News & Events
A secure future - business credit
August 25, 2008
The 2008/2009 heating season is fast approaching, and along with the record high pricing the new hot topic is credit.
Credit has become the most important element of this coming season, if your company does not have a large enough credit line you won’t survive the winter. However, there are different avenues available to you. First, talk to your bank and look for an increase in your line of credit. If you don’t already have a line of credit this is the time to get one! Secondly, stay on top of your receivables. You can no longer afford to have customers paying you in 30 days or more. You should be collecting money from your customers in 10 days. This may require you to change your prompt payment discount terms.
If your current bank will not set up or increase a line of credit, look to other banks. Many banks have departments that handle oil companies and understand the benefit of a customer list. There are also other solutions: the Small Business administration (SBA) is offering guarantees on small business loans up to $2M if your company employs 50 or less people. See below for detailed information.
This is the time to put your assets to work for you. You may need to utilize the equity in you business, home or rental properties in order to secure the credit line that fits your needs. This is common and you should not be alarmed when the banks ask for this information. Banks are there to help you; use them as a tool to grow your business!
Find out what your current credit line is with L.E. Belcher. Providing updated financial information will only help us establish a credit line that fits your company, however, L.E.Belcher should not be the sole source of your credit. We will give you a percentage of the credit, (pending credit approval), with the balance coming from other sources.
Our business is changing and you must be willing to change with it or be left behind!
Click below for more information:
