Businesses with established business credit are prepared for getting additional business financing. They are also more likely to get financed when they apply, regardless of what type of business funding they apply for. Whatever type or size of business you have, establishing and maintaining good business credit is the savvy businessperson’s tool to get things done when you need to get them done, not when your business can afford it. Who doesn’t need money for their business?
Business credit loans with superb rates and extremely flexible terms are available to businesses with good, established credit profiles. Business lines of credit opportunities abound, each offering more flexible and lower terms than the last. Lenders offer the best terms of credit to businesses with good and properly structured credit histories.
Why is it then, that up to ninety-seven percent of all applications for business credit declined? It is because the business owners thought they were building business credit when in reality they were really running their business off of their personal credit rating or “From Hip National Bank”. They may have been in business for 20 years and still not have much, if any, business credit if they didn’t start out building credit the correct “10 Steps Way”.
If you’re not sure there is an easy way to find out. Call the credit bureaus and get a copy of your personal credit history. Do you see any of your business credit cards or lines of credit listed in your personal credit file? If any of the “so called” business cards or lines appear on your credit – your not using or building business credit. Likewise, this means if you have a bad run of luck in your business, your personal credit is going to suffer as well. Business credit loans don’t show up on your personal credit.
Next, you need to know what really is listed on your business credit profiles. It's time to call the business credit reporting agencies such as Dun and Bradstreet and Experian. You will see what items are being reported on your business credit report, and which ones aren’t.
It is never too late to start building your business credit. Establishing business credit lines will benefit your business whether it is two months from the grand opening or two generations old. Establishing good business credit is a great investment in your business, your family and yourself.
As the Nations Leading Expert in Business Funding, Pat Gage has created a system for raising unlimited money for any business. The system is called “10 Steps To Money®” and has assisted many of his students and himself in raising hundreds of thousands of dollars for their businesses. Pat is not only a sought after business funding expert but also a national speaker and frequent radio show guest. For more information on any topic discussed, visit Pat Gage’s site at http://www.10StepsToMoney.com
No comments:
Post a Comment