Many small to medium construction business owners get in the habit of extending themselves credit through credit cards. While this can be helpful for new businesses who have not yet established credit or construction financing sources, there are pitfalls to using credit cards as a funding source for businesses that have been established for a few years.
Besides the obvious issue with having a credit card limit, not locating and securing a relationship with a trusted business financing company may be detrimental to your business’ future growth. Today, just about anyone interested in knowing more about your firm can view your credit report online. And who would be interested in your FICO score? The very suppliers with whom your business needs to establish not only ties, but from whom you’ll need to secure the best pricing and terms. There is also the matter of insurance. Here again, firms having established good credit will receive the best rates and coverages. And if your construction business relies on contracts for its survival, know that you and your business’ credit history will be scrutinized.
Can Your Credit Card Do This?
How can you ensure that your financial house is presenting itself in the best light? Who can advise you on the construction financing steps to take to grow your business? National Business Capital, a leading alternative financing company, has helped business owners obtain hundreds of millions of dollars in almost every industry, including the construction field. Our Account Managers will take a personal interest in you and in guiding your business to continued financial success.
While credit cards have their benefits, we can offer an additional array of construction financing options that will both assist you to increase your FICO score and properly represent your business to future investors and clients. Call us for a business consultation today at (888) 888-9124, email us, or click here to fill out our easy 2 minute application form.