Starting a business, you need to watch this video

I met this guy, Lawrence “LG” Loik who taught me about
how to market my business on the internet.
I think this will work for you too.

I'm having Larry on Live this Tuesday at 9 PM EDT
to get all the good stuff. So hurry up and click
here

He teaches this program called ERUPTION-The System.
It’s pretty amazing. He showed me how to make m0^ney
while I sleep without a website, product or service.

I strongly recommend you check it out.
It works with a new business, an old one or if you have
no business.

I highly encourage you to watch the video by clicking
here

Enjoy,
Pat Gage

PS: This will help you “ERUPT” your Income literally
overnight check it out:

Wednesday Nite, 9PM EST

A webinar that will blow you away....

TOPIC: How to get an additional $30-$100K+
for your business in 47 days!

Date: Wednesday February 4, 2009

Time: 9:00 PM - 10:00 PM EST

****************************************************
For the online Webinar Portion, click to register:
https://www2.gotomeeting.com/register/713063898
****************************************************

What would you do if you had an extra $50,000, $100,000,
or $150,000 in your bank account?

* Would you sleep better at night knowing you could buy
that equipment your business desperately needs?

* Hire an assistant so that you wouldn’t have to work
70 hours a week?

* Pay off some of those bills that keep piling up?

* Would you launch an advertising campaign to bring in
more business?

* Buy that residential or commercial property you’ve
been looking at?

* Now you can discover my insider secrets to building
business lines of credit in excess of $600,000 and much,
much more!

PLEASE NOTE:
If you've never attended a teleseminar/webinar before,
it is simply a seminar where you call in and listen over
the phone AND watch the presentation on your computer.

Don't worry if you don't have access to a computer Wednesday
night. STILL call in and listen.

click below to register before the lines fill up:
****************************************************
For the online Webinar Portion, click to register:
https://www2.gotomeeting.com/register/713063898
****************************************************

I will tell you the story on how I got startedin real estate and
used this money to avoid bankruptcy and go on to become a
multimillionairein commercial real estate using this system!

I will you a story how I got $100,000 froma local bank
without seeing or talking to thebank representative.

I am a know nothing about business financing guy that cranked
it up and literally raised over $600,000 in less than 2 years,
to become a mutlimillionaire!

I am living the dream of every investor/entrepreneur
in America!! Make sure you check this out..

Opportunity and Success!! This is it!

****************************************************
For the online Webinar Portion, click to register:
https://www2.gotomeeting.com/register/713063898
****************************************************

See You on the Call!!

Pat Gage
http://www.10stepstomoney.com/

P.S. On the call I am going to make anoutragious offer -
to make this system FREEto you!

TIME'S ALMOST UP - Open Immediately FRIDAY MORNING

The wait is over!

Than Merrill's WholesalingU is NOW LIVE!

Here's the link to the Official Site:
http://www.wholesalingu.com/go?w=bwu&p=patgage
(Be Sure to refresh your browser when you first land)

Now, here's where it gets good!

Not only will you learn EVERYTHING about the wholesaling
business, but you'll learn timely information on other areas
of real estate investing as well - including a class taught by me!

I must warn you though...

This is shaping up to be one of the biggest online events
of the year and there's only about 24 hours left, so be sure
to get on over to WholesalingU as soon as possible.

And don't be late for class!
http://www.wholesalingu.com/go?w=bwu&p=patgage

To Your Business Funding Success
Pat Gage

P.S. Than is only accepting a limited number of students.
And the University classes are kicking off next week - so
it's now or never!

P.P.S. When you register through any of the links in this email,
you'll also receive some extra special bonuses from me:

1. 6 Months of Coaching membership providing you with
one-on-one training to guide you through the process
of business funding so you can get all the money you
and your business deserve.

2. "How To Double Your Sales in the Next 12 Months".
This special report will give you action steps to take
today to move your business in the right direction.
Learn what to do and what not to do to increase your
bottom line.

3. FAQ's of the Business Credit world. This special
report is a transcription of several monthly
"Ask Pat" calls where student’s send in questions
and they are answered live. This reference guide
is a must have for your information library.

Business Funding Call tonight 8PM EDT!

Thanks for the slew of excellent questions.

For those of you who missed out, don't worry, we'll
be doing these "Ask Pat" seminars on a monthly
basis. Keep an eye open for the next one.

I'm really excited to share all this great
information with you tonight at 8 PM EDT.

