Most entrepreneurs and small business owners need financing to start, build and grow their businesses. When acquired and used properly, financing is an investment in growing your business to achieve your goals and dreams. Acquiring financing incorrectly or using it poorly, however, will hinder your business’s cash flow, damage your business relationships and hurt your chances of business success. Getting financing is difficult for established companies and even harder for startup and fledgling companies in their first two years of existence. Because they don’t fully understand their business credit and financing options, many small business owners make mistakes such as paying too much for financing, needlessly giving up ownership or control in their business in exchange for financing, and pledging collateral unnecessarily, or pledging too much collateral.
When you understand your business credit and financing options, and you work with a trusted advisor who understands them, you greatly increase your chances of getting the right kind of financing to start, build and grow your business.