12/27/2017
:Many entrepreneurs use credit card financing as a way to start or expand their business, but it's best to reserve credit cards for shorter term business purchases, such as plane tickets to a trade show. Then pay off the balance at the end of the month, so you don't load your business with lingering debts.
Even continued development and education should not be financed through credit cards, unless you are paying the full balance when the bill comes.
To get a bank loan for a startup, you may have to put up collateral, such as your home. That's a big decision and it may not always serve you best. There are many other options to help you to build a stronger business in the long run. Having a cash cushion during the early months of a business, when sales and receivables are likely to be slow, is crucial to survival.
The Wellness Group’s ’s team will offer advice on how to prepare your loan application so you can succeed. You can also pick up other skills that may help you build your business -- how to go after government grants or contracts, for instance.
Call us today to book a complementary appointment and let’s get your funding needs approved.
www.thewellnessgroup.ca