This is where BCP comes in. We will guide you through this mysteries of Business Credit and show you the reasons for obtaining this type of credit and the how to maintain business credit so you, also as a business owner, can reap the rewards many business owners in thriving businesses have helped them succeed and surpass other companies and have given these companies the ability to grow into larger enterprises.
“The number one reason for small business owners to get rejected for funding is the lack of proof the business can repay its debts, regardless of the age of the business”
If the business owner for years up to this point has personally guaranteed all the debts of the business up until now, not only is the type of scenario ‘high risk’ for the business owner, in which the failure of the business could bankrupt the owners entire life savings, it also is a boon to the business owner, when trying to obtain a business loan.
The small business owner may appear to the banks as “over-extended” in addition to the business not being able to prove its ability for repayment on its own.
This goes back to the education of the corporate structures and how the corporation is its own living entity which lives and breathes under a Federal Tax Identification Number, similar to a social Security Number for an individual.