Growing Your Business with a Line of Credit

If you think you can’t get funding for your business, think again. Many small businesses need only small sums of money to get moving or continue operation for things like meeting payroll, upgrading a website or much needed technology.Having a line of credit would be a perfect solution for these challenges. But very often when it comes to asking for help, small business owners count themselves out of the game before they even try. A line of credit could put you on the road to fluid cash and success sooner than you think.What Is A Line Of Credit?Small business credit line financing, also called an operating loan, provides a business with money to cover day-to-day expenses. As funds are used, the established credit line is reduced. Once approved, you can access your revolving line of credit with a quick phone call or provided checks.Where To Find OneDid you know you could qualify for an SBA Express Loan line of credit through your local bank? The Small Business Administration (SBA) offers promising businesses that might not otherwise qualify for business loans the chance to get the money they need to make their business continue to succeed. The loans are obtained with no collateral and minimal paperwork. Within 36 hours, you will know if you qualify.Real ResultsGayle Naftaly, owner of Access Office (www.accessoffice.net) wanted to grow her business support company by developing a new logo, website and marketing materials. She was surprised to find out how easy it was to receive a line of credit at her local bank. She says that a good credit score was all she needed, and after just a few days she had the money she needed. “Business has tripled in gross sales since then with more clients, bigger clients and I now have better cash flow” says Ms. Naftaly. What makes a line of credit great is that it stays with you. It is something you use on an as-needed basis. As Ms. Naftaly says, “If you can manage money, a line of credit will definitely help you grow your business. You use it, replenish it and use it again.” Getting HelpDid you know that there are organizations dedicated to helping you succeed and can help you to obtain a line of credit? And yet most business owners, mired in the day-to-day activities of running a business, are not even aware of their existence. One such organization is ACCION. According to ACCION’s New York branch, “ACCION New York contributes to the economic development of the New York metropolitan region by providing microloans and business advisory services to individuals and small businesses that do not have access to traditional sources of credit.” On their website, http://www.accionnewyork.org, you can read about their mission, success stories and get contact information. ACCION has offices in various US locations as well as worldwide.How To Improve Your Credit RatingIf you cannot qualify for a line of credit due to poor credit history, there is hope. Begin with cleaning up your current credit. Negotiate rates and payment plans with each credit entity. Soon you will receive offers for credit cards, possibly secured. Get one and always pay on time–always means always. Pay as much above the minimum as possible. Soon you will find your FICO score (standard measure of credit worthiness) rising and it won’t be long before you can have access to an SBA Express Loan or line of credit.Getting a line of credit should be an easy part of your business growth plan.