Consistent cash flow history leads to greater perceived credit history, which may increase your chances of obtaining external financing. In reviewing your credit history, lenders will examine the 5 Cs: capacity, character, collateral, capital, and conditions.... Read More
Building business credit is essential for companies, but knowing the credit of other businesses is also important. Protecting your business credit and knowing the credit of your partners and vendors can prevent any disastrous loses.... Read More
Minimize your credit risk to build business credit by using vendor transactions. When applying for vendor credit, verify the reporting, frequency, and credit limit of potential vendors, because these factors determine your business credit.... Read More
Take steps to qualify for building business credit by naming and incorporating your business, obtaining an Employment Identification Number and business licenses, and opening a business checking and a trade account.... Read More
Poor personal credit makes it difficult to obtain good business credit. Lenders use personal information to determine trustworthiness and character, so it is important to monitor your credit report and correct any errors.... Read More
Cash emergencies can create panic for small business owners who generally run a tight ship. Though credit cards may seem like a good resource to take advantage of to avoid shrinking your cash reserves, it is often better to use cash to cover expenses during shortfalls. Selling assets that do not help build revenue is one option for attaining needed cash. If credit cards are your only option, comparing them against taking out a small business loan.... Read More
Randy Garn, entrepreneur and coauthor of Prosper: Create the Life You Really Want, explains why you shouldn't let fear or uncertainty keep you from moving forward with your goals.
Depending on your business legal structure, bad business credit may not negatively affect your personal credit, Harvey Warren explains.
Click here to watch the full-length interview with the author of Drop Debt: Surviving Credit Card Hell Without Bankruptcy.
There are many financing options for your business. Harvey Warren, author of Drop Debt: Surviving Credit Card Hell Without Bankruptcy, explains how knowing your company's specific financial needs will allow you and your banker or lender better determine the best financial solutions for your business.
Click here to watch the full-length interview.