Just call in TONIGHT using the information below:

*******************************************
Tonight! Wednesday January 28, 2009 at 8 PM EDT
Call in number: 712-432-3908
Conference ID: 3291485#
Get ready to LISTEN and LEARN!!
*******************************************

Remember no selling -just education that pays!

To Your Business Funding Success,

Pat Gage

This video will FLAT OUT blow you away!

Over the last few days I've been sharing with you
some solid training videos from TV's Than Merrill,
star of A&E's "Flip This House".

Check out Than's "Instant Internet Video Ads Strategy"
http://www.wholesalingu.com/go?w=bwu&p=patgage

Don't get me wrong; his past couple videos are solid,
but I just watched his latest one and it's HANDS DOWN
the best one.

No question!

Check out Than's "Instant Internet Video Ads Strategy"
http://www.wholesalingu.com/go?w=bwu&p=patgage

In this training video he picked an investor that
posted a comment to the blog... who had absolutely
NO ONLINE presence. He showed him how to create online video ads designed
to find buyers... and within 24 hours, he was on the
first page of GOOGLE.

Awesome, huh?

Than shows you exactly how to do the same thing, so
that you too can build a H-U-G-E buyers list using
these ads.

In fact, Than has used this same strategy
to grow his buyers list to over 40,000 people.

Imagine having little ads that constantly add buyers
to your list while you sleep?

Check out Than's "Instant Internet Video Ads Strategy"
http://www.wholesalingu.com/go?w=bwu&p=patgage

To Your Business Funding Success

Pat Gage

Only 1 day till Business Funding/Credit Teleseminar with Pat!

If you haven't sent in your questions yet, remember
you have until 12 NOON PM EDT Wednesday January 28th.
for Wednesday’s ASK PAT teleseminar at 8 PM EDT.

I will answer all your questions live on the call.

So send your questions to: askpat@opportunitycreator.com

*******************************************
The call in info is as follows:
Wednesday January 28, 2008 8 PM EST
Call in number: 712-432-3900
Access Code: 3291485#
*******************************************

There will be no selling on this call, Education Only

You can still get MONEY during these uncertain
times so get ready and get the money you deserve!

Just like Dr. Dee Ann who to date has received $155,000
to expand and grow her business.

Remember, no question is a stupid question. Get
them in. I wouldn't want you to miss out.

Send your questions to askpat@opportunitycreator.com

*******************************************
The call in info is as follows:
Wednesday January 28, 2008 8 PM EST
Call in number: 712-432-3900
Access Code: 3291485#
*******************************************

To Your Business Funding Success,

Pat Gage

George Ross Talks about Credit Lines

Dear Friend:

Recently I had the pleasure of meeting Mr.
George Ross, who is Executive Vice
President and Senior Counsel of the
Trump Organization and co-star of the
"The Apprentice". He gave a great speech
.... What an amazing person he is.

First let me tell you that when George told
us that he was 87 years old I just about fell
off my chair. Here looks great for his age
and is a very entertaining speaker. I was
fortunate enough to chat with George for a
while about his experiences.

The message that George was stressing in his
speech was that everyone, no matter what your
financial situation is, needs to get lines of
credit. Especially when you don't need them.
You see, that's when the banks are more willing
to lend.

It's like when you're looking to find a companion
of the opposite sex and you go out with some
friends. Doesn't it always seem like the person
who is already attached gets all the attention?
It's the same idea here. The less the desperation,
the more attention you receive (from the banks,
that is).

Now, you'd think that the Trump Organization, with
all their money would just reach into their deep
pockets and pull out a wad of cash from "Hip Nation
Bank", wouldn't you?

NO way! According to George, they do exactly what
I've been teaching you. And that's getting Business
Lines of Credit. And doing it before you need it.
Now, do you think that if Trump, a billionaire,
uses lines of credit, that it might be a good idea for
you and your business to use lines of credit as well?
Do you think following the lead of a billionaire could
lead you down that same path?

As I always say, if you continue to do the same thing
over and over again, you will continue to get the same
results. Do you think you deserve to be rich? I think
you do. Do you want your business to be successful?
Then follow the leads of the big guys and take your
life and business to the next level.




To Your Business Success,


Pat Gage
www.10stepstomoney.com

What Banks Want For Business Credit Lines

Getting a business credit line from a bank isn’t the easiest thing to do – especially if you’re a start-up. Seed money, working capital, and other forms of loans, require that you pass a series of credit related checks.

