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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 ???
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.
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.
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??
@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??
Also curious about this...
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..