How to Leverage Credit for Business Growth

As a business owner, it’s almost a given that at some time you’re going to need to leverage some form of credit to meet your short- or long-term needs.

There are many options when it comes to business borrowing, but some advice can help keep you focused: Borrow only what you need and pay it back – on time and in full.

Before they give you credit, lenders, credit card companies and suppliers will want to know that you are a good credit risk – and having good personal and business credit scores will work to your benefit, as will your time in business and your documented financials.

Your credit options will vary based on a variety of qualifications, but some of the most common include:

-    Business credit cards that offer rewards.
-    Supplier or vendor credit, where you can make payments over short periods of time.
-    A business line of credit that allows you to borrow up to a certain amount whenever you need it.
-    Term loans that give you a lump sum of money that will need to be paid back over longer periods time.

When seeking any of these credit options, it’s highly likely you’re going to need to have an established business banking account, and you’ll want to be sure to have any other required documentation.

Depending on the size of your business and your short- and long-term goals, you'll want to carefully consider the type of credit that is right for your needs.

To learn more about credit options that can help your business grow, schedule an appointment with one of our business experts, and we’ll be glad to help discuss your needs.