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    2 Replies Latest reply on May 30, 2010 9:34 AM by phanio

    Seeking line of credit for expansion of business

    tennisinmotio Newbie
      I have completed renovating wharehouse space (should be opening in mid-June) and have converted it to a youth tennis facility for children ages 3-9. We will offer small group lessons, private instruction, birthday parties, camps, and more. I was originally going to take on an investor but he is getting divorced and cannot help at this point. I have owned my business for over 2 years (have been operating an indoor tennis facility under my S-corp). What options might someone suggest. I have done some research but cannot find any real options for a $35k line.
        • Re: Seeking line of credit for expansion of business
          LUCKIEST Guide
          Seeking line of credit for expansion of business

          Do you have a business plan??
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          • Re: Seeking line of credit for expansion of business
            phanio Pioneer
            Question, what are the funds for? If they are for operating expenses - then you might be right to seek a line of credit - if they are for other needs like equipment or renovations - then you might seek a different means of financing.

            Lines of credit - especailly those unsecured are hard to get in this market. Asset based lines of credit are a bit easier provided your business has some fianncial assets like A/R, POs, or credit card receipts to secure the line.

            You might have to piece together the funds you need. There are peer-to-peer loans that can provide up to $25K as well as micro loans that can provide up to $50K for established businesses or up to $35K for new businesses.

            Further, you might be able to leverage your 2 year old business's cash flow to get the funds for the new business. There are non-bank private lenders that only look for strong credit and good cash flow - cash flow to service the debt payments.

            Business Money Today
            http://www.businessmoneytoday.com