Business Line of Credit

[JohnnyM]

Where is a good place to get one? We are banking with BofA but their options suck. It's a new business also.

As for how much...depends. Not really worth it for anything less than 10k, and ideally I'd like to find something in the 50k range.

We already have a credit card, but I'd like something I can use as cash without getting whacked for a huge fee every transaction.

 

[Summerof79]

try a local bank, that will take the time to understand your business. Or a home equity line of credit if that is available to you.

 

[ADMIRALSTOCKDALE]

Amegy gave me $50,000 and then another $50,000 and that was after being turned down by Frost. Get your business plan together and present it until you get what you need.

 

[cbs]

Aren't you an atty? My two lawyer firm has used Wells Fargo in the past, but now we use Frost. Given a plaintiff's practice, we have to find someone that understands the ebbs and flows of contingent litigation. I have heard other goods things about atty specific options. If that's what you're looking for, feel free to pm me.

 

[Horn-N-LA]

No offense Johnny but your dad was a big time coach. He doesn't have a few bucks to give ya?

I know, not my business to know, but thought that was interesting. Anyway I just started my own small business and am curious about SB loans. I do have a CPA/Financial guy that sent me to prosper.com. It's basically where you lay out how much you want, set your terms, and then regular people basically bid on you. YHou may have 1 person give you say 10K or 100 people give you $100, etc. Never tried it but maybe some of ya'll have?

 

[robr]

Johnny,
I usually shy away from the national banks with a preference to the more boutique type local banks. I live in San Antonio, and Chase was VERY aggressive in getting my business. They got it, and having that line of credit makes the wife happy, therefore my quality of life has improved correspondingly.
When I was buying an existing business, I was going to apply for an SBA loan, but the local bank said that there was no need to go the SBA route, and they did it straight up without all the extra paperwork. I had good credit and plenty of equity for the business, plus working capital, so I guess they thought it was safe. I took out a 10 year note, and paid it off in 7 years. The extra monthly nut that I get to keep now is SWEET.

 

[BigWill]

Johnny, I have quite a few lending contacts in OC. Shoot me a pm if you wish.

 

[JohnnyM]

Horn-N-LA - Isn't the whole point to use someone else's money rather than your own??

robr - I think that may be the way I go as well, a small bank that is willing to listen to our situation rather than just seeing if we fit their typical lending profile.

BigWill - Thanks, PM sent.

 

[Creed]

Where are you located? I might have a name for you to talk to.

 

[ChiroHorn]

Try Washington Mutual - they're very pro small business & were eager to give out LOCs from what I saw. Also no monthly checking account fees if you need one of those too.