ForumsFinancing Tips

SORRY..typo error...not 'sued'...'used' instead..
Thanks

Thank you, 'Luckiest'. I appreciate your response. I think I still have to see what others have to say, because 'theoretically' I am somewhat familiar with line of credit, but I have never used it. So just want to hear back from folks who have used line of credit for business and can share their views with some practical examples.

Regards

I am somewhat familiar with BLOC's in the state of Washington. Our BofA here, as in Idaho, is slightly different than the rest of the states that BofA is in due to software differences. An important question to know the answer to, assuming 1, either you do business in WA or ID, or 2, it makes no difference because that they operate the same, then, is to find out what is your per diem charge. Once you establish a balance, for example, your $8000.00, AND it is updated in the system (can take a day or two) you can find out how much you'll owe at the end of "X" number of days. Most BLOC's are revolving lines of credit like any other, not installment loans.

Other general points I can make: most BLOC's that I am aware of are most often used to afford employee payroll, on days before revenues hit the account, when there's a lag between hard-posting of credit sales revenue, etc. Also, they are useful if you find yourself depositing large checks and needed funds available immediately. Last thing I know: anything less than 10% or so as your interest is amazing. Again, at least up here.

Hope that sheds some more general knowledge for you!!