Livonia (detroit , Wayne), Michigan (PressExposure) October 02, 2007 -- Women-owned businesses make up the fastest growing sector in the small business community. These businesses run the gamut of business services, consulting and real estate.
While distinguised by their ownership, women-owned businesses face the same challenges as any other company. One of the biggest challenges is getting capital for business startup and ongoing operations. According to a study published by the Small Business Administration (SBA), more than 18 percent of all businesses owned by women used a line of credit as a source of funds. More than 30 percent of small women-owned firms organized as a regular or an S-corporation received financing through a line of credit.
As revenues increase, even more women entrepreneurs turn to a line of credit to fund their businesses. For women-owned corporations with $500,000 to $1 million in revenue, more than 50 percent used a line of credit as a funding source. How can women business owners get a line of credit?
An online resource is available that provides an easy-to-use process to get a line of credit. To apply, business owners can go to http://www.GetBusinessLinesofCredit.com to start an easy, four-step application process.
Entrepreneurs with a credit score of 675 or greater can qualify for an unsecured business credit line for up to $100,000. If the business has been established for a longer period, the business can get a line of credit up to $500,000.
The ownerâs credit score qualifies the business for the line of credit, but the ongoing credit line will not impact the ownerâs personal credit score. This is a critical advantage.
To qualify, the credit report has to be free of delinquincies or bankruptcies. A one-time fee of five points is charged upon approval, but the line of credit can be used over and over again without additional points.
The line of credit available through http://www.GetBusinessLinesofCredit.com can be used for any purpose â to manage cash flow, provide an emergency reserve, or to replace personal cash or credit used to capitalize a new business. It is best used as a short-term loan.
âA business should definitely get a line of credit,â said Urvi Mehta, co-founder of the National Real Estate Network (NREN) and an advocate for women in business.
âA line of credit is an important tool,â Mehta says. âIt provides a lot of flexibility and is a great safety net if thereâs an emergency.â Advantages of the business line of credit include the following:
â¢ Renewable line of credit available up to $100,000-$500,000 â¢ No collateral required â¢ Does not impact personal credit â¢ Can be used for any purpose â¢ Funds available for start up businesses and established companies â¢ Interest paid only when the funds are used Credit lines are available in the following states:
Alabama (AL), Alaska (AK), Arizona (AZ), Arkansas (AR), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana (LA), Maine (ME), Maryland (MD), Massachusetts (MA), Michigan(MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Tennessee (TN), Texas (TX), Utah (UT), Vermont (VT), Virginia (VA) , Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)
Credit lines are available in following Major Metro Areas:
Albuquerque, Atlanta, Austin Baltimore, Boston, Charlotte, Chicago, Chico, Cincinnati, Cleveland, Columbus, Dallas, Fort Worth, Denver, Bolder, Detroit, Ft Lauderdale, Palm Beach, Harford, Houston, Indianapolis, Jacksonville, Kansas City, Las Vegas, Little Rock, Long Island, Los Angeles, Memphis, Miami, Milwaukee, Minneapolis, St Paul, Monterey, Nashville, New Haven, New York, Oakland, East Bay, Oklahoma City, Orange County, Orlando, Philadelphia, Phoenix, Pittsburgh, Portland, Puerto Rico, Raleigh-Durham, Reno, Tahoe, Rochester, Sacramento, Salt Lake City, San Francisco, San Jose, Silicon Valley, Santa Fe, Seattle, Spokane, Springfield, St. Louis, Tampa, Toronto, Tucson, and Washington Dc.
For further information: info@http://www.GetBusinessLinesofCredit.com