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| Small Businesses Have Credit Options Even in This Market |
By:
Patrick Gage |
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In today’s world, some small businesses only need a few thousand dollars to start-up or expand. But realistically, many small businesses need a line of credit of at least $30,000 up to $100,000 to finance a small expansion. In fact, small businesses that need less than $10,000 or $20,000 may apply for what is called a micro business loan.
Small business owners are receiving solicitations for business credit cards and lines of credit with terms and conditions especially suited for small business credit needs. The small business credit solutions available to small business owners today offer terms just as flexible as a big business’s line of credit would be.
Before you jump out into the world and try to find that business credit or funding, you need to make sure you are getting the right kind. Many credit card companies will offer credit for your business that is attached to your personal credit. That is not going to do your company any good in its quest for independency from your personal credit record. It needs to be able to stand on it's own two feet, not be leaning on your credit.
In order to accomplish this, you will have to set up your company as a legal business, not a DBA, and make sure all applications you file are listed as the company, not with your name attached.
In the past, businesses would have to maintain good vendor line of credit relationships for a while before other business credit opportunities could be pursued. But in today’s business climate, there are lenders who are offering business credit cards to upstarts and lenders offering a business line of credit to businesses that have not even opened their doors.
You should consider adding a couple of business credit cards and a business line of credit, whether you currently need them or not. It is harder to get a loan or line of credit for your business when your business really needs the money. Instead, expand your small business credit lines while your business is going well.
Small business credit is more readily available and more adaptable than ever before. Now is the time for small business owners to dream big. The business credit options that are available today can make that dream possible.
Pat Gage, The Opportunity Creator, has over 18 years experience in money and finance, business building, real estate investing and marketing. The Opportunity Creator is not only a sought-after business coach but he also is a national speaker, trainer, and life-long entrepreneur who himself has started several companies.
For more information, visit Gage’s site at http://www.10stepstomoney.com |
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