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You need to establish a revolving line of credit (held by your business) with a bank you already work with. These sorts of scenarios are exactly what revolving
by lazerpants 9y ago
You need to establish a revolving line of credit (held by your business) with a bank you already work with. These sorts of scenarios are exactly what revolving lines are for. Interest rates are typically quite low if the bank sees overall positive cash flow through your business account.
I suspect you could get a 20k line with minimal effort.
- abalashov 9y agoNot a chance. Been having that conversation with banks for years. Banks don't see any assets in a pure service business like software/consulting that can be collateralised, and my personal credit is long-ago shot. Nobody lends or writes credit on prospectus for a business they don't understand. A credit card with a ~$1000 limit is about the snow-capped summit of what I could reasonably get.