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Country Line of Credit (CLOC)

Exclusively for Career Financial Representatives

• Credit lines up to $20,000, no setup fees
• Issuance is not guaranteed.
  Production levels, credit history, and income are used in the underwriting and pricing process. One or more of the following is required for income documentation: three years of commissions, tax returns, profit & loss statements and/or business financials.
• Payments must be Commission Deduction at 3% or 4% of the balance outstanding.
• Rates can vary and will be Prime + 2% to Prime + 4% based on underwriting criteria. The rate can never go lower than 6.5%.
• Minimum Advance is $500
• 3-Year Term length may be paid off or applied for a renewal of an additional 3 years.

*CLOC approvals & availability limits are based on u/w and are not guaranteed.

**The underwriting uses COUNTRY agents’ time-on-the-job (tenure), credit history, and income and expenses to determine the availability assigned to every CLOC.  Standard documentation needed for underwriting includes, but may not be limited to, the following: a summary of the book of business, profit & loss statement, business plan, commission statements, and tax returns.