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Thanks for responding! For such lines of credit, did you have to demonstrate your business’s viability in the past? And if so, how long of a track record did yo

by akrai 7y ago

Thanks for responding! For such lines of credit, did you have to demonstrate your business’s viability in the past? And if so, how long of a track record did you have to show? Also, would you factor accounts receivable if interest rates were lower? And agreed on being very careful on using personal loans to finance business operations.

js4ever 7y ago
All this depend on the amount you are asking for.
- akrai 7y ago
  True. I was originally mostly asking about revolving lines of credit to cover cash flow needs so maybe in the $10k range for early stage ventures. But I’m open to hearing from people who need more or less. I just want to get as much input as possible!
bhouston 7y ago
BDC required profitability and would loan out based on my expected ability to repay. I borrowed around 300k at max from them. EDC will finance a whole export contract you have up to millions based on the client being teputable and the export contract being legit. Personal personally backed Visa usually are in the range of 5k to 30k range. Personally backed line of credit is usually up to 70% of your paid off mortage value.