Any suggestions where to go for a line of credit for our line of work? Need short term cash flow. Personal credit score is not an issue. Business credit score doesn't really exist yet even though we have been in business for 5 years. I have always just used my personal credit.
business line of credit
- Thread starter harrybrilljr
- Start date
Re: business line of credit
Harry, with five years of operation, your business' current bank should be willing to give you a line of credit, possibly secured against your accounts receivable.
Harry, with five years of operation, your business' current bank should be willing to give you a line of credit, possibly secured against your accounts receivable.
Re: business line of credit
I got an offer from my bank a few weeks ago. I applied and will see what happens.
I will report.
I got an offer from my bank a few weeks ago. I applied and will see what happens.
I will report.
Re: business line of credit
It's always best to ask for that stuff long before you need it.
For some reason banks only want to extend a line of credit when you have plenty of money and don't need it.
I know this doesn't help you, but for others reading this if finances are good then now is the time to be friendly with the bank and secure those safety nets for when you need them.
Jason
It's always best to ask for that stuff long before you need it.
For some reason banks only want to extend a line of credit when you have plenty of money and don't need it.
I know this doesn't help you, but for others reading this if finances are good then now is the time to be friendly with the bank and secure those safety nets for when you need them.
Jason
Re: business line of credit
This is all great. For some reason I didn't get any notification of these replies. We are in the process with our bank now so we shall see. The timing is still about 2 months out so we are not up against a wall or anything and the Amex has no perceived limit if I need to use that for deposits, etc. I did a credit check on it and was surprised how much they will actually let me spend. Haven't found the end yet. The key there is it is paid off the 18th of each month and I might need 60-90 for this project. Thanks
This is all great. For some reason I didn't get any notification of these replies. We are in the process with our bank now so we shall see. The timing is still about 2 months out so we are not up against a wall or anything and the Amex has no perceived limit if I need to use that for deposits, etc. I did a credit check on it and was surprised how much they will actually let me spend. Haven't found the end yet. The key there is it is paid off the 18th of each month and I might need 60-90 for this project. Thanks
Gus Housen
Freshman
Re: business line of credit
Sometimes with AMEX you can defer large purchases over time or pay of like a regular card @ line of credit rates. I have done that for certain purchases. I would call AMEX. I got rid of my bank line of credit and use the amex now
Sometimes with AMEX you can defer large purchases over time or pay of like a regular card @ line of credit rates. I have done that for certain purchases. I would call AMEX. I got rid of my bank line of credit and use the amex now