So what do banks look for and what can you expect?

We’re going to tell you.

High on the list of establishing business credit is, of course, your personal credit history. No surprise there. If you’re a start-up, lenders will be looking at your personal credit. Banks won’t want to see late payments, missed payments, liens or a bankruptcy. The negative impact of these and other credit deficiencies could have a substantial impact on your loan request. A late payment, here or there, won’t kill your chances, but if there’s a pattern of late payments, it very well could. If, however, you have a good explanation as to why these credit deficiencies exist, your chances of approval could increase. It’s probably a good idea to check your personal credit reports to clear up any possible discrepancies that could adversely affect your application. If your business is a start up, you may need to use your personal credit in the beginning, and while you’re doing that you can begin to establish your business credit profile as well.

But let’s say you’re already in business, and haven’t established a business credit history yet. Now it’s your business’ credit that comes into play. Dun and Bradstreet, Experian, and Equifax are often the sources the banks will turn to when reviewing your business credit reports, including history, public record information, company background and supplier payment history. Whether you’ve been in business one day or 10 years, if you haven’t established a business credit profile, then your business is still at Day One. But it’s never too late to get started. If you’re a start-up, the bank is going to look for some solid financial projections. Remember the projections you use, are based on the assumption that you’re going to get the financing needed. Work with a financial specialist to put your numbers together. The money you spend on a financial consultant will be well worth it, and the bank will appreciate your professionalism.

If you’re already in business, the same applies. But now you have real figures to present to the bank. Assuming that they’re good, that should be it, right? Wrong. The bank is going to want to see what you want the loan for. Working capital, expansion, new equipment are always good. A loan to take your top producers for a rewards week in the Caribbean is not.

Collateral doesn’t have to come into play when you apply for business credit. Why is this? Because the banks lend business lines of credit without it. They’re called unsecured credit cards and unsecured lines of credit. These are great avenues for any business that perhaps doesn’t have the business collateral. It’s never a good idea to use personal collateral to fund your business. The banks will generally lend up to $50,000 without collateral on these types of loans. The banks do require a strong business credit profile and sometimes a good personal credit profile and these can be easily established and obtained. Lenders know that there’s a strong correlation between your commitment to your business and the loan being repaid.

In the end, getting business credit is all about the figures. Do they or don’t they work. If they do, and if you present your case in a straightforward manner, you’ll put your business in the best light, and in all probability, get the loan. Always remember that the bank wants to lend you money. It’s up to you to show that you can repay the loan.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Start A Business With Lousy Credit

You may be trying to start a business, or have one that’s in its initial stages. Your idea is great, your plan is flawless, and your product or service is ready for the fast lane. Only problem is, that super-charged, can’t-miss-small-business of yours is sitting by the side of the road. It’s stuck, and it’s out of gas.

The analogy may not be great, but if you’re in that type of situation, you know what it’s all about. Your personal credit rating is less than stellar. You found out just how bad, when the bank’s Business Loan Officer gave you a look of horror when you told him what you wanted to borrow, and why.

Let’s face it, he probably couldn’t wait to get you out of his office fast enough. Is there anything you can do to jump-start this situation? Yes there is. In fact, there a number of avenues you need to explore.

First things first. There are three credit reporting agencies, Equifax, Experian and TransUnion. You want to get your tri-merge credit report, which is a report from all 3 credit bureaus. Once you get them in hand, you’ll have a clear idea of exactly where you stand – and just as importantly, why.

Review each and every report. Look for errors, because (guess what), the credit bureaus do make them. Maybe a bill they’re reporting as unpaid, involved a dispute. Maybe a credit card purchase wasn’t yours. If you find any glitches, report them immediately to the credit bureau involved. You can also enlist the services of an established credit repair company, if you’re not sure how to handle the disputes yourself.

Creating a business credit profile can also be an answer to your credit issue. By creating a business credit profile, you can start establishing credit for your business, which is separate than your personal FICO score. Establishing a business credit profile can help you get your business started while working to improve your personal FICO score. Once you establish your business credit profile your business can start applying for business credit cards and other types of business financing.

But, when you get business credit cards, keep your personal and business credit separate – very separate. Many folks fall prey to the temptation of using business credit cards for personal expenses. This is more than a red flag to business lenders, it’s a giant red balloon. Commingling your funds can cause many problems for your accountant and attorney. When you commingle your personal and business funds, you open the door to lawsuits and your bookkeeping becomes a nightmare.

