Business Credit

If you are a small business owner you need to access to cash flow to fund your business venture. Probably the best source for this is a business credit card. While it is possible to get a business bank loan - you will need to develop a business plan within the banks guidelines - which sometimes can be a daunting process!

Business credit cards are the easier way to go. Using a business credit card will also aid you in your record keeping. This will keep your personal and business matters separate and will make filing your taxes an easier chore. You will also be able to get additional cards for your employees to use for business purchases.

Many credit card companies have business resource areas that you will be able to access online. Informative reports and data as well as marketing plans and market analysis are available in these resource areas.

Some other perks of business credit cards can be free checking, electronic fund transfers, rewards and low interest rates.

Each lender's offers are a bit different so look into them and see which ones fit you and your business the best.

When applying for a business credit card if your business is a sole proprietorship or partnership - your own personal credit history will be used as a basis on your application. However - if you have incorporated your business or have a LLC - your personal financial information is not used in the application. If you have a low personal credit score - you might be wise to put your business in a LLC before you apply for your business credit. Talk to your accountant or attorney about this.

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