Ivybank Finance, a small-business funding service in Quincy, Illinois, takes calls and online form requests. This page gives the phone number and form and answers questions on loan requirements, underwriting for credit lines, term loans against revolving credit, and equipment loans against hire purchase.
Reaching Ivybank by phone, by form or at its Quincy, IL listing
- Phone: (217) 319-6382.
- Online: the request form.
- Listed address: 320 N 9th St, Quincy, IL 62301.
Ivybank Finance does not publish an email address; use the phone or the form so your request reaches us with the details we need.
Small business loan requirements in Quincy, IL
Requirements are set by each partner, but expect the same starting list: time in business, business bank statements, tax returns for larger requests, a list of existing debts, and identification for the owners. Equipment and inventory requests add a quote or purchase order.
The request form asks only for your contact details and three ranges. The records come later, once a partner says which it needs.
Business line of credit underwriting guidelines for Adams County, IL businesses
Underwriting is the partner's review of a credit line request. It looks at the cash flow that would pay down draws, the business's existing debt, the owner's and the business's credit, and any collateral. A line secured by receivables also involves a look at who owes you money and how promptly they pay.
Guidelines differ from partner to partner, which is why one request can produce different answers.
Term loan vs revolving credit facility: what Quincy, IL owners should know
A term loan pays out once and is paid back on a schedule. A revolving credit facility, the formal name for a line of credit, lets you draw, pay down and draw again up to a limit during its life.
Use the term loan for a one-time purchase and the revolving facility for costs that come and go. The Quincy, IL data page shows the county's employer mix, from contractors to clinics.
Equipment loan vs hire purchase
Hire purchase is a British term for buying equipment in installments while the finance company owns it until the last payment. The US equivalent is close to an equipment loan with a lien, or a lease with a nominal buyout at the end.
In both, you use the equipment while paying for it. The difference that matters is when ownership passes and what you owe at the end; read the agreement for both.
By Ivybank Finance · Updated