Small Business Credit Sources Pat Gage Discusses Rebuilding good Credit fast and Obtaining a Business Line of Credit
Released on: July 1, 2008, 1:26 am
Press Release Author: Pat Gage
Industry: Financial
Press Release Summary: One can never have too much credit, however, only use what is needed as it's needed
Press Release Body: Credit is one of the most essential business tools a small business can have, to grow their business, take advantage of equipment and supply sales or leasing, expansion, and many other things.
Most of the time, a small business doesn't generate enough capital to supply all its needs. So when opportunities knock, savvy business owners turn to the credit market to take advantage and stay ahead of the competition. But what kinds of credit are available to the small business entrepreneur, and what types are best for his/her needs?
Pat Gage recently spoke to a group of people at a convention where he shared information on the many types of credit available to business owners with realistic needs. He explained that having multiple credit sources available allows a business to pick and choose which one is the best for any given situation. And since no two businesses are alike, it makes sense that different businesses will benefit from different types of loans. For many small businesses Unsecured Lines of Credit work well. An Unsecured Line gives the owner a lot of flexibility to use only the amount of money one needs, and hold the rest in reserve. This helps cash flow with payments being based on the amount used and interest payments are only made on the outstanding balance. No collateral is required so no personal property or real estate is pledged against the credit line.
Pat says small Business Loans are the most common source of small business financing, after credit cards. There are a number of sources of small business loans, and with good credit, they're generally not difficult to get. Some of these loans (SBA, eg.) are secured by the government. Result? Interest rates may be lower than conventional loans. They also can carry long repayment requirements which can be a big help with cash flow. Pat also discussed other sources of credit, including straight bank loans (not government backed, credit cards and vendor credit.
As with personal credit, there are a variety of credit sources and options available to small business entrepreneurs. As with any major decision, it's always best to consider all the options, compare the benefits against the cost, time and effort involved. 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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