The first company to close on a Main Street guaranteed credit line is McKeIIa 280 Inc., a Pennsaukenbased graphic design and digital imaging company. McKeIIa 280 closed a $1.2 million line of credit with Susquehanna Bank that includes a $250,000 EDA guarantee. New Jersey has awarded its first line of credit guarantee, designed to help businesses secure bank credit to weather the recession - and there's still plenty of money available in the $50 million Main Street Business Assistance Program.
It was his pit bull that led Luis Gil to buy the first of two North Bergen condos that he now owns and rents out. He hopes to sell one of them when the market is ripe. The other he plans to hold on to, thanks to an equity line of credit that has helped him make his real estate investments. In 1999, Gil, then 25 years old, had to change apartments, but it was hard to find a rental that allowed dogs. Those that were dog- tolerant were not eager to have a pit bull on the premises. "Some complexes didn't even allow goldfish!" he recalls. "I decided I was either going to have to get rid of my dog or buy my own condo.
A line of credit reflects the potential for a long-lasting relationship between the bank and the borrower, a relationship that benefits both parties. It provides an opportunity to plan ahead for access to financing, even when the specific expenditure decisions have not been precisely identified. Additionally, it is particularly useful when business slows down, or when immediate prospects are weak. The following are guidelines to consider when choosing a bank for a line of credit: 1. The bank lender should be experienced in lending to accounting practices, giving it an in-depth understanding of how best to assist the practice. 2. The lender should have specific experience lending into markets where the accounting practice has its core businesses. 3. The right bank will have been in exist...
Biddeford and state officials are investigating to determine whether the former president of the La Kermesse Franco-American festival misused the organization's line of credit, the vice president of the group said Wednesday. Raymond Gagne said the investigation centers around a line of credit from PeoplesChoice Credit Union, formerly St. Joseph's Credit Union, that was supposed to have been paid off and closed in 2004.
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