07 Jun

Building Business Credit

5.00 out of 5
(2 customer reviews)

$150.00

Solid business credit allows you to obtain more working capital for your business at lower rates. Even if the credit is in the form of store credit, this can be used for some to purchase goods that the business needs and increase your business’s cash on hand.

Perhaps the most important benefit of separating your business credit from your personal credit is that in the event that your business is in trouble, your personal credit and assets are protected once your company is structured correctly.

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Product Description

If you are like most small business owners, growing your business is both hurting your personal credit and draining your resources that can be used for your personal expenses. According to a study done by the SBA, 92% of all business loan applications are done based solely on the merit of the applicant’s fico and personal assets.

We all know that Capital is the life source of any business and the lack of capital is one of the major reasons for the failure of businesses in America. Business Credit is an alternative source of capital and is an area of financing that every entrepreneur should be well versed in. Without spending time and resources on establishing business credit, entrepreneurs are missing out on the single largest source of lending in the world. Business Credit is simply the best kept secret by winning companies.

 

There are many advantages to establishing and maintaining solid business credit but going through all of them will involve me writing another book.

A few of these benefits are:

Solid business credit allows you to obtain more working capital for your business at lower rates. Even if the credit is in the form of store credit, this can be used for some to purchase goods that the business needs and increase your business’s cash on hand.

Having separate lines of credit in your business’s name makes it easy to keep your business expenses separate from your personal expenses. This means when it comes time to file your taxes, you’ll already have separate financial records for business expenses and personal expenses, making both your life and your tax attorney’s life simpler.

With most business credit line, you have the luxury of requesting additional cards for authorized employees to use. You can even control the spending power of each individual card.

Perhaps the most important benefit of separating your business credit from your personal credit is that in the event that your business is in trouble, your personal credit and assets are protected once your company is structured correctly.

Interesting Fact

More money is leant to companies than real estate investors, home owners, car owners and all other borrowers combined.

 

 

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