Ten Points About: Obtaining Business Credit
Create a “snapshot” of your company at a specific point in time. This is usually your company’s most recent financial statements, which provide a lender with a detailed and comprehensive “picture” of your company’s current business operations and profitability.
- Have a well defined business plan. This demonstrates that you have already wisely considered your company’s strategic growth and related financial projections.
- Remember that you are asking a prospective lender to effectively become a partner with your company, and knowing that your company has had the foresight to undertake sound financial and business practices is essential to obtaining necessary credit.
- Consider self promotion. Clearly demonstrating that your company has established a proven track record in a particular industry can provide immediate credibility.
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by: Gary G. Breton, Esq.
June 8, 2009