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Small Business Credit with No Personal Guarantee

October 20, 2009 By Marco Carbajo

Credit for Small Business

Business Credit with No Personal Guarantee

 

Building small business credit has incredible advantages including obtaining cash credit cards with no personal guarantee. Two of the most common questions I’ve been getting lately is…

Are no personal guarantee businesss credit cards still available in the marketplace?

 and…

How do I go about finding who offers no personal guarantee cash credit cards for businesses?

That’s the magical question but before you get some answers you need to know that in order for you to obtain cash credit cards with no personal guarantee you will need to have an established business credit profile with a DNB paydex of 80 or greater plus 7-10 trade lines (vendor credit) reporting credit lines ranging from $2k and greater.

The video below will share with you the three ways to obtain Small Business Credit with No Personal Guarantee credit cards for your business. Don’t be confused with no personal guarantee vendor credit because that’s very easy to obtain. Cash credit is what most if not all business owners are seeking to obtain greater amounts of especially these days.

 

 

If you plan to apply for a business credit card prior to building business credit pay close attention to what information the application requires. It must require your Federal Tax ID, Dun and Bradstreet number, and may require a personal credit check. It’s always a good idea to verify with the credit card issuer how they report your payment history. If the answer is your personal credit file then it’s not a true business credit card.

True business credit cards offer three main benefits:

  1. Payment history is solely reported to the business credit bureaus
  2. No personal guarantee which shields you and your family from liability
  3. Separation of Personal Credit and Business Credit eliminates the co mingling of funds & credit profiles

What type of small business credit are you looking for? 

Looking for no personal guarantee business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value =>

About the Author

Marco CarbajoMarco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle.  He is a business credit blogger for AllBusiness.com, a subsidiary of Dun and Bradstreet and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.

Filed Under: Business Credit Tagged With: business credit, business credit cards, business credit information, business credit no personal guarantee, business credit with no personal guarantee, credit cards for business, credit cards for small business, credit for small business, no personal guarantee credit, no personal guarantee credit card, no personal guarantee credit cards, small business credit, small business credit with no personal guarantee, start business credit

Business Credit During Tough Economic Times

October 20, 2009 By Marco Carbajo

worriedIn the past during good economic times you may have become accustom to using personal credit cards to finance purchases, equipment, and even payments to suppliers or vendors when starting and operating your business.

 

Unfortunately times have changed for business credit for small business and what has become a shocking reality to many are the ramifications of what the co mingling of personal credit files for business financing has resulted in.

 

Many small business owners who have followed the traditional route of personally guaranteeing each and every credit card, credit line, or loan for business have come to realize that they have put their personal assets and family at risk! 

 
The single greatest challenge during these tough economic times facing small business in America is adapting to change. Less than ten percent of business owners in America know how to truly separate their personal credit from business credit let alone understand how to set up a business credit profile an establish a good rating.

 
So what is business credit?

 

It’s the ability to obtain financing under the name of your business entity without using your personal credit or personal guarantee. Business credit should be separate and based on the corporation’s credit worthiness not yours! Recently Entrepreneur Magazine was quoted as saying “You should differentiate your personal credit from your business credit.”

 

If you own a separate legal entity for your business than you have a unique opportunity that no other individual or sole proprietor has. It’s the ability to establish a business credit profile that is completely separate from a personal credit profile.

 

If you think you’re business is just making it fine despite the current economic times and you don’t need the credit think again! The reality is that your business will at one point require an influx of cash in order to cover unforeseen operating expenses, development, expansion, legal fees, inventory or a range of other items that a business may require in order to grow.

 

One of the key advantages of having business credit is instead of putting your personal credit and assets at risk every time your company requires financing you would now be in a position to secure the financing you need with your businesses’ credit. Some other benefits you can expect include:
 
…any debt you accumulate for the business would only report to your business credit file not your personal credit file.

…eliminating the co-mingling of funds–and this includes the “co-mingling” of credit profiles so you won’t jeopardize the protection of the corporate veil.

…protecting you and your family from personal liability when you get approved solely on your businesses’ credit file.

…improving your personal debt to credit limit ratios by transferring the balances of business debt used with your personal credit to your business credit.
 
…increase your businesses’ ability to obtain cash credit 10 to 100 times greater than you can obtain personally.

…SAVING MONEY! For example, an individual might pay up to 13% interest on a $100,000 line of credit whereas a business could qualify for an interest rate of 7%. That would save you almost $40,000 in interest alone.

 

After the recent economic downturn small business owners like you are facing a new era when it comes to business financing. Banks, lenders, suppliers, leasing companies and others are making adjustments, adopting new rules, and facing new regulations in the lending arena.

 

Now more than ever you need to be pro active and establish a new level of financial preparation which includes establishing a strong business credit profile, a favorable business credit rating, and a solid bank rating. I encourage you to start building your business credit today and enjoy the benefits and peace of mind that comes with it!

 

To Your Success!

 

Marco Carbajo

About the Author

Marco Picture 2009 Super Small picMarco Carbajo is a business credit specialist, author, speaker, and founder of http://www.startbusinesscredit.com . Want to learn more about how to build business credit and obtain unlimited financing for your business? Claim Marco’s popular FREE business credit seminar ($597 Value), available by simply submitting your email below =>

Filed Under: Business Credit Tagged With: build business credit, building business credit, business credit, business credit help, start business credit

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