National City Business Line Of Credit By manwithadream on - Updated Oct 15, 2011
When we first started our business, we decided we would need a line of credit to cover any gaps in our income. When you work in the construction business, it can take anywhere from 30 to 90 days for a contractor to pay you. This leaves you with times that you may not see a check for a couple of months, and the bills don't wait! We already had our business checking account with National City, so we sat down with one of the loan officers, who was very helpful getting us started on a business line of credit loan. There was a short credit application to fill out and, of course, a credit report was done. Our credit was good, so we didn't have any trouble getting approved, and we were not required to put up any collateral.
The account was set up with a credit limit and can be accessed by either our credit card or checks. There is a minimum payment due every month, just like a regular credit card account. The rate is variable and depends on my credit score.
This line of credit was one of the tools we used to establish our credit, and has really helped us keep our business going, even in slow periods.
About The Author:
National City Bank Business Line of Credit
I think a line of credit is essential in any successful business, thank you for writing such an informative trview! :D
This is valuable information. You've given anyone looking for this type of loan some good hints as to how to make the process work well, in addition to giving National City a good report. Thank you!
Great information. WIsh I had known about this when I started my business several years ago. We really could have used a line of credit to help us through the slow times.
As a small business owner, this might be an excellent option for when times are slow. We always seem to be needing a bit of extra money to buy inventory.
I agree, it seems like a great way to keep the business in great shape when the money is low. It is hard to only depend on payments from people. Great information!
Wow. What a great option. Had no idea a bank would do this for a business just starting out.
NIce that it worked out for you. You made it sound that it was pretty painless too! Good Luck with your business!
I'm so happy this has worked out so well for your business!
Great idea for a construction business. I know that working for a supply house, we often wait for a contractor to get paid, but we wont much longer than 30 days.
Glad to hear that National city Bank has helped you to keep your business going, even in slow periods.