Looking for a Line of Credit

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Looking for a Line of Credit

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JJT1216

posts: 2

Mar 17, 2008 5:13 PM ET Quote Report Abuse

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I currently work for a company that has $250k available for revolving credit line across 3 banks. The lowest of the three is at around 10% while the highest is at 16%. I am wondering if anyone knows were I might be able to find better rates?

Two of the lines are at 100k and the other at 50k. When we went to get one of them increased in 05 we were told we needed to show revenue growth. Since 05 we have had an average annual revenue growth of 95%. If I can`t find a lower rate than 10%, do you think it is possible to get the line increased to $250K for the 10% line of credit?

robertj

posts: 1458

Mar 17, 2008 5:28 PM ET Quote Report Abuse

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There are several ways to accomplish what I think you are trying to do. However, the options vary depending upon specifics of your situation.

Age of business, revenue, profitability, etc.

It`s probably better to communicate via a PM.

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

markslf

posts: 4

Mar 28, 2008 1:46 PM ET Quote Report Abuse

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What are you using your line of credit for? If it is do to your business customers paying you in 30 to 60 days you could beat that rate with AR financing prime +1% or 2%.

cashprior

posts: 17

Apr 01, 2008 6:04 PM ET Quote Report Abuse

Points: 0 Vote

you should consider a merchant cash advance.

-------------------------

The Small Business Loan and Business Loans expert.

joelblakley

posts: 3

Apr 04, 2008 4:09 PM ET Quote Report Abuse

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Answering this question is difficult because it depends upon the specifics of your business. What is your company`s Paydex score? What`s the current debt load? What`s the DnB score?

I`m a partner in a business that helps companies establish and build their corporate credit. We find that the amount of credit offered to a company depends on a lot of things:

1. Ensure the corporation is in complete compliance with what the Credit industry is looking for

2. Ensure your company is registered with all of the credit bureaus

3. Make sure your current credit vendors are reporting to the bureaus.

4. Start small with vendors offering credit and move to larger and larger lines over the period of a year.

If those steps are followed in order and not rushed, just about any company can obtain the lines you`re looking for.

-------------------------

Joel Blakley
Chief Strategy Office and Partner
Business Credit Services
www.bcscredit.com

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