Small Business Line Of Credit

You could apply for a higher Small Business Line Of Credit ten year ago, and you got it without problems. This has been changed since the stock market crash, housing market crash and credit card crash. Did I miss a crash?

Few years ago you couldn't open your mailbox without finding two to three credit card application every day. The funny thing is that you could get a credit card at this time BEFORE you got your green card. This is my experience as a legal alien. I know from business people who got easily unsecured small business loans five years ago too but this is another story.

If you are a small business owner who is looking for a short term cash flow option invoice discounting could be your solution.

How To Get A Higher Line Of Credit

Now you have to fight to get a higher line of credit. Today, credit cards for small businesses are not really available for start-ups anymore. Except the ones from American Express with an annual card fee.

This close to zero availability of financing capital makes it difficult to function properly.

My experience with some local banks and our house bank is that by providing a small business plan and financial plan they have a better attitude and are more willing to help. This could act in a higher credit line for your credit card or in a qualified business loan.

Some banks are not willing to speak with you about a business loan before you open up your bank accounts there.

In this case I would first try to receive a business loan from the U.S. Small Business Administration.

How do you raise your business line of credit? Please share!

Do you have a great business line of credit story ? Share it!