This year is starting off in a very rough way for many small business owners. Mid-size and large companies are all dropping proposed projects. The credit squeeze is on!
Companies can't get the financing that they were relying on, deals aren't getting done, and the ones that really suffer are the small business owners that rely on the economics of the larger corporations. Citi Bank just reported a $10 billion dollar loss. Other banks are in similar situations. Deals are just not going to be done the same way they were. (By the way, a $10 billion dollar loss is the equivalent to the ENTIRE economy of Iceland, or Jamaica. A $10 billion dollar loss is the equivalent to both the Republic of Congo and the West Bank being wiped out simultaneously.
So what are the small business owners doing to get out of this miserable downward spiral? How do you expand a business? Even hotter is the question on everyone's mind: how do you start a project or a venture? More and more, eyes and ears are turning to business credit. Not only the small business owners desperate for loans, but the financing companies themselves are turning to business credit. Dell Financial, for example, is the largest lender of custom computers to small business owners and they have started a major push in 2008 towards business credit based loans. Dell.com/bizcredit has published education material to help small business owners understand the importance of business credit and how to obtain credit lines under the business name. Other major lending institutions are following Dell's footsteps and are joining alternative financing lenders in business credit based loans. If you are a business owner without a business credit profile, start now! This is the future to all lending, short term and long term.
Begin your search online for a business credit and business credit building service. Search for "strong business credit" (including quotation marks) via Google or Yahoo to find a company that is right for you. Expect to spend around $1,000.
Sincerely,
Ilya Bodner
Small Business Owner
Initial Underwriting Group
*Breaking Down The Barriers To Small Business Financing*
www.initialunderwriting.org
www.strongbusinesscredit.com
Thursday, January 17, 2008
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3 comments:
I am looking at getting a business line of credit, and I have been reading that I should look into establishing business credit. I have been told that to establish business credit it costs money. I know that you have to get business credit cards just like you would for your own personal credit.
I am trying to establish business credit as well, but I keep running into road blocks. It seems as if every lender that I have applied to are requiring me to do a personal guarantee. I am getting to the point to say the heck with this business venture and go back to school to get a graduate degree. I really do not want to do this but my options are limited.
Business Credit takes time to establish and for best results it is recommended to hire a mentoring service.
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