When you are looking to obtain or increase access to credit for your business, it is very important that you understand what the lenders (whether banks or Suppliers) are looking to see.
“This is especially important when you are financing a business without using a personal guarantee Said Craig Aberle, an Expert on Business Credit and the author of Business Credit Secrets. When credit extended is being considered, the bank has two separate decisions to make- Question #1 is Should this business be extended credit”? and #2- “HOW MUCH credit should we extend?”
In many cases, the important point is to be approved for credit. The size of the line is irrelevant. For example, $750 is the credit line that staples will give most new approved applications. When an applicants application is received, the very first thing they do is check if you have a business phone line, which is verifiable with 411.
“Its unfortunate that many businesses skimp on obtaining a business line and opt for a personal phone line, because the monthly bill is cheaper. They do not realize that this can cost them literally thousands of dollars and denial of access...
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