Obtaining business credit cards is one early step towards building your business credit. This is not the same as using your personal credit to obtain a credit card with your business name on it.
Obtaining a business credit card relies on your business credit information, not on your personal credit information.When you are beginning your business, you will probably need to use your personal credit.
After you have fulfilled certain basics, your business should rely on itself for credit.These basics include incorporating your business as a legal business entity. This does not include DBAs (individuals Doing Business As company x). Consult a local business attorney about incorporations are available in your state.
Another basic for building business credit is establishing a business phone that matches your business address in the national 411 directory. Having a “Home Office” address are okay, too. Just make sure you are listed as a business in 411 and that your information is correct at the state and county levels. Always give lenders this same information.
The last basic step involves building credit with your vendors. If you are in the service industry, you can develop accounts with your office supply, Internet, and phone service providers. Otherwise, get a credit account with your suppliers that you may already be using.
Now you are ready to apply for a business credit card. Use all business information on the business credit card application. Use business sales numbers, list other business assets and liabilities. Use the Debt To Income Ratios that are in the 10 Steps To Money System to ensure accurate figures that the bank will approve.
List business creditors (your vendors) and use business references. Simply put, make your business stand on its own when obtaining business credit.
Once you have a business credit card or two, use them for business expenses only. Carry some balance on them month-to-month, but plan on paying almost all of it off monthly.
Do not use your business credit card to purchase items for which you could otherwise obtain business financing. Your long-term goal should be to establish solid overall credit for your business.Establishing solid credit for your business is relatively easy to do if you start by following the three steps above. Then get business credit cards to further build your business’s credit.
With good business credit as your foundation, you are now ready to get a business line of credit that does not depend on your personal credit.While a business credit card is a great tool for using credit for business purposes, as with any tool, use your business credit card wisely and it will serve your business well.
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/
Showing posts with label credit lines. Show all posts
Showing posts with label credit lines. Show all posts
Friday, February 20, 2009
Wednesday, August 6, 2008
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
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
Wednesday, July 16, 2008
American Capital Commits $300 Million to Core Business Credit
BETHESDA, Md., May 19 /PRNewswire-FirstCall/ -- American Capital Strategies Ltd. (Nasdaq: ACAS) announced today that it has committed $300 million to Core Business Credit, a newly-formed commercial finance company that will provide asset-based financing to middle market companies nationally.
American Capital's investment takes the form of subordinated debt and equity.
In addition, Core has secured a $125 million senior credit facility with Autobahn Funding Company, LLC, an asset-backed commercial paper conduit sponsored by DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main. This makes Core's total committed capitalization in excess of $425 million.
"In the current environment, middle market companies need access to capital and Core will provide an attractive solution," said Bob Grunewald, Managing Director, American Capital Financial Services Group. "Core will be a unique combination of a national lender with a broad product offering, yet high-level customer service and access to senior management."
Based in Dallas, Core plans predominately to make asset-based loans secured by accounts receivable, inventory, equipment and owner-occupied real estate.
This is another way to get capital for your business. It just goes to show you that even in this "credit" crunch that their are compaines that are giving business credit. Now this is asset based lending which is different than unsecured Business Lines of credit that I teach about, but this goes to show you that this industry is not stopping the flow of money to companies.
What do you think, love to hear from you?
Pat Gage
www.10stepstomoney.com
American Capital's investment takes the form of subordinated debt and equity.
In addition, Core has secured a $125 million senior credit facility with Autobahn Funding Company, LLC, an asset-backed commercial paper conduit sponsored by DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main. This makes Core's total committed capitalization in excess of $425 million.
"In the current environment, middle market companies need access to capital and Core will provide an attractive solution," said Bob Grunewald, Managing Director, American Capital Financial Services Group. "Core will be a unique combination of a national lender with a broad product offering, yet high-level customer service and access to senior management."
Based in Dallas, Core plans predominately to make asset-based loans secured by accounts receivable, inventory, equipment and owner-occupied real estate.
This is another way to get capital for your business. It just goes to show you that even in this "credit" crunch that their are compaines that are giving business credit. Now this is asset based lending which is different than unsecured Business Lines of credit that I teach about, but this goes to show you that this industry is not stopping the flow of money to companies.
What do you think, love to hear from you?
Pat Gage
www.10stepstomoney.com
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