Transform Your Great Idea into a Viable Business with Start-Up Business Credit
When it comes to starting a new commercial enterprise or venture, many entrepreneurs rely solely on their personal assets. By securing these assets with a lender, they obtain the funding they need for starting their businesses. However, no business can continue functioning without access to a steady stream of funds. At the same time, no entrepreneur has an inexhaustible number of personal assets either. In this scenario, gaining access to a revolving line of Start up business credit could be extremely handy.
Small Businesses Rely on Business Credit to Beat Cash Flow Woes Contrary to what many people might think, small businesses are certainly not a minority in the US. For the uninitiated, small businesses are commercial establishments that feature fewer than 500 employees. According to the US Small Business Administration (SBA), about 28.8 million small businesses are operating in the country. These businesses account for 99.7 percent of all business in the country. But, that’s not all. These businesses provide employment to as many as 56.8 million people. Yet, in an interesting twist, only half of all businesses end up staying afloat after five years. Similarly, only one-third of all start-ups manage to survive after 10 years. In many cases, cash flow problems (or the lack of funding) are the major reason for these low survival rates. Inadequate cash flow does not only indicate an imbalance between earnings and expenses. It also refers to the lack of funds at specific periods in the year. Start-ups usually take time to generate a steady volume of sales. This is why business owners need to tide over their cash flow woes with business credit. Without it, they wouldn’t be able to make good on their promises to their customers. And, businesses that don’t satisfy their customers do not succeed. Why Small Business Owners Prefer Using Business Credit Cards for Funding their Start-Up Business Credit Requirements Many entrepreneurs tend to pay for their start-up expenses via their personal credit cards. This might be convenient. But, it remains risky. This is especially so because it means that you’re mixing your personal and business-related expenses. Should
things go wrong, your personal credit history will bear the brunt for several years to come. To eliminate this, it’s best to obtain a business credit card. These cards provide higher credit limits and enhanced levels of protection that business owners typically need. In addition, they offer a myriad of benefits that enable you to: Track your business purchases to simplify your bookkeeping requirements Protect your personal credit ratings as business credit cards report only to the business credit reporting agencies
Obtain higher credit limits
Enjoy the convenience that comes with a revolving line of credit (as long as you can make your payments on time and keep your balance within the prescribed limits)
Build the creditworthiness of your start-up
Enjoy a diverse range of rewards such as special discounts, cashback rewards etc. Retain equity in your start-up without needing to bring in external investors Obtain access to funds whenever you need them without having to secure any collateral and, Enjoy competitive interest rates that might be lower than traditional business loan rates Midwest Corporate Credit – Your One-Stop Destination for Obtaining Unsecured Business Credit
Midwest Corporate Credit specializes in offering unsecured business lines of credit to hundreds of small business owners and entrepreneurs. We match you based on various factors such as the business industry you’re in, the number of years that you’ve been in business, your location, your business credit profile etc. These aspects help us connect you to the financing you need. We don’t place any restrictions on our credit lines. So, you can use the credit for any business-related purpose that you deem fit. When you sign up with us, you can expect financing for your startup at fairly low rates of interest. Full Doc applicants can obtain loans for as low as 6.99 percent. For, stated income applicants, we offer loans as low as 8.99 percent. Using these credit lines will not affect your personal credit rating. This is because we do not report to the personal credit rating bureaus. More importantly, you won’t need to provide any liens or collaterals for obtaining credit either. Within just 15 days, stated income applicants can walk away with the amount of credit they need. If you’ve been in business for less than two years, you could qualify for credit of as much as $75,000 too. To know more about our Start up business credit