Pat Gage Explains Business Funding to a Group of Investors in Burlington, Vermont Lines of Credit for Your Business, even if you have Bad Credit
Released on: July 13, 2008, 10:42 pm
Press Release Author: Destiny Now, LLC
Industry: Financial
Press Release Summary: There is a way for most anyone to obtain a line of credit to suit their business needs these days
Press Release Body: Pat Gage attended a lunch meeting with a group of investors who were discussing going into a joint business venture. Their main topic of this meeting was obtaining start up funds. Pat explained the different types of programs available and different lenders who specialize in special credit programs, for example, offering bad credit business loans, or loans for new start ups that do not have a credit history in place yet. These lenders fill in the gaps traditional lending institutions leave out.
Pat covered different types of business lines, security, collateral, terms and how to decide which is right for a particular business. He also warned to never to commingle personal and business assets. A home equity line of credit is not the way to raise business capital.
A home equity line of credit is usually secured with the house one lives in. Some people use their home equity line of credit to remodel or add on to their home, thus raising its value and allowing for a higher line of credit.
Some people use a home equity line of credit to finance their child's college tuition. Still others use their credit line to go on vacation. All of these can be good uses of a home equity line of credit, because one is using it for personal use.
Pat told about the alternative for business owners; get an unsecured business credit line, business credit cards, and other unsecured business credit, if the business has a solid credit history. Individuals can also sometimes get an unsecured line of credit, but these are called personal loans. Businesses with good business credit can get a much higher limit on an unsecured line of credit.
Pat shared a list of advantages of an unsecured business line of credit:
. A higher credit limit than any personal loan type. . Lower interest rates. . There are no application fees. . No appraisals or appraisal fees. . There is no collateral required. . Funds can be used for any business reason.
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty - starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach, but also a national speaker. For more information on any topic discussed, visit Gage's site at http://www.10stepstomoney.com
Contact:
Destiny Now, LLC 33006 7 Mile Road Suite 423 Livonia, MI 48152
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