Line Of Credit
Business Wire : SPACEHAB Receives New $5.0 Million Revolving Line of Credit; CompanyCommences Local Banking Relationship. [H] [T] [M]
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Release date: 2005-03-11
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Answers
I am in the process of starting my own business and I am requesting a line of revolving credit from a financial institution. How much collateral do I need (in %)? Is there a "best" way of offering collateral in this case? Or simply a savings account with x dollars on it?
Quite often, with startup business' such as yours, the bank really won't recognize the business and just give you a personal line instead, in the "Name" of the business.
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I need a template for my business. I also need a form that will forgive all debts that are owed to me.
My husband and I own and operate a small business with aout 300,000.00 in sales each year. we have grown VERY quickly. We now need a small business line of credit or loan to obtain more equipment.
We applied through bank of america. Our credit scores are not bad. They ranging from 640-715. They denied us for stupid reasons. (not having enough personal credit history...my husband is 30 hes had credit forever!) Now, we are frustrated!
has anyone else had a problem or found a company that is easy to work with good credit?
Its ridiculous that everything in life revolves around a computer generated FICO score.
Any advice?
This is really easy. Go to another bank. If you want you can go to the Small Business Administration.
As long as you show a profit, banks love to give you money.
Another option is to lease the equipment from the vendor without the use of a bank.
Good Lucj
I recently got a Business Platinum Visa for my small business (I'm a contractor) through Bank of America and found out today that they only report negative (past due accounts) information to the credit bureaus, not positive. In other words, my $50,000 line of credit is useless because no one can verify that it exists. I have proof of this--I recently tried to get on a builder's list with a mortgage company and they turned me down because I had no positive credit. Is a Line of Credit different--will it report positively to the credit bureaus? (ie: will it report no late payments, credit limit, and high balance information like an ordinary consumer revolving account?) This is an earnest question--Please, knowledgeable answers only!
I caught an error in what I said--the current $50,000 I have is a CREDIT CARD (Visa), not a Line of Credit--I hope you can appreciate the difference. $50,000 is my credit limit and I pay normal finance charges like a consumer credit card on any balance that exceeds 30 days. I also have cash advance privileges on it as well. I have never paid late, and in fact--I have been treating it like an American Express in that I have completely paid off the balance with each statement since I have had it. Annoying, huh?--that my very good and responsible business practices aren't getting me anywhere?
I just read the first two answers--FYI--Home Depot and Lowe's DO NOT report on business accounts--which sucks seeing as I spent in excess of $800,000 last year alone between the two of them. It is ultimately UNFAIR that HD and L cornered the homw improvement market but conduct their business in such a way as to make things extremely difficult for their largest customer base: the contractors! Shame on you Home Depot and Lowes!
Alright, I just talked to American Express and Advanta. American Express doesn't report any positive history, only negative and only after 3 months. Advanta does report positive credit history to Dunahi B. something like that. They don't report it to the 3 consumer reporting agencies. Therefore, I would call around credit card companies to see which ones do report and do not report. I figure when you take out a credit line, they would report positive factors though. Best of luck.
My business's primary revolving line of credit charge 1.5%/month. Im carrying an average balance of $150,000. My goal is basically to maximize the present value of my business. WHich option would provide a higher present value-- paying off my line of credit or save the money for the downpayment?
The question is kind of vague. What is the down payment for? I assume it's something that would allow your business to bring in more money? How much more money? And what would be the amount of the new loan?
You probably should gather all the information you have, and go to an accountant.
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