To
Successfully Obtain A Business Loan Every Business Needs A Coach
If you
are a business owner the task of obtaining business capital can be very
daunting. Most businesses fail because they have never been taught how to
obtain financing and therefore they have no clue where to begin. The Small
Business Administration reports that 97% of business loan applications
fail.
The
importance of seeking expert assistance when setting up business credit
has many business owners turning to a business finance coach to help them
establish their business credit. One of the biggest mistakes made by
business owners is that they attempt to obtain business financing using
their personal credit. You should never use your social security number to
obtain business financing. Personal credit has to be separated from your
business credit.
Until
your business has three separate business credit scores, any financing
that your business receives will be based solely on your personal credit
scores and your personal assets. A good example of this would be if you
wanted to buy a home, but you had no personal credit scores. You would get
declined, and funding a business is no different. You need to have
business credit scores established to even get looked at for a business
loan. Having business credit scores established are just a start in the
finance process. There are 20 other items that must be in place before you
apply for business loans.
The
process of establishing business credit is much more complicated than
setting up personal credit. There is one business credit agency that will
try to charge you $500 just to open your credit file. You do not have to
pay it, and a good business finance coach will show you why you don’t have
to pay it. A good finance coach will set you up with all three reporting
credit agencies as well.
A
business finance coach instructs business owners in a step-by-step format
on exactly what they must do to get their business ready to be approved
for financing and how and why to build the business credit scores they
need to get approved. A coach will show a business how to not only build
business credit, but to build good business credit that the banks and
other lending agencies will use to approve your loan request. A good
finance coach will typically direct you to sources for business credit
cards, vendor lines of credit and for other creative forms of financing.
To find
a business finance coach to help your business build excellent business
credit scores you might go to your favorite search engine Google, Yahoo,
or MSN and do a search for the phrase “business finance coach”.
Corey Pierce may be contacted at
http://www.businessfinance.com
paul@businessfinance.com
Corey Pierce is the CEO of BusinessFinance.com a business capital search
engine with the funding criteria of 4,000+ sources for business capital.
Visit
www.businessfinance.com to search
the funding directory for free.
