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7 Replies Last post: Aug 28, 2008 10:09 PM by cicost5

Business startup in jeopardy from line limit change

May 12, 2008 10:21 PM

Click to view pt_guy's profile Start-up pt_guy 1 posts since
May 12, 2008
I am a physical therapist opening a private practice. I have been and intended to continue to use part of my home equity line of credit to help finance the startup phase. Everything was moving along smoothly until last week when the bank lowered my line of credit significantly without warning. The reason cited was real estate values changing. Now I'm two weeks from opening and my startup capital is 80% lower than expected. I have ten years experience running the same type of office as my new practice and in the same geographic location. The business plan is solid and I have the referral relationships to get patients. I'm just stuck in a tough situation because of the line of credit change. Could anyone give me suggestions as to where else I might find additional capital? I originally had trouble qualifying for an SBA loan because of the previous limit on my home equity line (even though I had more than half of the limit available at the time).

Thanks.
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Click to view elitebiz4u's profile Mogul elitebiz4u 23 posts since
Mar 26, 2008
1. Re: Business startup in jeopardy from line limit change May 12, 2008 10:36 PM
in response to: pt_guy

Hi, my name is Jose w/ Elite Business Financial. We are not a bank but we are connected w/ multiple independent lenders & we specialize in financing for healthcare practitioners. We have programs that offer unsecured start up & working capital that would work great for your situation. I'd love to help you. My direct e-mail is jose@elitebusinessfinancial.com & # is 407-925-3486. If you'd like you can send me your contact info & I'll get in touch w/ you @ your earliest convenience. Hope to hear from you soon. Thanks

Jose
Elite Business Financial
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,935 posts since
Aug 6, 2007
2. Re: Business startup in jeopardy from line limit change May 13, 2008 7:18 AM
in response to: pt_guy
Business startup in jeopardy, Welcome

Sorry to hear of your problem. It would help to know where you are located.

There was a posting this morning New Business Start Up in Seattle.

How long will you need the capital?? and how will you pay me back??

LUCKIEST
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Click to view bizconsultant's profile Mogul bizconsultant 74 posts since
Apr 1, 2008
3. Re: Business startup in jeopardy from line limit change May 13, 2008 11:08 AM
in response to: pt_guy
Hello PT Guy...

We have a program called The Ultimate Funding Solution which actual works with banks to achieve funding for startup and small businesses. If you would like to talk about how it could work for your situation, I'd be more then happy to schedule an online meeting with you to show you a presentation on it. Email ajones@abcsolutions.cjb.net or phone 877-849-1412
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