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8 Replies Last post: May 5, 2009 11:21 AM by funds2924

How do i get a line of credit for my business

Apr 3, 2009 12:30 AM

Click to view cstyle's profile Professional cstyle 3 posts since
Apr 2, 2009
I need a small loan/line of credit to get my business started off a little better an m credit is not the best.
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Click to view ggoodard's profile Mogul ggoodard 79 posts since
Nov 29, 2008
1. Re: How do i get a line of credit for my business Apr 3, 2009 8:37 AM
What is your business, how long have you been in business, how much money do you need?
Click to view ilyab0dner's profile Mogul ilyab0dner 63 posts since
Aug 27, 2008
2. Re: How do i get a line of credit for my business Apr 3, 2009 8:57 AM

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.


Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.


Good luck,


Ilya Bodner

Small Business Owner

Initial Underwriting Group

Click to view BizSolutions's profile Mogul BizSolutions 63 posts since
Jan 11, 2009
3. Re: How do i get a line of credit for my business Apr 3, 2009 7:53 PM
Hi,

Please email me as I may be able to offer some solutions.

Monique@accuratefinancial.info

Click to view cstyle's profile Professional cstyle 3 posts since
Apr 2, 2009
4. Re: How do i get a line of credit for my business Apr 7, 2009 6:55 PM
in response to: ilyab0dner
than you for that helpful information I am looking it up asap
Click to view cstyle's profile Professional cstyle 3 posts since
Apr 2, 2009
5. Re: How do i get a line of credit for my business Apr 7, 2009 7:02 PM
in response to: ggoodard
I am a retail business and my open date is April 30th I have bought most of what i need I need a little help getting other things. I need about 5 thousand.
Click to view wilfin's profile Mogul wilfin 106 posts since
Feb 22, 2009
6. Re: How do i get a line of credit for my business Apr 7, 2009 8:29 PM
cstyle, just be extremely careful of those companies that will build your business credit and charge
extensive up front fees. Isn't it amazing how so many companies come out of the woodwork telling
you what you can do......all for big upfront feeS.
Click to view funds2924's profile Mogul funds2924 36 posts since
Jan 14, 2009
7. Re: How do i get a line of credit for my business May 5, 2009 11:21 AM
in response to: cstyle
I can help email me at funds@innovativereturns.com
Click to view funds2924's profile Mogul funds2924 36 posts since
Jan 14, 2009
8. Re: How do i get a line of credit for my business May 5, 2009 11:21 AM
I can furnish some assistance email me at funds@innovativereturns.com

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