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32 Replies Last post: Sep 5, 2008 9:56 PM by conniebensen

Looking for line of credit 60k

Apr 17, 2009 6:32 PM

Click to view trowerhosting's profile Professional trowerhosting 7 posts since
Apr 12, 2009
Hello, I am looking and wondering where is the best place to get a line of credit for 60,000? I am planning jump starting my business. My business is currently open but only funded by maybe a few hundard bucks that I place into it. I am looking to expand including advertisement, etc. I have worked out all the numbers including using the line of credit for Saving money monthly for my business. I wouldn't need the full 60k line of credit but I would like to have it for the slow months which shouldn't happen. The total expenses a month would be 4600 (not posting real amounts) at 30% capacity and sell the servers at competitive rates will make 8800 a month at 30% capcity which is the level I am at right now. My personal credit score isn't good enough now adays to get a loan because of the economy. My business does accept credit cards and wondering also how to boost my credit score for business. Also wondering I am a LLC. would it be best to go inc.? Would a bank be more willing to loan out money or give a line of credit? Thank you for all your hard work, and advise.
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Click to view phanio's profile Mogul phanio 483 posts since
Apr 7, 2009
1. Re: Looking for line of credit 60k Apr 18, 2009 5:52 AM
in response to: trowerhosting
Lots of questions:

1) With bad credit - getting an unsecured LOC is nearly impossible. But, you might be able to factor your credit card receipts as a business cash advance. Your best bet would be improve your personal credit - try businessmoneytoday.com

2) Does not matter is a corp or LLC - banks will look at you and your credit and ability to service the loan.

Business Money Today
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Click to view mrjustice's profile Professional mrjustice 3 posts since
Apr 17, 2009
2. Re: Looking for line of credit 60k Apr 18, 2009 9:16 AM
in response to: phanio
any one new to the world of company ownership, should look into your local bartering network. they are competenat people who are looking to netwrok their comapny with others who need something they might have. ITEX is an excelent company with motivated clieants and managers. they can get all your adverstising and web work completed with no $$$$$. they barter your services for theirs. a sigle gym mebership for 6 months will cover your advetising costs or better. i ahve worked with itex and other batrtering comunites around the country. i have had moderate to extreme succes with all of them. your trade dollars have great value when the money is not coming out of your pocket. the basic montly fee is resonable. the trade dollar you spend are non taxable.
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Click to view Outlaw57's profile Professional Outlaw57 4 posts since
Apr 19, 2009
3. Re: Looking for line of credit 60k Apr 19, 2009 9:33 AM
in response to: trowerhosting
There are alternative financing companies who may lend however the fees and rates will be somewhat higher then a traditional bank loan. I can provide the name of the institution if your interested. I'm also aware of a Commercial Credit Builder program offered by a company Compound Profits. They also work with financing but usually require collateral.
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Click to view rgershenuk's profile Mogul rgershenuk 12 posts since
Feb 28, 2009
4. Re: Looking for line of credit 60k Apr 19, 2009 5:25 PM
in response to: trowerhosting
I have just seen your post and write in response to it to notify you of my interest in providing the fund needed for your business.

Please contact me through either email on rgershen@london.com or telephone on +447035956480 if you have not gotten the funds yet so that we can discuss your business and the possibilities of providing the required funds.

Yours truly,
Roland Gershen
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Click to view trowerhosting's profile Professional trowerhosting 7 posts since
Apr 12, 2009
5. Re: Looking for line of credit 60k Apr 19, 2009 6:16 PM
in response to: Outlaw57
If you can provide a name of lending companies, etc. I currently am looking at one lending company that is whiling to loan it but with a co-signer and also stating it will not show on the co-signer credit report only on my Tax Id number for my company is this true? They our not charging in upfront fees and also its 7.49% interest rating.
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Click to view money4u's profile Mogul money4u 45 posts since
Feb 10, 2009
6. Re: Looking for line of credit 60k Apr 20, 2009 1:11 PM
in response to: trowerhosting

I may be able to help. Please email me at dawnbergeron@hotmail.com
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Click to view Outlaw57's profile Professional Outlaw57 4 posts since
Apr 19, 2009
7. Re: Looking for line of credit 60k Apr 20, 2009 4:23 PM
in response to: trowerhosting
Tenet Financial Corp
8248 drop Time Drive
Suite 100
Benbrook, TX 76126
888-901-3335
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Click to view trowerhosting's profile Professional trowerhosting 7 posts since
Apr 12, 2009
8. Re: Looking for line of credit 60k Apr 20, 2009 5:57 PM
in response to: Outlaw57
Outlaw57,

You may email me at raymond.trower@gmail.com
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