Can you honestly look at your business and say yes I have business credit, I understand how it works and am prepared to tackle my finances?
Unfortunately, according to Enterprenuer.com, 90% of business owners know nothing about business credit, and ironically about 90% of businesses in the United States that open end up failing and closing their doors for good. In most cases, business owners have to choose whether they want to have good personal credit or money to grow their business. They have no clue that you really don’t have to choose when you build your business’ credit.
You may be interested in getting business funding, but are thinking how can I do that? What are my options and what is the best way to tackle it without ruining my credit, or digging myself into a hole? We have all been there, needing inventory, needing cash flow, trying to build and expand but can’t because the capital isn’t always there.
Well, this is how we can help! Pennington Consulting Group offers multiple options for you and your businesses credit. We have Unsecured Business Loans, Factoring Loans, IRA/401K Financing, Asset Based Financing and many other options. But how is this possible without ruining your credit? Let me explain…
You need money to grow, there is no doubt about that. This is something that no matter what stage of business you are in, it’s a fact. Without money and capital to grow you might become a sinking ship. Every highly successful company has business credit, so the business can use its own credit to grow, and not your personal.
But what about you? Do you have business credit established now? Are you able to go out right now and get high-limit store and cash credit cards for your business…without even having to provide your social security number on the application? If not, we need to talk about business credit and how you can get it.
Business credit is credit that is obtained in the business’ name. With business credit, the business builds its own credit profile and credit score. With an established credit profile and score, the business will then qualify for the credit. This credit is in the business name and based on the business’ ability to pay, not the business owners. Since the business qualifies for the credit, in some cases there is no personal credit check required from the business owner.
This can double the borrowing power because you can utilize the businesses credit and personal to grow and develop.
Business credit scores are based only on whether the business pays its bills on time. A business owner can obtain credit much faster using their business credit profile versus their personal credit profile. Approval limits are much higher on business accounts versus personal accounts which is yet another benefit. Per SBA, credit limits on business cards are usually 10-100 times higher than consumer credit.
So now that you understand what it is, what are you waiting for? Sign up today for a FREE consultation to find out how to get your business credit and get funding for your business TODAY!