Why Every Business Needs a Business Line of Credit
We are fast approaching the fiscal cliff and there is great concern about the impact it will have on our economy. Business owners worry about loss in cash flow and the ability to purchase needed supplies. Establishing a line of credit with vendors is one way to ensure the business will have the supplies it needs.
Unfortunately, vendors are feeling the stress of the economy as well and small business owners may find it more difficult to be approved for credit. This is especially true for newer businesses that have not had the opportunity to develop a good credit rating.
If you are looking to establish credit with vendors, read on for tips on how to make the process as fast and easy as possible.
How to Establish Credit with Vendors Quickly & Easily
- Start Small: It takes time to build trusting relationships. Do not ask for too much too soon. Prove your credit worthy by creating a pattern of timely payments.
- Share Documentation: Vendors will want to see objective proof that you are credit worthy. Have documents available for the vendor to review. Ask other business owners that you have relationships with for a letter of recommendation.
- Get Personal: Before looking for credit to be extended, take time to review your personal credit reports and ensure their accuracy. Have corrections made if needed.
Apply for a Business Line of Credit Today
In place of, or in addition to, credit directly with vendors, National Business Capital & Services may be able to help you open a business line of credit.
Our approval process is faster and easier than at traditional banks. Speak with one of our Expert Advisors by calling (877) 482-3008, or apply for a revolving credit line today by filling out a 60-second application, and get the funds you need in as little as 24 hours!