ForumsFinancing Tips

Typically with that..you still have to sign a personal guarantee to secure the debt or line, right? I own a couple of small businesses and I continue to find troubles in obtaining credit or lines as it is in reality my assets and not the companies so when I look at my personal credit report it does show the debt or line on my report. Any way around this?

Very good point. I received a line through my bank Umpqua Bank here in the Northwest due to my personal financial statement. I have run several organizations for GE Capital and Fidelity Investments and the bottom line is that if you do not have receivables then, you are securing loans and lines with personal assets. I have a mortgage, real estate and real estate developement company and because the only asset we have is human capital, in other words our thoughts and advice. IT seems we secure everything thru my personal credit.

You have the right idea registering with Dunn and Bradstreet, now you need to begin to build your credit. First go to Offfice Max and tell themu want to open a business account. Bring with you your business license, DBA, and Sales Tax and Use permit. If you don't have these things email me and I will email you with specic instructions on how to obtain them. Office Max is the most lenient. You do not have to make a great amount of purchases just make sure you use your account and make your payments on time.

There is a Company that specializes in helping people build business credit. If done properly you can have business credit enough to obtain a $100,000 credit line within a year. It is very important to have a business address and a phone that is for business only. It can even be a cell phone as long as it is answered with the business name and is avalable during normal business hrs. If you will email me at geezer52@gmail.com I will get the the name and contact information for the company. If you go to Office Max do not give them your SS number. And it is best to incorporate. This reduces your personal liability and seperates you from your business. Being a law student incorporating should be a piece of cake for you and Texas only charges about $300.

Good luck with your new endeavor

It is especially hard right now to get business loans without near perfect credit rating. Depending on the type of your business and development goals, you might also consider an alternative to credit-based bank loans. For instance, service/consulting businesses, IT companies (like Spartacus mentioned) or other start-ups without long line of business or personal credit may consider revenue stream-based financing, which establishes future cash flow as an asset. If you would like more information on this, email me at juheakim@princeton.edu. Good luck!

The name of the business is Business credit Services and they can be reached at 866-254-6070 They have over a 90% ratio of helping small business men build major business credit within a year.

Ed

Its difficult as a new business owner to get credit for a business loan. But a good way to start building credit under your business is to get approved for a business credit card. I would suggest trying this credit card site....www.CreditCards-N-Motion.com.....I applied their for 2 cards over the course of 3 months and got approved pretty quickly. They have a good choice of business credit cards that will meet your needs.