“Being a small business owner in this economic market is quite challenging. In fact, small businesses make up 99.7% of all employer firms; pay 44% of total US private payroll, have generated 64 percent of net new jobs over the past 15 years and 52 percent are home- based businesses.” (Source: Sba.gov)
Managing Your Business Debt and Maintaining Your Business Credit is Like Balancing Your Weight
The small business owner must carry out the right proportions of debt and credit for his/her business. You must limit your debt proportions or your business will turn unbalanced, in other words, “overweight” with debt. Once you’re overweight (over extended with debt) and carrying that extra weight (debt), consider the following:
- Workout and sweat off that distressed debt that you have been holding onto.
- Consult with a credit expert and debt specialist who will place you into the right program to help you lose that excess distressed debt that you have been carrying around for months or possibly years
- Time is money, are your financial workouts reducing your debt and securing your company for future expansion?
- Did you complete the workout that is accomplishing your distressed debt settlements, business credit restoration and personal credit restoration programs?
- Are you effectively reorganizing your business and reducing your overhead and strengthening your accounts receivable?
Food for Thought
Keep your business debt load in small amounts and keep your business line of credit simple, like an asset based loan or an SBA Loan, opt to alternative business lending if there are no other options or quick alternative to your business circumstances.
If you need assistance with alternative business financing, please contact us for our portfolio asset based loans and portfolio accounts receivable loans and other alternative business loans that are available to our clients.
Maintain your business credit report, your business credit report is a factor for business lending decisions. You can simply review your business credit report with Experian Business, Dun and Bradstreet and Equifax Business. Your SBSS score is utilized when you apply for SBA 7a or SBA 504 and sometimes for conforming business loans.
For more information on how we can locally best serve your Lauderdale by the Sea business credit repair and business debt please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
First Pro Capital and Credit Consulting Professionals know business and credit
Allow our team of professionals to assist you!