Starting any new business can be hard. It takes a lot of time and effort on the part of the owner to make sure it is going to succeed. According to the SBA, most businesses don’t make it past two years. To ensure your company is not part of the percentage, you can start of on the right foot and make good decisions from the start. Building corporate credit is not a hard thing to do, but it does take time. Once you have established good corporate credit, you can easily get the financing you need for your company. When you are just starting out, you will need to find a small business lender to help you. Before you can build your credit, you have to start it.
A small business lender must be certified by the SBA to give guaranteed funding to loan applicants. Diversity and needs of every business is different. The SBA partners with many different lending partners to provide easier ways to get start up money for new businesses. The SBA allows new businesses to get loans with lower monthly payment so they can focus on getting their company growing. The SBA works with these institutions to offer fixed or variable rate loans, no high interest rates and no balloon payments. This gives the business owners more flexibility in deciding what type of loan is best suited for their company.
Most small businesses are funded by SBA in one way or another. The SBA generates a list of approved lending partners in every state that you can use to get your business going. You still have to go through the whole loan application process but your loan will be guaranteed by the SBA. This means that if you, the borrower, defaults on a payment it falls back on to the SBA for payment.
Finding a small business lender is not a hard chore. Many of these institutions are willing to fund your small business because they know you will have the backing of the SBA. Whether you need money to lease equipment to operate your business, to utilize capital or to buy new supplies for your business you can apply for a loan. Business loans are approved by lenders after extensive checks into your businesses viability, background and purpose. Start building you corporate credit today so you can enjoy the benefits that come when it has reached its potential.
Corporate Credit Concepts specializes in helping educate business owners how to build business credit. Feel free to visit their home page for more information: http://www.corporatecreditconcepts.com.