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4 Tips to Obtain Business Credit

So you have a profitable business? Great!

You may have the ability to expand the reach of your business, but you need capital, now what do you do? Let’s see if you can obtain some credit for your business. Here are some potential credit sources for your business:

1. Apply for a business credit card or line of credit: This maybe a more difficult than it sounds, but if your business has been in operation for two years or more, you may qualify for a business credit card or line of credit.  In most cases your personal credit may be considered in the bank’s decision.

2. Speak with your suppliers: If you have been in business for some time, you are probably using a few of the same vendors over and over. If that is the case, speak to your suppliers, negotiate terms that will allow your business to receive the merchandise now and pay within thirty or sixty days. This will allow a little relief for cashflow purposes.

3. Apply for a retail card: Office supply companies, gasoline companies, electronics and computer vendors will offer businesses a credit account.  In some cases, it may be better to obtain one of the these cards from a vendor you purchase from often if payment terms are not negotiable.

4. Seek an investor with resources: I am sure you have seen the show Shark Tank.  If you know of a savvy investor with some business connections, it may be time to put a professional proposal together and make a pitch.  Savvy investors bring more than mere money to the table.  Like the “sharks” on Shark Tank, savvy investors also bring connections and other resources to the table. They know who to speak to, they go around the gatekeepers because they have the king’s number in their cell phone or just played golf with them yesterday.  Not everyone has access to a savvy investor, but if you do, you typically get one chance to pitch your business.  Make that pitch count.

 

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About Frederick Towles

Frederick Towles is an entrepreneur, author and professional coach on personal finance, recognizing, seizing and leveraging opportunities of all kinds. Frederick founded The Towles Group Inc. to address issues that relate to small businesses and individuals – accounting, taxation, asset protection, financial compliance, wealth creation, debt management and business management. He also founded Unlimited Expectations Inc. which provides tools for individuals to assist them in the areas of opportunity recognition, leadership and personal finance. Through the tools and services offered by these companies people are positioned to operate their lives and their businesses at optimal capacity.

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