If you’re a small business owner, you most likely have concerns on getting funds to expand your business. Your not alone, most business owners have the same concerns as you. Therefore it’s imperative to start building your business credit now while you’re conducting business. It can only help when you are ready to expand your business and start talking to lenders
In most cases, lenders would prefer to offer secured line of credit in which collateral is put up for guarantee. But if the business owner does not wish to put personal assets into a business venture, applying for unsecured line of credit should be considered as an option. However, you as a business owner must keep in mind that unsecured business lines of credit do not get approved very easily, if at all. In order to improve their chances, business owners need to implement several strategies.
First step would be to have your business properly established as a separate entity from your personal life. It would be in your best interests to file the business as a corporation or an LLC. Whatever you do make sure you list your business as a corporation or an LLC and don’t file a business alias because you’ll have much less of a chance of getting any type of loan (much less an unsecured line of credit) for your business only. That’s because a sole proprietorship is really not a business entity and your personal assets are still at risk.
Once the business is filed, then start establishing good habits to build your business credit rating. You should allow for time for your business to accumulate a decent business credit score history, the more time the better. Most lenders would require at least two years of operations, preferably devoid of any unfavorable financial practices such as late payments or near bankruptcies. As you keep your business credit clean you’ll be considered less of a risk when it comes time to apply for these loans.
For more information on unsecured business lines of credit, visit http://www.buildingmybusinesscredit.com.
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[...] Small Business Association NT wrote an interesting post today onHere’s a quick excerptHow to Get Started in Obtaining an Unsecured Business Line of Credit November 2nd, 2008 Subscribe To Our Feed If you’re a small business owner, you most likely have concerns on getting funds to expand your business. Your not alone, most business owners have the same concerns as you. Therefore it’s imperative to start building your business credit now while you’re conducting business. It can only help when you are ready to expand your business and start talking to lenders In most cases [...]