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Line of Credit (LOC) Sweep

Put Your Money to Work Overnight! 

Minimize interest expense! 

Our Line of Credit (LOC) Sweep will minimize interest expense with an automated credit line sweep.
 
Line of Credit (LOC) Sweep – Minimize interest expense!
A Line of Credit Sweep links a qualifying line of credit to your business checking account. Each night, any excess funds over a “target balance” in your checking account are automatically applied to your line of credit minimizing your interest expense!
 
How it Works
Together, we will establish a “target balance” in your main operating account. At the end of each business day, any excess funds in the checking account over the target balance will automatically be swept to your Providence Bank Line of Credit to pay down the outstanding balance. If funds fall below the target balance in the checking account, the sweep will automatically borrow from the line of credit to cover daily disbursement transactions, avoiding costly overdrafts.
 
Features and Benefits
  • Automatic payments on your line of credit - Reduce time and costs associated with monitoring your daily liquidity position with this automated service.
  • Improves cash flow.
  • Automatic funds availability every business morning.
  • Can also be combined with an Investment Sweep Option.
Contact a Treasury Services Banker to learn more.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Note: Loan sweeps require credit approval.