Business credit cards can be a great source of financing. One misconception is that business credit cards have a high interest rate. This just isn’t true. Many business credit cards fall in the interest rate range of 8-14%. But more importantly remember this; it’s not always the cost of money that’s important, but the availability of money. Wouldn’t you like to have an extra $30,000, $50,000, or even $100,000 right now to start or expand your business? Make sure you are diligent about making payments on time and, two things will happen: First, the credit card company will court your business, and probably offer you a credit line increase. Second, your credit standing will improve with the bank. Bank’s love it when you’ve demonstrated the ability to pay off a loan – even if it’s not theirs.

Finally, make certain that you use your credit wisely, and strictly for the business. And more importantly, to improve the business – new equipment or hiring employees, marketing, whatever it takes. This will show a Loan Officer that you’re serious about what you’re doing, and will make you a more attractive loan candidate.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Getting Credit To Finance Your Business

Let’s say your business needs a capital infusion. Things are going well, but you need extra cash to expand, hire new employees, make improvements, increase marketing – whatever. Where do you turn to get the cash you need? Can you leverage your business to fund your goals? And how do you do it? Actually, there are more ways of getting funding than you probably thought.

Assuming your business is in good shape, pays its bills promptly, has a good cash flow, and is professionally managed, you have a lot of options. You can probably narrow down the list by scratching off Venture Capitalists and Angels. The former are only interested in lending you money if you plan to go public at some point. Angels (not the celestial kind!), might be interested if you have a lock on the, “next big thing,” but only if the payoff is calculated in the tens-of-millions of $$. You may not be quite there yet.

What does that leave? One valuable option is to start creating a business credit profile for your business. Creating a business credit profile can be done easily and can offer any number of business loans, from Working Capital, to Lines of Credit, to Construction, to Term Loans, to even business credit cards. If you already have a good working relationship with your Business Loan Officer, this is probably the first place to look, once you have your business credit profile in place. They know you, and you’ll be able to skip much of the red tape. This makes sense a lot of the time. But hold on! You have quite a few other options available.

Business credit cards, for example. All major business credit card companies have branched into commercial lending. Obtaining cash from this method is usually easier than other sources. However, this method of financing still needs an established business credit profile. Because lending institutions don’t lend money to sole proprietors. That’s called a personal loan. This is one option to be considered. Business credit cards can be useful in many ways and have reasonable interest rates as well.

Once you have established your business entity, you will be receiving numerous offers from business credit card companies to apply. This is a great way to have access to capital. Remember that your business credit cards do not show up on your personal credit report. So any business debt that appears on your personal credit can be transferred to your business credit card, freeing up your personal debt to income ratio. This will increase your personal credit score almost immediately. Many times the credit card companies will offer 0% interest for a limited time (I’ve seen up to one year), then have a reasonable interest rate afterwards (anywhere from 8-14%). That’s far better than a hard money lender or private lender.

Then there’s unsecured lines of credit. The objective is to stimulate micro-enterprises and provide unsecured loans of up to $50,000 to small businesses. You can apply for unsecured lines of credit through your bank or many other institutions that offer them. Once again your business credit profile will need to be in place. Typically, an unsecured line of credit has an interest rate of Prime plus one or two points, depending on some factors that are taken into account. But the bonus here is that the money is unsecured which means you don’t have to put up any collateral for it. This type of lending does not require any financial statements as well. This gives you flexibility especially if your business doesn’t have a great cash flow yet. This is a great method for obtaining capital for your business whether it’s to expand, advertise, or market a new idea.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Dont Commingle Your Business/Personal Finances

One of the most common business mistakes many small business owners and entrepreneurs make, is commingling their business and personal finances. The result can often be catastrophic. And for the most part, small business owners aren’t even aware of the implications. How so? Glad you asked.

In a word, “credit”. In two words, “bad credit”. This phenomenon usually manifests itself when the business owner applies for credit to buy a car, or even get a mortgage. That’s when the big, red, rubber stamp slaps down, “rejected” on his/her file. Or, when the dunning phone calls from business creditors become more frequent than calls from Aunt Sadie, who has nothing better to do than phone several times a day.

The result of all this commingling of credit can often result in two of the ugliest words in the English language – “bankruptcy” and “lawsuit”. Unfortunately, many small business owners don’t even see it coming.

