Pat Gages Tells Students How to Get Business Credit with Bad Credit
To start a business, or get additional capital for an ongoing business, one may think it is not possible with bad credit.
(EMAILWIRE.COM, October 21, 2008 ) Monroe, MI - It is true that traditional lenders such as banks do not offer credit as readily to businesses that have less-than-perfect credit. However, today there are lending institutions that specifically offer bad credit business loans.
Pat Gage was a guest at a workshop where he spoke to young business students. He explained how lenders look at offering credit for businesses that have bad credit differently than traditional lending institutions do. They consider issues like whether or not a loan from them will, in turn, make the borrower more capable of paying them and their other creditors. If so, they will likely offer them a bad credit business loan or equity line of credit.
These bad credit business loans or equity credit lines will cost one more in interest and will potentially tie up collateral. Simply put, the lender charges more because one can potentially cost them more. This does not mean that one should not get one of these bad credit business loans or an equity line of credit. What it does mean, however, is that even if with bad personal or business credit, it is still possible to get the money needed to keep a business going.
Pat covered the higher cost of bad credit loans and the amount of collateral required as security. He also covered other options one has for cleaning up their own credit and increasing their score. Pat left the students thinking about the importance of maintaining good credit scores to avoid doing things the hard way!
About 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 Information:
Pat Gage
Destiny Now, LLC
Tel 734-261-0688
info@opportunitycreator.com
www.10stepstomoney.com
###
Pat Gage was a guest at a workshop where he spoke to young business students. He explained how lenders look at offering credit for businesses that have bad credit differently than traditional lending institutions do. They consider issues like whether or not a loan from them will, in turn, make the borrower more capable of paying them and their other creditors. If so, they will likely offer them a bad credit business loan or equity line of credit.
These bad credit business loans or equity credit lines will cost one more in interest and will potentially tie up collateral. Simply put, the lender charges more because one can potentially cost them more. This does not mean that one should not get one of these bad credit business loans or an equity line of credit. What it does mean, however, is that even if with bad personal or business credit, it is still possible to get the money needed to keep a business going.
Pat covered the higher cost of bad credit loans and the amount of collateral required as security. He also covered other options one has for cleaning up their own credit and increasing their score. Pat left the students thinking about the importance of maintaining good credit scores to avoid doing things the hard way!
About 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 Information:
Pat Gage
Destiny Now, LLC
Tel 734-261-0688
info@opportunitycreator.com
www.10stepstomoney.com
###
Press Release Keywords:
American express, chase, bank of America, wells fargo, business line of credit, unsecured loans, business credit card, business credit line, credit for business,
American express, chase, bank of America, wells fargo, business line of credit, unsecured loans, business credit card, business credit line, credit for business,
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