Line of Credit Sources

December 12, 2023

by a searcher from Temple University in Chicago, IL, USA

Hi all. I recently made a couple of acquisitions in the senior home care space (would be happy to share any helpful info or resources for those who are looking to enter this space or to buy a business in general). I assumed the debt in my second acquisition and it is definitely what you would call a turnaround. I have had a hard time getting through to my business banker at Chase and want to stay proactive. Has anyone used any alternative LOC sources? I see Fundera, Biz2Credit and some of those types of companies, but I want to make sure they are legitimate or see if there are better ones that you all have experience with. Many thanks in advance.

Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

It depends on what you are looking for from a line of credit. If there is A/R and assets to back the line of credit, then the are many different asset based lenders out there that could step in and offer financing against your A/R. However, it is always harder to get asset based lending for medical than other industries because of the big discounts that sometimes come with medical. So it really depends on how strong your A/R is and what percentage you historically collect. If you would like to look at options we would be happy to be of assistance. We are a Commercial Loan Brokerage shop and we work with many asset based lenders. You can reach me here or directly at redacted

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