Small Business Finance And Credit Options Examined in Magazine Feature

Starting or growing a business is incredibly difficult in this cutthroat competitive world. However, Credit Suite, with website at http://www.creditsuite.com/, is helping business owners by introducing them to many business financing options that are beyond traditional bank finance. The finance and business credit options are examined in a three part feature article on how to get finance to start or grow a business. The article has been compiled by Ty Crandall, CEO of Credit Suite, and the second and third parts of the article can be found in the current issue of Men's Essentials Magazine.

Crandall says: "Most entrepreneurs can't afford for anything unexpected to happen or they could lose it all. And with most businesses, few things go as planned and the unexpected is, well, almost assured to occur. I have written a three piece article to help people find out where they can get money from, be that to start a new business, keeping their existing company in business, or to grow it to new heights."

According to the U.S. Bureau of Labor Statistics, 20% of businesses will fail in the first five years of running. However, according to Crandall, the issue is not about getting money, it is knowing where to go to get it. "Whenever I stand in front of large audiences I always ask the question, 'where would you go if you need money?'" he adds. "And in unison the entire crowd will shout out 'my bank'. Wrong answer. Your bank is not the best source of getting money, actually your bank doesn't even like you."

Crandall explains in the detailed feature that banks are usually reluctant to provide financing to small business owners because of the perceived high risk. Fortunately, business owners can obtain money from other sources. One example is cash-flow financing. In this kind of financing, the funds provider only reviews the business bank statements for the past six months. Approval is relatively quick easy and the funding is provided in relatively short order (often within days), without having to go through the onerous application process associated with applying for a bank loan.

In one of the other valuable lessons contained in the feature article, Crandall shares how to get business credit and financing for small business, even if a business owner's personal credit is poor. In step-by-step detail and with recommendations for the best vendors to apply for business credit accounts, Crandall explains that to build business credit, having a credible business from the point of view of the funds provider is the first step. The next step is applying for vendor accounts. He advises that after establishing only five accounts, and paying the bills on time, the business credit score will be greatly improved. Business financing options beyond the bank at that point can include store-issued credit cards. After establishing 10 reporting accounts, Visa and MasterCard credit cards issued in the business name, without the need for personal guarantees or collateral, can be obtained. The 120 Day plan outlined by Crandall can secure even a brand new business $50,000 or more in business credit, which can be used to start, grow or expand the business without requiring any third-party approvals or permission. Business owners are free to use the funds as the owner sees fit.

The full article is available in the Men's Essentials Magazine: The Thinking Man's Guide to Health, Fitness, Money, Women & Life.