Dauphin Deposit Bank and Trust Co. has introduced a product designed to reduce wasted time and paperwork for itself and small businesses: a three-year line of credit.
"The product came out of a perception of ours of the time-poverty element of small-business owners," said Kevin Wagner, vice president of small-business banking for Dauphin Deposit Bank.
"We give them a commitment of three years and we get a reduction in paperwork costs," he said.
The line, which ranges between $25,000 and $100,000, is secured, and underwriting standards are a bit tougher than for an ordinary line of credit, Mr. Wagner said. For example, a business has to be operating for two years before it qualifies.
Rates range from prime to prime plus two percentage points, he said.