How can something like this happen? Most often it’s because the small business owner used personal funds to either launch, or finance the expansion of their business. This can involve using personal credit cards, even taking out a Home Equity Loan or Home Equity Line of Credit. This commingling pierces the corporate veil, which opens you up personally to lawsuits. The money goes into the business on the premise that the business will pay it back. But, whoops! When sales go down and the business can’t afford to make the payments, unfortunately it all comes home to roost.

The best thing is not to get into this situation in the first place, but many small business owners and entrepreneurs are unaware of how they can establish a separate business credit profile. And this can often result in unfortunate consequences. If they only took the time to investigate how to do it, it could save them untold grief later on. But how does a small business do this?

Establish sound business financial practices from the outset. Make certain that when you plan your entrance into the small business arena, you do so both carefully, and realistically. Start establishing your business credit profile immediately. Set up your corporation (C or S-) or LLC (Limited Liability Company) properly. Next go to the IRS website and get your EIN for your business. This is like the social security number for your business.

Set up your business bank account, with the same address you used for your legal paperwork to the state and government. Make sure that address is a physical address and not a P.O. Box or UPS store. Next is your business phone number and fax. Make sure this information is consistent and accurate. Make sure your business phone number is listed in the 411 National Directory Assistance with your physical business address. Create a business credit profile on your own or through Dun and Bradstreet.
Get your business familiar with Vendors that are in your business arena and get credit with them right away. Take the long-term view as to what you need to keep operating at a high level. Next, you need to pay your vendors promptly – very promptly, even if it means skipping your own salary at times (yes, this happens and you should plan for it). You’d be surprised, however, at how quickly your business credit profile will look rock-solid to a Business Loan Officer. And the better it looks, the better your chances of getting several unsecured lines of credit, which is exactly what you want.

There are many pit falls to starting or expanding a business, but commingling personal and business credit, and finances is one that should be strenuously avoided at all cost. And remember, be realistic about what you need – not what you want!

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Business Credit For Your Business

So there you are – you’ve done all your research, scoped out the competition, found your marketing niche, and spent countless hours planning precisely how you’re going to open, then operate your business.

It looks like a slam-dunk, except for one tiny problem – you need a bunch of cash to turn your dream into reality. Sure, you’re willing to put in as much as you can as far as time and effort. Maybe you can hit up your rich Aunt Gertrude for a few bucks. But, you still may need additional cash to get your business up-and-running.

What to do, and where to go to do it? Starting a business cash-poor is the quickest way of having that business cash you out – right on your ear. That will make neither you, nor Aunt Gertrude, very happy. So, you put on your, I-Need-A-Business-Line-Of-Credit hat and do a little thinking. Voila! The light goes on and blinks the word “Bank”. Halleluiah! Let’s open the doors and get this business rolling!

Or not. Stopping in to see your friendly neighborhood banker for a business line of credit takes a little more than shinned shoes, and an honest, open smile. That might have cut it with Aunt Gertrude, but your Business Loan Officer will be a bit more demanding. The Business Loan Officer is going to want to have a serious discussion about your business credit profile. This will help him decide your creditworthiness as a business. And that, not incidentally, is going to bring up the question of how you create one in the first place!

First, it’s essential that you separate your personal credit from your business credit. Reason? Personal credit is for your household expenses and business credit is to start, or expand your business. Your business will need more money than your household. If you use your personal credit to fund your business you could seem overextended to the banks and could be declined for any personal household credit needs, such as a new house or car.
How do you do this? Actually it’s simple. All you need to do is incorporate your business. There are several different entities to choose from, C or S-Corporation, or LLC (Limited Liability Company). That makes your business a self-sustaining entity, and takes away any personal liability.

Next, Uncle Sam is going to require that your business have a Federal EIN, which is like the social security number for your business. Then, a separate bank account under the business’ name is required. And of course, you’ll need to comply with all local regulations regarding permits, licenses, etc. Naturally, you’ll have to get a business phone number (not a cell phone). You can use your cell phone as a secondary line but the banks will check to see if your business phone number is a land line in your business name corresponding to the physical address you have given as your business address. Now your physical address could be your home. If you do indeed work from home, that’s okay. The important thing is that all of your business information is consistent.

The last step will be establishing a business credit profile with Dun & Bradstreet and the other business credit bureaus. These are the premier credit rating company’s that all banks turn to. To do this, you’ll need to get several business vendors who’ll extend you a small amount of credit. Pay those bills promptly, and those vendors can then be used as credit references. They will be reporting your payment history so the banks can check your business credit.

