A Revolving Line of Credit as a Tool For Business Owners

Online, January 13, 2011 (Newswire.com) - A revolving line of credit can be a really good tool for business owners - offering the financial flexibility needed to get through fluctuations in sales, expenses and cash flow - and to hire new workers. President Obama has hailed small business owners as the "engine" of job creation. Banks, the traditional source of credit have struggled while credit unions, small banks, private money lenders and finance companies have often still had the ability to make revolving line of credits to young people without a proven financial track record, and often are more flexible in their approval guidelines.

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More and more young business owners - often college graduates who have opted for entrepreneurship rather than the traditional corporate ladder - are using a revolving line of credit to help finance their own version of an economic recovery. The Labor Department reported that the number of workers filing "continuing claims" (renewed claims filed by unemployed workers who have not found jobs) dropped to the lowest level in 18 months, indicating that the job market continues to slowly improve, in a sign that fewer people are having trouble finding employment. Continuing claims fell by 148,000 to 6.68 million during the week ended June 6, the lowest level in about a month. It was the first time continuing claims fell since early January. Not all areas of the country fared well - the largest increase in unemployment claims occurred in Florida, which saw claims rise due to layoffs in the construction, trade, service, manufacturing and agricultural sectors. While a total of 431,000 jobs were created during the month of May, many of those were due to temporary hiring for the 2010 Census and only 41,000, or 9.5 percent came from the private sector. The boost in hiring reduced the overall unemployment rate to 9.7%. Slightly better news was the Labor Department's report that "continuing claims" - unemployment claims drawn by workers for more than one week dropped by 255,000 workers.