| There are many options available for the small | | | | checking account so during the promotional period you |
| business owner that will allow them to provide their | | | | have free access to these additional funds. |
| business with the credit and financing necessary. | | | | Traditional banks also offer two other widely used |
| There are specific and measurable strategies and | | | | business credit options, the line of credit and equipment |
| benefits to using business credit to build your business | | | | financing. A line of credit is similar to a credit card with |
| faster and cheaper than without business credit. The | | | | the only difference being that you have cash access |
| old adage is, "the banks will only give it to you if you | | | | to 100% of your available credit. The best part of |
| don't need it." The key is to maintain at least twice as | | | | having at least one line of credit is that you can write |
| much business credit as you need to hedge against | | | | yourself checks and not pay the fees that are typically |
| any slow times or to be liquid enough to take | | | | associated with credit cards. Depending on the age |
| advantage of once-in-a-lifetime opportunities. It's not | | | | and financial state of your business you can qualify for |
| easy for most people to raise $250,000 or more for a | | | | anywhere from $10,000 up to $1,000,000 in a cash |
| small business to expand but if you understand the | | | | access line of credit, think of the possibilities. These are |
| options available and take the steps necessary it can | | | | typically thought of as unsecured financing because |
| easily be realized. | | | | there is typically no collateral or equity that secures the |
| The most important thing about obtaining large | | | | financing. |
| amounts of business credit is to have an officer of the | | | | The second type of bank financing is called equipment |
| company, with impeccable credit, personally guarantee | | | | financing, which is can be thought of as secured |
| the loans. If this isn't possible, you will still be able to | | | | financing for things that a business needs to operate. |
| access a significant amount of credit but the process it | | | | The best thing about this type of financing is that |
| will not happen overnight. For those small business | | | | banks are much more lenient as to the amount of |
| owners with no credit or bad personal credit there are | | | | funds they will approve your business because the |
| still options to access quick financing, one being bringing | | | | funds are secured by the equipment you purchase. So |
| on a silent partner to do nothing but guarantee the | | | | whether you need a printing press, a new lawnmower |
| financing. Make sure and run this by professional | | | | or in some cases a new company car this financing |
| counsel before trying to implement. | | | | option might be for you. |
| The easiest business credit to obtain is business credit | | | | No matter what, you need to have good personal |
| cards and the majority of which have phenomenal | | | | credit in order to secure the highest form of business |
| promotional deals such as 0% for 12 months or 2.9% | | | | credit. If you are building business credit to obtain this |
| for life, just for example and it is very possible to have | | | | same financing without a personal guarantee I suggest |
| access to $50,000 to $150,000 in revolving business | | | | you work on perfecting your personal credit at the |
| credit in within a short period of time. There are even | | | | same time. You will be happy you did when you are |
| cards that will easily hand out $25,000 and allow you | | | | trying for those $1MM lines of credit. |
| to balance transfer that amount into your business | | | | |