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4 Replies Last post: May 19, 2008 9:59 PM by suzanne243

i need a business line of credit, but .........

May 19, 2008 7:46 PM

suzanne243 4 posts since
May 19, 2008

iIneed a business line of credit, but I have bad credit. my trucking company was launched in January, 2007. my annual gross income for last year was $176,200.00. We will do approx. $266,000.00 this year. Eventhough my personal credit is sort of off brand, what do you suggest that i do? One bank told me that i had too much personal debt. But, if i had this line of credit, i can make enough money to pay off all my bills!!! i can't get them to see that!

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dublincpa 165 posts since
Jan 29, 2008

1. Re: i need a business line of credit, but ......... May 19, 2008 8:20 PM

Can you demonstrate that some or all of the debt was related to launching the business? They may be more apt to listen if it was. If the debt was simply funding your living expenses prior to the business taking off, they may not be as interested.

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suzanne243 4 posts since
May 19, 2008

2. Re: i need a business line of credit, but ......... May 19, 2008 8:40 PM

Well, to me it is business related. We work from invoices, most of them 30 day net in the beginning. Now I use a company that give me a line of credit on my invoices each day. We got behind when we started using a team instead of a single driver. When I did not have money that was earned from the business in the bank, then I had to use my income from my job to keep the business ruinning. Now, we are making descent money, but trying to catch up.

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LUCKIEST 7,933 posts since
Aug 6, 2007

3. Re: i need a business line of credit, but ......... May 19, 2008 9:39 PM

need a business line of credit,

You have been in business over a year. Do you have an accountant.
I would like to see a Cash Flow Statement, A Business and Marketing Plan.
If you are looking for an investor, they will also want more info.
How much??, How Long?? and How will you pay me back??

Good luck, LUCKIEST

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suzanne243 4 posts since
May 19, 2008

4. Re: i need a business line of credit, but ......... May 19, 2008 9:59 PM

in response to: LUCKIEST

i have all of that. 100,000 over 5 years. 1500 per month

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ForumsFinancing Tips

This Question is Possibly Answered

i need a business line of credit, but .........

May 19, 2008 7:46 PM

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