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Can my Business Line of Credit be increased?? Good question
Welcome to this web site, William. The banking rules are changing daily.
*It is great that yo*u* *currently have a business line of credit.
If you have NOT accessed the line of credit, WHY do you want to increase it??
Tell us more, Where are you?? Do you have an Accountant??
Suggestion, talk to your banker and ask. It might be interesting to do both,
Try increasing your line of credit and / or also establishing the New Business credit.
Good luck, LUCKIEST
Lets talk about the existing business and figure out if it is financially stable enough to handle a $40,000 increase. If so, my firm could probably help you obtain the financing with no documentation requirement. Reach out to me at email@example.com and we can talk some more.
My Business is Located in Orange, NJ. I haven't accessed the LINE as of yet because the right deal hadn't revealed itself. But now that market conditions in Real Estate have changed, having the increased capital would be a boon. I have applied for an additional Business Line Of Credit under a different LLC. I will be notified of its approval or otherwise within the next business day or so. Upon the next meeting with my banker, I will inquire about the feasibility of increasing my established B-LOC.
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I currently have a business line of credit for $40,000. It has been established for well over a year. I have not accessed it as of yet. Is it wise to approach the Bank for an increase of this account; say an additional $40,000, or would it be more prudent to attempt to establish a new Business Line of Credit with a recently formed LLC? (Business Type: Rental Income from 3 Residential Multi-families)