4 Min Read | Published: December 12, 2023 | Updated: November 5, 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 “Fund my account” button under your available line of credit.
For illustrative purposes only
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.
For illustrative purposes only
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, depending on account status, account utilization, and business performance.
A loan is the specific amount of funds you draw from that line of credit at any given time. Every time you draw from your line of credit, a separate loan is issued to your business. For example, you may be approved for a $75,000 line of credit but choose to draw several loans of $10,000 each as your business needs funds (subject to minimum draw requirements). Each $10,000 loan will have a separate loan agreement. 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 loan, depending on your eligibility for different loan term lengths. Not all customers are eligible for all loan term lengths.
For illustrative purposes only
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 installment loan balance early, you are not required to pay fees for the months that haven’t posted.
For illustrative purposes only
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.)
For illustrative purposes only
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.
For illustrative purposes only
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.
For illustrative purposes only
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.”
For illustrative purposes only
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.
For illustrative purposes only
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.
Deposit accounts offered by American Express National Bank. Member FDIC.
TERMS AND CONDITIONS
American Express and Amex are registered trademarks of American Express.
American Express Business Blueprint™ is the small business digital experience that allows a customer to view on one digital dashboard summary account information for the following American Express small business products: American Express® Business Cards, American Express® Business Line of Credit, and American Express® Business Checking. The customer can also choose to link their third-party issued business bank accounts and business credit cards to Business Blueprint. Not all third party accounts or cards can be connected to Business Blueprint. Business Blueprint allows the customer to view data insights and track their business cash flow and expenses by viewing reports that American Express prepares using the customer’s linked account information. Business Blueprint provides a 30-day bank account balance projection, using the daily balances from the customer’s linked bank accounts from the last 90 days. To be used in the account balance projection, the customer’s bank account must have at least 90 days of data available. While the cash flow management service from Business Blueprint is currently free, each of the business products from American Express that are visible in Business Blueprint has its own fees, eligibility criteria, application process and approval requirements. The Business Blueprint service (including any data insights provided to the customer) does not constitute legal, tax, financial or accounting advice, and is not 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. American Express makes no representations as to the accuracy, completeness or timeliness of the reports, projections, data or account information that are available to the customer from Business Blueprint.
American Express® Business Line of Credit
American Express® Business Line of Credit offers access to a commercial line of credit ranging from $2,000 to $250,000; however, you may be eligible for a larger line of credit based on our evaluation of your business. Each draw on the line of credit will result in either a separate installment loan or a single repayment loan. All loans are subject to credit approval and are secured by business assets. Every loan requires a personal guarantee. For single repayment loans, we charge a total loan fee that ranges from 0.95%-1.80% of the amount you borrow for 1-month loans, 1.90%-3.75% for 2-month loans, and 2.85%-6.05% for 3-month loans. Single repayment loans incur a loan fee at origination and the principal and total loan fee are due and payable at loan maturity. There are no required monthly repayments for a single repayment loan. Repaying a single repayment loan early will not reduce the loan fee we charge you. For installment loans, we charge a total loan fee that ranges from 3-9% of the amount you borrow for 6-month loans, 6-18% for 12-month loans, 9-27% for 18-month loans, and 12-18% for 24-month loans. Installment loans incur a portion of the total loan fee for each month you have an outstanding balance. If you repay the total of the principal of an installment loan early, you will not be required to pay loan fees that have not posted for subsequent months. For each loan that you take, you will see the applicable loan fee before you take the loan. Once you take the loan, the loan fees that apply to that loan do not change. We reserve the right to change the loan fees that we offer you for new loans at any time. American Express reserves the right to offer promotions to reduce or waive loan fees from time to time. Not all customers will be eligible for the lowest loan fee. Not all loan term lengths are available to all customers. Eligibility is based on creditworthiness and other factors. Not all industries are eligible for American Express® Business Line of Credit. Pricing and line of credit decisions 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. Lines of credit are subject to periodic review and may change or be suspended, accompanied with or without an account closure. Late fees may be assessed. Loans are issued by American Express National Bank.
Single repayment loans may become available to eligible existing and new Business Line of Credit customers at different times.
American Express® Business Checking Account
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/.
Membership Rewards® Program
Terms and Conditions for the Membership Rewards® program apply. Visit membershiprewards.com/terms for more information. Participating partners and available rewards are subject to change without notice.
The value of Membership Rewards® points varies according to how you choose to use them. To learn more, go to www.membershiprewards.com/pointsinfo
Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH.