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First Strike

Does the early bird get the loan?

This story appears in the February 2001 issue of Entrepreneur. Subscribe »

Q: My business line of credit comes up for renewal in less than a year. Everything is going great with my company, so should I approach my banker now about renewing my loan to hedge my bets in case of an unpredictable slump?

A: You are a rare breed! Most of my borrowers had to be dragged into the bank to renew their lines, much less do so early. Your fears are common; the most often-asked question I've received from entrepreneurs has been "Will my line of credit be renewed?" You've worked yourself ragged to make your company profitable, and, with one fell swoop of his pen, your banker can throw you into a financial tailspin. No credit, no business.

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