Credit Line by Mark Rewhorn
Entry Date: 020408
There comes a point in most entrepreneurs’ ventures where an injection of capital is necessary. With a little forethought this capital can be had at reasonable interest rates.
Three times over the last couple of months I have struggled to help entrepreneurs raise finance. In all three cases the reason was the same. – No credit history. In all three cases the outcome the same. – Offers of finance, but at awful rates of interest and personal guarantees.
When starting out on a venture, if you have no credit history get one. Simply take out a nominal personal loan from the bank and pay it back as agreed. – Instant credit history. Or at least some history that can be verified when you ask for a larger loan to service your venture.
Had my three cases taken this simple step they might have been in a much stronger financial position today.
About the author:
This article is submitted by Mark Rewhorn, European Business Improvements founder and Contributor. You can reach Mark by clicking the link below:
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