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Exercise Dormant Lines of Credit
– May 23, 2011
If you have a dormant line of credit, pull the money out and use it. Exercise your dormant line because banks are cancelling lines of credit if they are not being used. Put it in an interest bearing account and then repay the line in a month. You want to make sure cash is available if you need it.
This article was written as part of Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
View all currently released profit enhancement ideas.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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