Business Lines of Credit

Small Business Forums Accounting and Finance Business Lines of Credit

  • Post
    Madison Polk
    Participant

    For a company starting off what is a good line of credit to look into. There are only 2 of us in the company and we are planning an event but we need a line of income that can help get us jump started. What is a good company to look into?

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  • Replies
    Candice C.
    Participant

    You can get a line of credit from most banks, but they may require a personal signature, meaning that if your company can’t pay it back, you would still be on the hook. In fact, most banks and credit organizations work the same way, so it makes the decision a bit easier. You just need to compare things like cost of the loan, etc. It’s best not to use money you don’t need, so a line of credit is better than a loan.

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    Paul Harrison
    Participant

    I hear if you are starting out although everyone might not like them, Wellsfargo is a good company for new people starting out. They work well with small businesses for both loans and lines of credit. I do agree with Candice though that you would rather get a line of credit then a loan. Because you can always use that credit if you need it at a later date unlike a loan which you are just paying back.

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    Madison Polk
    Participant

    We tried WellsFargo and didn’t get approved. We may end up getting a loan but we would prefer a credit card instead. Any other options of companies that may be good for someone starting out?

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    Paul Harrison
    Participant

    There is something I learned about called Fundbox that may work for you. But I agree that if you want to go into business you should have a good chunk of your own funds to help you through it. Trust me it will make life a lot easier.

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    Julia Merrace 
    Participant

    Try your friends and relatives. Maybe someone out there you didn’t think of believes in your ability to make this work? You never know until you ask.

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    Madison Polk
    Participant

    Thank you guys for all the feedback, I ended up finding a line of credit through a lesser known credit union that was able to get me started!

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