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Funding Sources
Posted on 6/20/15 at 10:12 am
Posted on 6/20/15 at 10:12 am
OK, so I have a thriving construction business with a huge receivable and a nice backlog of contracted business.
My personal credit score is not great, though I've never had any bankruptcies, repossessions, or derogatory filings.
Nonetheless, obtaining an LOC seems impossible. If you can prove to the bank that you've never needed money, don't now and will not ever in the future for any reason need money then they'll loan it to you, otherwise...
MY company is profitable and has a huge potential for growth and even greater profits but I need to be able to carry large projects through 45 and 60 day pay cycles.
Any thoughts from the Money Mavens?
My personal credit score is not great, though I've never had any bankruptcies, repossessions, or derogatory filings.
Nonetheless, obtaining an LOC seems impossible. If you can prove to the bank that you've never needed money, don't now and will not ever in the future for any reason need money then they'll loan it to you, otherwise...
MY company is profitable and has a huge potential for growth and even greater profits but I need to be able to carry large projects through 45 and 60 day pay cycles.
Any thoughts from the Money Mavens?
6
Posted on 6/20/15 at 10:32 am to More&Les
Check out Creditera.com
Posted on 6/20/15 at 10:45 am to More&Les
You should be able to locate a bank that does factoring. They will give you x amount of your receivables. With your construction company you should be able to progress bill. If you can't locate a bank there is several factoring companies you should be able to contact. They usually require your receivables to be mailed to them.
Posted on 6/20/15 at 10:54 am to More&Les
Try contacting a local or state wide bank. They will typically offer you a line of credit with a maximum up to 80% of your receivables. You will need to prepare interim financial statements each quarter and submit yearly financial statements. Depending on your situation they will most likely secure the LOC with a IDOT (Indemnity Deed of Trust) on your house and personal assets which will be reflected on the personal financial statement you will need to submit to the bank.
Posted on 6/20/15 at 5:39 pm to More&Les
How long have you had the business? We obtained a LOC for our company earlier this year. We did have to submit a personal financial statement but the LOC was issued on the merit of the company. Two years tax returns and a YTD P&L were required.
Best of luck to you.
Best of luck to you.
Posted on 6/20/15 at 6:17 pm to More&Les
Maybe consider taking in an investor or two
Posted on 6/20/15 at 7:53 pm to More&Les
You wanting to sell receivables or just take out of a LOC?
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