Secured LOC for new business ???

[youngman1234]

My business is new and less than a year old, we were able to get a couple of business credit cards ( ink bold & ink cash).  Now I am looking to get a couple of secured lines of credit. I was think 2 secured LOC for 25K each one with chase and the other BOA.. Has anyone every got a SECURED line of credit that was backed by a CD or cash in a savings account ?? I was curious the time it takes to get approved ??? 

[llecs]

We actually have a $25k secured LOC backed via savings through M&T Bank. We got approved the same day we applied, but it took forever to get the docs and get them signed. I'm sure the process varies via lender.

[youngman1234]

My chase business banker told me it can take between 3-4 weeks to actually have the process go through...

[Project17]

Most banks that offer business products will have a secured loan opition even when not advertised. The best places are the small local banks. You will usually get a better rate and faster turn around.

[compassion101]

What is the advantage to having a secured LOC for business? Is it just to have a satisfactory trade line? Change into unsecured after time? Etc??

[kimmiller112]

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@compassion101 wrote:

What is the advantage to having a secured LOC for business? Is it just to have a satisfactory trade line? Change into unsecured after time? Etc??

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Also curious about this...

[Project17]

Yes it's pretty much for business credit purposes and also a good way to build a relationship with a bank.. This is where going with a small bank can be a plus..