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Business Credit for Startups

0 Comments | Aug 14, 2013 | Written by:

Finding credit may be as difficult as finding customers for new businesses. Steps for both processes can be combined with one service.

Understand the Impact of Sales on Credit

Credit is usually only extended to small businesses that lenders believe are likely to be able to repay their loans. To assess whether or not a small business has the capacity to repay the loan, lenders will often evaluate a cash flow statement.

A business pays its bills from its cash flow. The first step towards generating cash flow, and the first line on a cash flow statement prepared by an account, is sales.

Some potential business owners believe they could start their business if they could secure a loan. Rather than spending time preparing applications for loans that are unlikely to be approved, their time could possibly be used attempting to secure commitments for purchases by potential customers. Sales could ultimately be the best way to improve the odds that a credit application will be approved.

Boost Credibility and Possibly Sales

A service offered by Dun & Bradstreet Credibility Corp, Verified™, could be helpful for business owners seeking both credit and credibility with potential customers. This service provides a proprietary verification process that allows you to take steps that could simultaneously help you to promote your business, help increase the trust customers have in your brands and business, and help establish a credible Internet presence that potential lenders and customers will be able to see when they consider your credit application.

You can distinguish your business while building credibility with a VerifiedTM D&B Credibility Review profile. This service could be a time and cost effective way to help promote your business and increase the likelihood that your credit applications will win approval. It is important to do many things well in a new business and with VerifiedTM, business owners can turn their attention to other matters certain they have established a credible online presence.

[Photo Credit: Under 30 Ceo.com ]

Author:

Michael Carr is a small business expert and has successfully been involved in the success of three small businesses.

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