If there’s any doubt that small businesses and access to credit are
still a very hot topic in this almost-post recession economy, just read
the headlines.
Our very own Anita Campbell isn’t likely to stump for a jobs bill but she did something much better. Recently, Anita conducted a webinar for Verizon titled “How Can You Secure Credit For Your Small Business In Today’s Market?“ Joining her for the presentation was Tom Markel, Vice President of iBank.
The pair of them packed an incredible amount of information into a mere hour. Here are some highlights.
Commercial real estate: Research your options, check to see if there are liens or back taxes owing on the property, and have a lawyer look over the contract. TIP: Be aware that you’ll need a lot of skin in the game; banks now want you to put up about 40- 50% of the purchase price.
Bank lines of credit: Similar to credit cards and should only be used to cover cash flow emergencies. You need good cash flow and a good credit score, but not collateral (unless you have a poor credit history) to get a line of credit. You’ll make monthly payments and there are no penalties for paying off the entire balance. TIP: In the current climate, banks will look closely at the business owner.
To read the full, original article click on this link: Today's Market: Securing Credit For Your Small Business | Small Business Trends
Author: Dawn Rivers Baker
