I wanted to share with you something that I learned the hard way. Trust me, I asked smarter, wealthier and business professionals for advise re; business practices, and would you believe no one said anything about getting a Line Of Credit ?
Although having a LOC is amazing "we" must also be responsible once obtained . The way it works is if you have a business acct, you may automatically be qaulified to have it attached to your acct, and 1 of the perks is you only pay on what you use.
Checking balances counts more than credit ( per my banker) so keep in mind once you close that big deal :) talk to your banker about a LOC. Another perk is they can start you of with $ 350-500., and the more you pay on the balance the higher your LOC can increase. :):)
I found that having a LOC allows me to keep my cash, invest it in another business or put it in a interest bearing account. Either way, we win !! Thought I'd share this goodie with my BBWO family ~
For more details speak with your personal banker ~