Is an Asset-Based Line of Credit Right For You?

In thinking about whether an asset-based line of credit is the right solution for obtaining working capital for your business, ask yourself the following questions:

• Is your business in startup or growth mode?
  
  
• Do you have large pieces of equipment or machinery with equity?
  
  
• Do you find yourself sitting on your inventory too long, tying up your cash flow?
  
  
• Have you been turned down by a bank for financing?
  
  
• Do you have weak financials or personal credit issues?
  
  
• Do a majority of your debtors pay over 30 days?
  
  
• Do you have to be selective in choosing customers because they do not pay on time?
  
  
• Do you have equity in commercial real estate but do not qualify for a refinance or do not want to pay the high fees to do so?
  
  
• Do you have to scramble at the end of the month to cover your payroll expense?
  
  
• Do you have projects that you could be bidding if you were assured that you would have the cash flow needed to take on the additional work?
  
  
• Do you want the ability to micro-manage your cash yourself, on a real-time basis, by advancing funds at the exact moment they are needed.

If the answer to one or more of the above questions is “Yes” and your businesses is receivables-based or have equity in equipment, real estate or inventory, then you are definitely are candidate for an asset-based line of credit.

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