detailed instructions on linking a new business bank account, follow our guide here.
We require customers to set their autopay account, from which we will automatically deduct the monthly payments due in accordance with the loan agreement. If you haven’t yet selected an autopay account, you will be taken to a screen requiring you to do so before proceeding to Step 5. Learn more about autopay accounts – and how they are used for automatic repayments – here.
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You’ll now arrive at a new screen where you can review your loan request details – the loan amount, total fees, term length, deposit account, autopay account, and the first repayment amount and due date. Have last-minute changes? Simply click “Go back” located just above the repayment details. If you’re satisfied with the terms, you can proceed by selecting “Continue to Loan Agreement.”
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How is my monthly loan fee calculated?
Your loan fees are based on the overall financial profile of you and your business, including history with American Express and other financial institutions, credit history, and other factors. The loan fees are subject to change for future loans.
Every month, you’ll pay back a portion of the loan principal plus the corresponding monthly fee. There are no hidden fees, and you'll only pay fees during the months you have an outstanding balance.
Finally, sign the loan agreement. Electronically enter your Borrower signature in the gray box, then fill in your full name under the personal guarantee.
After clicking “Agree and sign,” you’ll be taken to a confirmation page indicating that your loan funds are on the way. You should receive your loan funds within 1 to 3 business days.
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If you need further assistance, don’t hesitate to contact your Account Manager (where applicable) or contact us directly.
STILL NEED HELP?
Reach out to us for further guidance.
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TERMS AND CONDITIONS
American Express® Business Line of Credit, and American Express® Payment Accept are trademarks of American Express.
With American Express Business Blueprint™, customers can view their select business products that automatically appear on their dashboard at login. These products include American Express® Business Line of Credit, American Express® Business Checking, American Express® Payment Accept, and American Express® Business Credit Cards. Customers may also view the eligible external business bank and card accounts they choose to link to Business Blueprint.
Data insights provided through American Express Business Blueprint™ are based on customers' select business products, which include American Express® Business Line of Credit, American Express® Business Checking, American Express® Payment Accept, American Express® Business Credit Cards, and the eligible external business bank and card accounts that customers choose to link to Business Blueprint.
The data insights provided through American Express Business Blueprint™ do not constitute legal, tax, financial or accounting advice, and should not be considered a substitute for obtaining competent personalized advice from a licensed professional. You should seek professional advice before making any decision that could affect the financial health of your business.
The American Express Business Blueprint™ dashboard uses API connections to access, and then aggregate and analyze, data from the eligible external business bank and card accounts that customers choose to link. Customers can disable linked external accounts from Business Blueprint at any time. Some data may be delayed due to extenuating circumstances, such as the business account's connection to American Express Business Blueprint™ or issues with other API connections.
Terms, conditions, features, availability, pricing, fees, service and support options subject to change. American Express® Business Line of Credit loans are issued by American Express National Bank.
We are currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. To learn more about Business Checking, including eligibility, visit https://www.americanexpress.com/en-us/business/checking/.
American Express® Business Checking is offered by American Express National Bank. Member FDIC.
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Kabbage Payments, LLC is a registered Payment Source Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH.