Small Business Marketing, Ideas, Tips & Tricks December 6th, 2014 I’m a restaurant owner and I have made a few mistakes in the last 10 years. I w […]
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Tips to Get the Lowest-cost Small Business Loan
Advanta and others also wrecked the personal credit of entrepreneurs by requiring personal loan guarantees and Social Security numbers. So Mr. Cohens representations hit a nerve with me. Quarterspot recommendations He provides six tips: 1. Make sure your business credit profile is accurate by requesting a copy from Experian, Equifax or Dunn & Bradstreet 2. Maximize your good credit accounts by working with businesses that report trade information 3. Positive payment history is a major component of a strong credit profile so be sure to pay creditors on time 4. Maintain sufficient cash reserves in your business checking account to increase your credit limit 5. Choose a business loan without prepayment penalties or fixed interest repayments 6. Compare loans and other financing options calculating the total borrowing costs (interest paid + fees + loan amount) in dollars and cents Business owners should ignore advertised rates and instead compare borrowing costs in dollars and cents, continued Mr. Cohen. Many online lenders and merchant cash advance companies calculate interest and fees using methods that cost small businesses double or more. Quarterspot representations He claims QuarterSpot can reduce borrowing costs by as much as 85 percent when compared to traditional lenders.
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