What Steps Do You Need to Take to Get Funded?

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How to Obtain Funding for Your Business When You NEED It?

Jeannie is a wedding planner. Business has been slower than usual for the past few months and her cash is low. There is an Expo coming up in two months which she expects to generate a great amount of business. However, she is about to shut her doors because she cannot pay the bills. She wants to get a loan to stay open until the Expo.

Is she going to get the loan she so desperately needs? Of course not, because her business has no credit.

Lenders look for safe risks to take when they make loans. This is because they want to be paid back. When you are desperate, chances are that you will not pay the lenders back. Consider Jeannie, when Jeannie shows up at the bank, the banker will see (1) her income has been next to nothing for a few months; (2) bills are not getting paid; (3) her business is losing money. If you were the bank, would you lend Jeannie money?

The only way to obtain funding when you truly need it is to have the funding always available to you by building your business credit. Otherwise, it is always TOO LATE. It is just like a fire extinguisher. The purpose of having it is so that it is available when you need it. It is always too late to buy one when there is already a fire.

Had Jeannie taken the time to build up the business credit for her business, the cash loans or lines of credit would have been there for her taking. She would have avoided the emergency and her business could have kept up normal operation. Instead, Jeannie now has no other choice but to borrow money from family and put her family’s finance at risks.

Do not wait until it is too late like Jeannie. If you want to be a smart business owner, you need to start building up your business credit today.

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