Mike Callaham has been a Sales, Marketing, and Financing professional since 1988. After finding financing for thousands of residential and commercial consumers, Mike says, “Business credit and consumer credit are like comparing apples and oranges.”. Business credit is not based on debt ratios and can not be affected by inquiries. Business credit is based solely on how you pay your bills! Business credit is considered to be a transferable asset. Business credit is based on an EIN and can be sold with the business. Consumer credit is based on a social security number, is not transferable, and can not be sold! The list of differences goes on and on. There are a number of reasons why every business person should have business credit;
Separation and protection of assets. 10 years ago when the economy was crashing, many people lost everything because they hadn’t really created a business credit asset and had personally guaranteed everything! Once you have created the correct entity, what you do at your business goes on your business credit report, and what you do personally only goes on your consumer credit report. It’s better than Vegas?! LOL
Your business credit rating is public and can be seen by anyone! Customers, prospects, and competitors can see just how much your business credit purchasing power is worth in seconds! You can’t get in the running with the big dogs if you refuse to submit to this right of passage!
Funding and credit give you options for deciding how fast you grow and expand a business. According to the SBA most business accounts have 10 to 100 times the credit limit of consumer accounts. Just imagine that every credit limit you have right now was increased times 10 to 100! What would change about your business? How are you going to grow or expand your business if you won’t even occasionally use short term, interest free credit and financing? Using cash and maintaining $0.00 credit balances for everything has it’s advantages for consumer credit, but does nothing to help a business credit rating at all. Like it or not every business owner that has set their business up correctly will tell you that business credit is better to have and not need, than to need and not have. Have you passed on opportunities that you knew you could afford, but you just didn’t have the cash and you didn’t have the credit?! Your bank doesn’t care about your commercial loan needs until you need $250,000.00. I know they said no before you even tell me!
Business credit is easy to get and maintain now that there are companies, underwriters, and creditors that specialize in working with this extremely high risk money group. That’s right, high risk! According to the BBB, 90% of businesses fail in the 1st 3 years. The most agreed upon reason for this is that most businesses are underbanked! I want to commend you for looking for help instead of trashing your dream!! If you are scared and worrying about being ripped off, join the club, the lenders and underwriters are as afraid as you are! Any loans you get are going to reflect that fear. When you use and in a timely fashion pay more business credit invoices, bills, and accounts, their fear will subside along with the interest rates!
Understand that business funding and credit is a process not a destination. Underwriters and creditors only play nice and give good rates to the companies that are rolling out the red carpet to them. The way that you roll out the red carpet is with proper paperwork and an aggressive payment history!. Especially for small business, the paperwork part can be tedious, time consuming, arduous, and mundane to say the least! Why? Because in most small businesses, only 1 person handles everything related to money. That person is also too busy for investigative work, sitting on hold, or standing in line for long periods of time during the business day! Setting your business up right has lots of nickel and dime annoying overheads, but having thousands even millions at your fingertips should have paperwork and commitment! A lot of people start the process and never finish it.
To be a prosperous and efficient business owner, you must delegate. You pay for oil changes, dry cleaning, lawn care, cleaning, meals, and a host of other tasks at and away from your business because they either waste your time or someone else is better at it than you. To have us walk you through this process step by step and teach you how to create and maintain a growing, “Business Credit Asset” requires an investment of just $2.18 a day.
How it will work; If you are already in business and you have verifiable cash flow, there’s a 90% chance I can get you some cash, and get it fast. If you don’t have verifiable cash flow, credit, or assets, I’m going to have to get it for you a little at a time. The good news is the longer we work with you, the larger your, “Business Credit Asset” becomes! We’ll be by your side every single day until you’ve got at least a “$50,000. Business Credit Asset”.
Thanks for your consideration. Call Mike Callaham @804-426-6058 with any questions you have!
Customers within a 60 mile radius may barter up to 50% of their fees in an effort to help hard working chess families send their kids to college!