Getting that first business line of credit isn’t rocket science. It just takes a little bit of work, and a lot of attention to detail.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Business Credit Cards: Awesome Business Tool

To a small business, either a start-up or established, business credit cards can be very valuable financial tools if managed properly. Remember also, that because they’re business credit cards, they are unsecured. Which means there is no collateral tied to them. Great benefit!! But if used improperly, it can have a devastating affect on your business’ credit profile, and hence, your business itself.

Managing your business credit cards doesn’t require an MBA from Harvard, or a financial specialist looking over your shoulder every time you plunk it down. But it does require careful monitoring, and plain old common sense. Here are a few tips you can use to get the most from your business credit cards:

Always apply at your primary bank first. Why? Because you’ve already established a banking relationship which can pave the way for an easy application process. In short – they know you. Once you get the business credit cards, and pay them in a timely manner, it will increase your credit worthiness in the eyes of the bank. This will be of significant help when you apply for additional business lines of credit later on.

Never co-mingle your business credit cards with your personal credit cards. However, here’s a little secret to the game. If you have business debt on your personal credit cards, transfer balance the debt to your business credit card and this will immediately improve your personal credit score by lowering your debt to income ratio. This is a huge benefit of being a business owner.

Once your business credit is established, you’ll be deluged by special offers from credit card companies on a daily basis. When you’re invited to apply and the offer is good, then apply. Remember this: Just because you have applied and received a business credit card, doesn’t mean you have to use it immediately. It’s always a good idea to have extra “Rainy Day” money available. Every business goes through ups and downs and having the money available can be invaluable during one of those down times. It’s always easier to get money when you don’t need it.

By all means, use the grace period when paying your business credit cards. Most providers of business credit cards offer a 21-day grace period before payment is due. This can be a big help in improving your cash flow, and it’s built-in for you to use. Don’t abuse it, and don’t pay later than the grace period deadline, however.

Like many business transactions today, you can pay your business credit card bill online. This may not sound like such a big deal, but when you think of the time and effort it takes to write out and mail a check, it’s really a good deal. Especially since the mail can sometimes be unpredictable. Knowing you can choose the exact date your bill is paid, is priceless.

Do not pay your credit card bills late! Yes, take advantage of the grace period, but paying late, especially if it develops into a habit, will end up costing a lot more than the actual bill. Late fees will bring about higher interest rates. But more importantly, late payments will go straight to your business’ credit profile – and you don’t want it there, especially if you plan on trying to get a line of credit from your bank or lender in the near future. Pay the bills on time, if possible.
Finally, always remember that your business credit card can be a very effective tool in managing your company’s finances. But like any tool, if handled improperly, it can cause irreparable harm – in this case, to your company’s business financial profile. Use it wisely!

Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Business Line With Bad Credit? Yes!

It shouldn’t come as a surprise that banks are more than willing to loan money to people with good credit, but shy away from those whose credit is less than perfect. Does that mean the loan you need for your small business is doomed? Not necessarily, because bad credit financing does exist.

First, there are other lenders out there who will, and they generally come in two forms – wealthy individuals (often local) who will make loans to local businesses. Uncovering them may take a bit of detective work, but they certainly are there. Then there are firms that specialize in small business loans to those whose credit is shaky. There are hundreds of them across the country, and they can easily be found on the Internet. But just because they’re there, doesn’t mean they’ll automatically approve your loan. Far from it. You have to persuade them that you’re a viable candidate, and to do that is going to require some work.

Here’s what you do: The very first step is separate your bad personal credit from your business credit. This is very, very important. You can do this by forming a corporation (S or C) or an LLC (Limited Liability Company) and applying for an EIN (Employer Identification Number). This allows you to begin establishing a business credit profile that’s completely separate from your personal credit. It’s like starting with a totally clean balance sheet.

The next step is fairly obvious. You have to build a strong business credit profile. That means finding suppliers who will report your payment history to the business credit bureaus-Dun and Bradstreet, Experian, and Equifax and making sure you are paying your suppliers on time, and adhering to other sound business practices.

Make sure all your business information is correct and consistent with all of the business credit bureaus. Also, bring in a good financial consultant to prepare financial statements for your company. Any potential lender you contact is going to want to see a strong, professionally prepared financial statement. Even if your business is a start up you can still put together a financial statement with projections. This is acceptable to most any lender. Remember that you’re asking for unsecured lines of credit, which means you don’t have to use assets for collateral. Don’t even think about trying to do this yourself. Really!

