(EMAILWIRE.COM, May 17, 2008 ) Indianapolis, IN—Pat Gage attended a meeting recently where he ended up being the center of attention. Everyone listened intently as he explained his system of getting business lines of credit. He told investors what the banks were going to look for and what to expect out of the application process.

High on the list of establishing business credit is, of course, personal credit history. If a new business is just getting started, lenders will be looking at one’s personal credit. Lenders do not want to see late payments, missed payments, liens or a bankruptcy. The negative impact of any credit deficiencies could have a substantial impact on a business loan request.

One of the investors who knows Pat well, asked, “But Pat; you always stress the importance of keeping business credit separate from personal credit! This doesn’t sound like you all.” Pat explained that a new business needs to use personal credit, but that it is very important to develop a business credit profile quickly and get a separate FICO credit score for the business. The business must stand alone as a separate entity.

Since everyone was so interested in what Pat was saying, he went on to explain about establishing a business credit history. Dun and Bradstreet, Experian, and Equifax are often the sources the banks will turn to when reviewing the business’ credit reports, including history, public record information, company background and supplier payment history. Whether one has been in business one day or 10 years, if they haven’t established a business credit profile, then the business is still at day one. Pat talked about putting a business plan together and showing a banker some solid financial projections. “Remember the projections you use, are based on the assumption that you’re going to get the financing needed. Work with a financial specialist to put your numbers together. The money you spend on a financial consultant will be well worth it, and the bank will appreciate your professionalism,” explained Gage.

Pat made another great point that collateral doesn’t have to come into play when applying for business credit. Banks lend business lines of credit without it. They’re called unsecured credit cards and unsecured lines of credit. These are great avenues for any business that perhaps doesn’t have the business collateral. It’s never a good idea to use personal collateral to fund a business. The banks will generally lend up to $50,000 without collateral on these types of loans. They do require a strong business credit profile and sometimes a good personal credit profile and these can be easily established and obtained. Lenders know that there’s a strong correlation between your commitment to your business and the loan being repaid.

The meeting went quite well, even though the investors veered from the planned agenda. They were all quite happy to leave with valuable information shared by Pat Gage.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at http://www.10stepstomoney.com

Contact:
Destiny Now, LLC
33006 7 Mile Road Suite 423
Livonia, MI 48152

Phone: 734-261-0688
Toll Free: 877-262-0688
Fax: 734-422-6168
Email: info@opportunitycreator.com

Contact Information:
Destiny Now, LLC
Pat Gage
Tel: 877-262-0688
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