Ty Crandrall, CEO of CreditSuite.com discusses the various credit and financing options available for ecommerce business owners in this time of crisis.
WHAT YOU’LL LEARN
Who is Ty Crandrall?Parallels of the 2008 Mortgage Crisis with the Current Covid-19 CrisisNew Credit Opportunities available in the Current CrisisThe importance of the 3 C’s in Financing: Cash Flow, Credit and CollateralHow to Establish Business LegitimacyTips in Building Business CreditKEY POINTS
The crisis now offers financing for small businesses which were not available during the 2008 crisis.New plans financing up to $2 million made available by the US Government offers loans at rates as low as 3.25% with long term payment plans (ie. 30 years) to help buoy the small business in these times. One can also secure a loan to ensure that employees are continued to be paid during business closures. The guidelines for these are being finalized.Alternative lenders may provide loans just on the strength of one of the 3 C’s.Establish the business credit and not just the personal credit. Entrepreneurs need to show that the business is able to stand on its own in order to secure the credit it wants.Account receivables may serve as collateral in securing financing.Data congruence across all agencies is important in order to establish business legitimacy.For guidance on financing or steps to get funding started, visit the Credit Suite website. You may also contact 877-600-2487 directly for inquiries.MENTIONED IN TODAY'S EPISODE:
https://www.usa.gov/disaster-financial-helpcreditsuite.com/ein - to learn the steps of building your business creditcreditsuite.com/monitoring