And, of course, there’s still the problem of your personal credit situation. Even though you separate it from your business, it’s not going to go away, and will still be a factor in many lender’s decision process. You’re going to have to show that you’re making progress in rectifying the situation. This includes your ability to explain why and how your bad credit happened, and what steps you’re taking to remediate it. So pull your credit from all 3 credit bureaus-Experian, Equifax, and Trans Union and review it. If you’re unsure how to read them, enlist a credit repair company to assist you. Lenders want to see that you’re making an honest effort to correct past mistakes and avoid them in the future.
Essentially, it’s important for you to know that there are lenders out there (many in fact), who are willing to loan your small business money, even if your personal credit is pretty suspect. These companies, and individuals, make their money by making exactly these kinds of loans. It’s their business. Their specialty. It’s what they do. They want to loan you the funds you need. But it’s up to you to put in the effort and make the case that your business is worthy of the line of credit you seek. Remember, the lender is only looking for one thing: Your ability to pay back the loan.
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

Small Business: Having Business Credit Options

Credit – it’s probably one of the most important business tools your small business can have. In fact, it’s not only important, but essential. You need it to grow your business, take advantage of equipment and supply sales or leasing, expansion, and a thousand other things.

Most of the time, a small business doesn’t generate enough capital to supply all its needs. So when opportunities knock, savvy business owners turn to the credit market to take advantage and stay ahead of the competition. But what kinds of credit are available to the small business entrepreneur, and what types are best for his/her needs?

There are many types of credit available to business owners with realistic needs. Some secured, some unsecured. Having multiple credit sources available allows a business to pick and choose which one is the best for any given situation. And since no two businesses are alike, it makes sense that different businesses will benefit from different types of loans.

For many small businesses Unsecured Lines of Credit work well. An Unsecured Line gives the owner a lot of flexibility. You use only the amount of money you need, and can hold the rest in reserve. This can be a big plus, because since you’re only using what you need, your payments are smaller. This helps cash flow, since interest payments are only made on the outstanding balance. No collateral is required. That means no personal property or real estate is pledged against the credit line.

Unsecured Lines of Credit have interest rates starting around Prime and go up from there depending upon various underwriting requirements instituted by the bank. Some of these requirements are easily obtainable and some are a little more challenging. It’s best to be prepared when applying for any type of business loans.

Small Business Loans are the most common source of small business financing, after credit cards. There are a number of sources of small business loans, and with good credit, they’re generally not difficult to get. Some of these loans (SBA, eg.) are secured by the government. Result? Interest rates may be lower than conventional loans. They also can carry long repayment requirements which can be a big help with cash flow.

Straight bank loans (not government backed) can be very challenging to get, especially for a start-up. Unless your business has spotless books, and a solid track record over a period of years, or good financial projections for your start up that are created by a professional adviser, this is probably not a good loan to apply for.

Credit Cards are a great source of credit for small businesses. They can be used for everything from gas, to equipment/supply purchases (depending on the amount of your line). Credit Cards give you flexibility second to none, require no collateral, and give you an excellent way to track expenses.

One type of credit that generally gets little thought, but can be a significant player in fattening your bottom line, is Vendor Credit. This type of credit has a number of advantages: It’s free, unsecured, readily available, and easy to qualify for. And it can only be used for buying from the vendor’s products.

As with personal credit, there are a variety of credit sources and options available to small business entrepreneurs. As with any major decision, it’s always best to consider all the options, compare the benefits against the cost, time and effort involved. In some instances you may find that a combination of credit sources may work best for you. In others, just one.

Whichever way you decide to jump, properly used credit can be a huge boost in growing your business, and your bottom line.

Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

HOW TO START A BUSINESS EVEN IF YOU HAVE BAD CREDIT

So there you sit. You have great plans for a great new business – a sure-fire winner. But there’s a problem. You’re pretty sure your personal credit is less than perfect. Well, actually you know it’s in the dumpster. End of dream? No, start of a plan to get this ship out of dry dock.

Here’s what you have to do:

Find out what your credit score is before you approach any financial institution about a loan. Maybe it won’t be as bad as you think, but you won’t know unless you check it out. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.

There’s another benefit here as well. It’s possible your report may contain errors – a late payment, for example, you know you made on time. Or a claim of a missed payment, when you have the canceled check to prove it was paid. Errors do occur, and if you find any, now is the time to get them corrected, before you go out looking for business funding.

