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Tips to Score and Secure Credit Lines

5/25/2010 at 9:19 am by

Thinking about increasing your inventory, but finding items are just a little too expensive to charge to your credit card? Still, maybe they’re not quite expensive enough to merit taking out a loan. This is a situation where it pays to have a line of credit – literally.

A line of credit is business capital at your constant disposal. Credit lines are usually given to businesses by banks.

Speaking with executives at your local bank may be your best bet since you already have a relationship with these financiers. Plus, you may be able to secure a better deal because your bank will want to keep your business.

It’s important to be armed with solid financial records and clean tax returns when you ask for a line of credit. ERP systems can help you get the financial records needed to score credit lines.

Once you get a coveted line of credit, you have to make the right moves to keep it. Make sure to get required documents to your banker on time, and don’t neglect to provide lenders with annual company tax returns.

Another way to keep a line of credit open is by demonstrating that you aren’t always a taker – give back funds when you can. By paying the credit balance down to zero – or “resting” the credit – banks will likely feel better about providing you with funds.

A solid line of credit could be the resource you need to give your company a competitive edge in the recovering economy.

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The Sage ERP team report on various topics related to ERP and business management.

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