Many Advantages of a Line of Credit
What would you do, if you could write up $500,000 in “convenience checks”?  How about using it for working capital to offset those times of lean cashflow?  Maybe you could now upgrade that antiquated IT set up to faster computers, better software, more efficient operation, or even replace an employee. And how about furnishing a new location you’d like to open up?   In short, It’s money to keep you afloat in lean times, and grow your business in the good times.  And it gives you a tremendous competitive advantage.
The disadvantage – you have to apply to a bank.  And you have to play by the bank’s rules.  You know the business “Golden Rule”: “He who has the gold, makes the rules.”  Actually this is also really an advantage, because all you have to do is follow the rules to the letter, and you get the money!
“But what if I don’t qualify?”, you may be asking yourself.  Our answer is—to every problem there’s a solution.  And in the next few posts, we’re going to be discussing solutions to the most common challenges that business people have to qualifying for a line of credit.

see the answer in our next post