What to Do When the Bank Pulls Your Line of Credit <em>Entrepreneur</em> takes a close look at who's lending and when the cost is too high.
Opinions expressed by Entrepreneur contributors are their own.
Ryan Weber considered himself a prudent business owner. He borrowed $6,000 from family members to start Radiant Photography in Las Vegas, and he paid them back--with interest--in three years. To cut expenses, he rented a studio when he needed it, instead of building his own. And when Advanta, a credit card company in Spring House, Penn., offered a business credit card with a $7,500 line of credit, he accepted it.
"Having $7,500 in reserve really helped," Weber says. "In case a check didn't go through from a client, it was there to rent studio lights or pay my cell phone bill."
The rest of this article is locked.
Join Entrepreneur+ today for access.
Already have an account? Sign In