But let’s say that after checking your credit report, you determine that it’s correct, and yes, your credit comes up less than stellar. What do you do then? Get moving!

One thing potential lenders really dislike seeing is late or missed payments. If you had a good reason for that error (family emergency, out of country, hospitalized, etc.), write a letter of explanation to the credit bureau. It’s possible you could get it lifted from your report. You could also enlist the services of a credit repair company, if you don’t know where or how to start. And those high interest credit cards you’ve been carrying balances on? Pay them down to 30% of the credit limit as quickly as possible.

And a word about credit cards: Those colorful little pieces of plastic you’re carrying around are probably worth thousands in credit. If you’re like most folks, the temptation to use them to pay for less-than-necessary items (do you really need another flat screen TV?) could be a problem. If you can’t control your personal spending, do you really think a loan officer will think you can control your business spending any better? No! It really isn’t that hard to do, and whatever credit problems you might have, can be overcome by good financial management.

You can do it if you want to. Straighten out your credit problems well before going to any bank. While loan officers look fondly on borrowers with excellent credit, they also appreciate those with less-than-perfect credit who have recognized and corrected the situation. It says a lot about you and your worthiness to receive a loan. The key is to start establishing your business credit so that your personal credit doesn’t become as important. You should start doing this immediately, even if your business is a start up. There are lenders that will loan to start ups as well as established businesses but you must have your business set up correctly as a business and not as a hobby.

You can work from your home and still be a legitimate business as long as all your documented information (EIN, State filings, business licenses, business phone number and address) is consistent. This is the key to unlock the doors to business funding.

And finally, one last word about credit: Once you do get your lines of credit or business credit cards, never, ever think about co-mingling your business and personal credit. Keep credit cards separate, as well as bank accounts. The temptation can be awfully strong to co-mingle, but it’s a path you don’t want to go down.

Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com

HOW TO GET YOUR 2ND BUSINESS LOAN

Good for you! You were able to get that all important 1st loan to start your fledgling business. Now you’re up-and-running, business is humming, and things are looking rosier than a horticultural shop in May. Time to sit back and smell those roses? Not quite. You’ve gone from working 10 hours a day to 12. You need money for expansion, marketing, people. You need to go back to the bank. But since you’ve already been successful once, you shouldn’t have any problem getting a second loan, right? Should be a snap!

Well, maybe not quite that easy. Because your loan officer is going to look at you just as hard the second time around as he/she did the first. There are no free passes when it comes to getting credit, so you better be prepared to look good.

Here’s how you do it:

First and foremost, make sure your business credit is in good shape. That means that all business credit cards have been paid in a timely manner, as well as bills from suppliers, utilities and the like. To find out how you stand, check with Dun & Bradstreet. They keep tabs on virtually all small businesses, and will have a record of your payment performance. If by some chance, there’s a blot on your record, find out what it is. You can be certain your loan officer will want to know what’s it’s all about. It’s up to you to make sure it can be explained, or better, removed before you apply for a loan. Don’t have a Dun & Bradstreet credit profile? Get signed up as soon as possible. A Dun & Bradstreet credit profile is the best way to get your business credit on track and supercharge your business with vendors and lenders. This demonstrates to the banks that your business is a real business and not “in a van down by the river.”

Ask for more than you actually need. It may sound scary, but remember you only use it as you need it. That’s the beauty of unsecured lines of credit. Yes, bigger loans mean bigger payments, but remember you only pay on what you use. This is about getting the right amount of unsecured lines of credit so that you don’t necessarily have to go back to the bank anytime soon. Applying for too small a loan can be just as dangerous as applying for too big a loan. Because then you have to keep going back. If you ask for the right amount then it will sustain your business for a little longer.

Clear up your personal credit if you have any problems. Your credit was probably pretty good when you were granted your first loan, but if for some reason it’s taken a hit since then, you’d better clear it up – and fast! Even though your business may be booming, lenders know that personal credit problems could carry over to your business down the road. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.

Anticipate, organize and be prepared when you make your loan application. Sounds simple enough, but have your financial consultant prepare an interim financial statement, incase the banker asks for it. However, remember that you are applying for unsecured lines of credit so you don’t have to put up your business or personal assets for collateral. In short, anything that will make you look more professional and prepared in the eyes of your lending officer, but don’t offer it if they don’t ask for it. The fact that you’ve prepared this material means less work your lending officer. Nothing wrong with that scenario!

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com