As an entrepreneur, you are hardwired to enjoy higher levels of risk than the average person. But you enjoy the thrill of entrepreneurship and investing enough to be willing to take risks:
-Being chased by creditors?
-Declaration of bankruptcy?
-Has the mortgage been rejected?
-Are you paying more than your fair share of interest on your loans?
-Will you lose your house?
If you answered "no" to one or more of these questions, this may be the most important news you've read in a long time.
Because if you're like most entrepreneurs, investors, and business owners I've met over the past 28 years, you're at risk of facing all of these dire problems.
And all because of your business.
You see, entrepreneurs usually make one or more financially devastating mistakes when financing the startup, operation, and/or growth of their businesses. In most cases, they do not realize that they are making a mistake.
And truth be told, even if they realize they're making a mistake... lulling themselves into thinking the consequences will be little annoyances.
Until one day, they don't qualify for a mortgage. Or they can't get the necessary financing offered on the new car they're buying. Or they are hounded by creditors and end up having to declare bankruptcy.
And it's all because they use their personal finances to fund the start-up or expansion of their business. They then use personal credit cards to pay for business expenses. If you are running a business or thinking about starting a business, a business loan is a must.
Let me explain that most business owners have no idea they can get a business loan and even less know how to get a business loan. If owners took the time necessary to educate themselves about establishing credit, they would no longer need to use their personal funds for seed capital or working capital.
They will also be able to use business credit cards that do not report to their personal credit reports and therefore do not lower personal credit scores.
It enables you to obtain the capital you need to expand, cover day to day expenses, purchase inventory, hire additional staff and allows you to conserve the cash on hand to cover your cost of doing business. By taking the necessary steps to build business credit, the more financial opportunities your business will have.
However, the most important purpose of a business loan is to obtain unsecured business lines of credit, which can be done once the business credit profile is set up properly. Once a business gets unsecured business lines of credit, it has the working capital it needs to start a business or expand its business. The business owner has control over the checkbook to use business lines of credit as they wish. And best of all, business lines of credit don't report to a business owner's personal credit report.
If you have your business profile set up correctly, there are a number of banks that will lend to brand new start-ups. That's right, a brand-new business to start with no track record. Banks will extend unsecured business lines of credit, so they can have the seed capital they need to finance the business of their dreams.
Make no mistake about it; A business loan is a must for every business owner. Don't put your personal assets at risk of financing or financing your business!
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