11 years in business, need help asap. Line of credit?
I’ve been in business for 11 years, we are in the service industry and also sales. We earn roughly 1.5mm/year. This year things have slowed considerably with the interest rates and new home sales in our area. We have been at a snails pace since last oct. I’ve let several employees go. I’m down to 14k and anything below 50k I’m nervous. 14k will get me through next week. Went to talk to my bank about a line of credit. That’s a negative with the heavy paperwork and fact that we showed a heavy loss last year.
I sold my building, bought out my partner. Paid him back. I’m in a new space, sales are slowly taking off, I need three months to hammer my way back on track, but the next month of incoming cash flow won’t cut it.
I’ve never needed a LOC I’ve always relied on cash. Where can I take an emergency LOC without a killer interest rate. With 50k I can turn it around. But will need cash to pay the loan payments for the next 90 days. So realistically 75k. I have great credit. Been in business for 11 years, showed a loss last year for the first time.