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Finance & Banking


urveys show that 94.7% of small busi- ness owners feel their only lending re- sources are local banks or personal credit cards. This common sense advice will help you avoid these common business loan mistakes, regardless of your personal credit history... and avoid pledging your personal property as collateral.


Avoiding Common Business Loan Mistakes S


By: Lee Kendrick


First of all, getting approved for a com- mercial loan is definitely easier than get- ting personal loans... regardless of your personal credit scores. Additionally, get- ting the right types of corporate credit is absolutely critical: if you want to protect your personal assets, minimize the risk of a personal lawsuit affecting your business,


and to your ability to weather the econom- ic changes that happen overnight. All business owners must be much more proactive about developing relation- ships with the right types of lending insti- tutions. You usually want to start your ap- plication process with out-of-state, national lenders... not your local or re- gional banking institutions. National lenders typically won’t require a personal guarantee or your social security number. Follow this simple roadmap to obtain a


small business startup loan, a business debt consolidation loan, a bad credit busi- ness loan, or a government business loan... although I strongly recommend that you find a commercial loan expert who can help you through the process of building a strong corporate credit rating. Finding a competent business loan ex-


pert will give you a head start on your competition & also let you focus on run- ning your day-to-day activities... instead of dealing with the hassles of establishing a strong business credit rating. An excel- lent business credit score can help your company’s image, overnight. And, finding a small business loan expert isn’t that dif- ficult. You just need to know where to look.


Now... let’s get started... before you start applying for any business loans!


tion, S-Corporation, Limited-Liability Corporation (LLC), Partnership, or Trust?


government?


1. 2.


Has your company ever had deroga- tory information reported against it to either of the two (2) most popular busi- ness credit reporting agencies, Dun & Bradstreet or Experian?


3. 74 www.blackeoejournal.com The Black E.O.E. Journal


How long has your business been recognized by your State & Local


How is your business structured? Is it a sole proprietorship, C-corpora-


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