Looking for a Line of Credit

JJT1216JJT1216 subscriber Posts: 2
edited March 2008 in Growth Funding
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?

Comments

  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    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. 
  • markslfmarkslf subscriber Posts: 0
    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%.
  • cashpriorcashprior subscriber Posts: 0
    you should consider a merchant cash advance.
  • joelblakleyjoelblakley subscriber Posts: 0
    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. 
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