I recently poured over the Sept. 2006 issue of Inc. magazine, intrigued by the profiles of entpreneurs who have made the prestigious Inc. 500 fastest-growing companies list. More than one mentioned maxxing out personal credit cards to get their venture off the ground, or pledging personal assets as collateral for their business loans.
That's great when it works, but I also talk to a lot of entpreneurs who relied on personal credit and didn't achieve success as quickly as they wanted. Now they are panicking as the creditors start calling.
Most small businesses will borrow at some point if the plan to grow. Building business credit so you can avoid using personal credit as much as possible is crucial. That's what this blog is about. I'll share business credit building strategies, and would love to hear yours as well.
And, while you're at it, pick up the Sept. 2006 issue of Inc. It's very inspirational and educational. I'm also glad to be quoted in the article on small business credit cards (page 42) -- and welcome your comments!
Monday, September 25, 2006
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