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7 Replies Last post: Jan 15, 2009 4:45 PM by bmt2008

LOC advice

Jan 14, 2009 6:50 PM

Click to view CardGuy's profile Start-up CardGuy 2 posts since
Jan 14, 2009
Hello All,
I have been in business for 6 years (though the brand, which I own has been around for 40 years) and need a $50,000 LOC. I create, produce and sell greeting cards, address labels and party invitations and need to purchase new equipment and have some working capital. MOST of my revenue is seasonal (Christmas cards), so I am cash poor the first 6 months of the year. Any suggestions would be helpful.

Thank you for any suggestions.
Matt
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,939 posts since
Aug 6, 2007
1. Re: LOC advice Jan 14, 2009 7:09 PM
LOC advice, Welcome Matt

Suggestions. If you want to raise money, you need a Business and Marketing Plan.

Can I see prior year tax returns??

Talk to me LUCKIEST
Click to view daveksmith7's profile Professional daveksmith7 2 posts since
Jan 14, 2009
2. Re: LOC advice Jan 14, 2009 10:03 PM
Matt,

I had a chance to see your post and I wanted to see if you would be open to a different idea that could get your business access to working capital. I work for PPS Capital....we offer small business owners an up front lump sum of working capital in exchange for a future percentage of electroinc receiveables.... either check or credit card. I would need to know a little more about your business, to see if this is something you might be open to. Could you give me an idea of your annual sales? Percentage of Sales that are cc or check? Do you have a retail location? Feel free to email me at daveksmith7@gmail.com or if you are comfortable give me a ring 917-837-8150.
Click to view CardGuy's profile Start-up CardGuy 2 posts since
Jan 14, 2009
3. Re: LOC advice Jan 15, 2009 12:20 PM
in response to: LUCKIEST
What does your company offer? I am willing to give an info you need. How can we talk?
Click to view moneyresource's profile Authority moneyresource 18 posts since
Jan 6, 2009
4. Re: LOC advice Jan 15, 2009 12:26 PM

There may be some alternative financing available for you either with a personal guarantee or with factoring on your future receivables. I would love to speak with you more about these options. moneyresources@hotmail.com
Click to view daveksmith7's profile Professional daveksmith7 2 posts since
Jan 14, 2009
5. Re: LOC advice Jan 15, 2009 12:40 PM
in response to: CardGuy
Matt feel free to give me a call at 917-837-8150.
Click to view LUCKIEST's profile SCORE LUCKIEST 7,939 posts since
Aug 6, 2007
6. Re: LOC advice Jan 15, 2009 4:31 PM
in response to: CardGuy
LOC advice,

You can email me at pdeig@juno.com and include a phone number.

Thanks
Click to view bmt2008's profile Mogul bmt2008 305 posts since
Jul 30, 2008
7. Re: LOC advice Jan 15, 2009 4:45 PM
Seasonal lines of credit are hard to get these days from banks. However, there are other alternatives to banks. Lots of non-bank financing companies that could help you. As other posts show there are Business Cash Advances against your future credit card reciepts. Accounts receivable factoring companies that focus on your customer's (the person or firm you invoice) credit, not your. There are also companies that could provide equipment financing or leasing. The problems with these, as I see from your post, is that you are a seasonal business and do not have the cash or the sales for any of these during the first 6 months of the year - which we are in.

Don't panic - there are also non-bank financing companies that can provide the seasonal LOC that you are seeking - companies that deal with seasonal business all the time and understand how your business and industry works - these are companies that want to work with you.