RBSL Group's executive team has real, tangible experience in small business as start ups, going from small to medium sized, as investors in small businesses, and as consultants to small businesses.

Executive Team Bio

When you look at the financial future of your business, chances are you will someday need to consider a business line of credit. A business line of credit can go a long way in fixing cash flow problems, eliminating debt, and other options that you need to help grow your business.

When applying for business credit, you will need to have a few things in place. The business financing application will ask for all your legal business information. Your tax ID, social security number, and telephone number are all required on the application. You will also need to state the number of employees you have and how you plan to use the loan. The business financing application usually asks about land acquisition, expansion, repair, purchase or lease of machinery, inventory purchase, and working capital.

You should expect a lender to ask for practically everything about your business. They need to know everything about you as well. It will help them determine which type of loan best suits your businesses needs and what type of business you are at repayment of your loans.

It is important to spend time being prepared for a business line of credit application. Gather your financial documentation for the last 2 or 3 years that show your cash flow, annual sales or revenue, and proof of your business existence. You must also attach a business plan or financial projections that show where you plan to take your business.

Having proof of timely payments to your past lenders will go a long way in securing a business line of credit. Not only will this provide your lender with your personal and business responsibility but it also establishes a good reputation for your growing company.

Be prepared to take the time to gather all the necessary documentation you need so you can acquire a business line of credit to help your company grow.

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Establishing business credit is critical to a new business or even an existing business, especially if they plan to use loans or any sort of financing to grow. There are a few things you can do to establish your business credit. Begin with separating your business credit from your personal credit. If something were to happen to your business, you wouldn’t want your personal credit to be impacted. And it works for your business as well, if your personal credit is not good, then it can negatively impact your business.

After doing this, you will need to incorporate or form an LLC. This means your business is an entity unto itself. However, if you are a sole proprietor or partnership, your personal credit will be intermingled with the business credit.

You will also need a federal EIN and you will need to open a business bank account. Then you will need to obtain all the necessary business licenses and permits and telephones lines in your legal business name.

You will then open your business credit file that is reported to all three business credit reporting agencies. Having at least three business credit cards or loans are necessary to begin establishing your business credit. Also having five or more vendors or suppliers that will report your payment histories to the reporting agencies will also begin establishing your business credit. You want to work to get a Paydex score.

Finally, the most important step you can do to establish good business credit is to pay all your bills on time. Paying your bills before the due date or before the invoice is generated is an even better idea because it shows responsibility on the part of the business.

Be sure to work hard on establishing good business credit so you can easily obtain loans for future growth and expansion of the company. Unsecured business loans are a great way to start establishing business credit and helping your company gain the necessary funding to begin growing.

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A business line of credit is designed to help your business in a cash flow dilemma. As you know, financing a business is not easy and if you have been relying on outside sources like savings, family member, or retirement accounts, you can wind up damaging your relationships with others and fining yourself bankrupt. Relying on outside sources will eventually diminish and will not meet your ongoing business financial needs.

A business line of credit is a wonderful way to meet your short-term financing needs. And how to get a business line of credit is easy; it just takes a little effort on your part to be prepared. A business line of credit is wonderful because it is flexible and has a shorter repayment period with larger amounts and smaller rates than traditional loans.

You will need to gather a few documents to acquire your business line of credit. You will need to demonstrate you financial history of your company. It is important that you can show you are responsible for past loans or credit cards. You will also need to provide current cash flow amounts, tax returns, and a strategic future plan of the company. Demonstrating that you are a responsible company is essential in obtaining a business line of credit.

A business line of credit is a great way to solve cash flow problems, solve seasonal sales issues, purchase inventory, and help slow accounts receivables. Smoothing out the ups and downs of your company cash flow problems are not as hard to fix as you may think and looking into a business line of credit is a great way to start fixing your company’s financial future. Look at all your options available for a business line of credit and select one that best suits your company’s needs.

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Securing financing for a business is a very important part of business growth, and in some cases, business function.  Knowing how to impress business lines of credit lenders is essential to gaining high approval on certain loan products and a low interest rate on others.  Impressing these lenders can save a business astronomical amounts of money over the course of time.  Here are a few things businesses can do to improve business lines of credit lenders.

High Credit Score

Businesses that have worked hard to build a high credit score will have a much easier time impressing business lines of credit lenders because they have proven they are reliable.  This will also demonstrate that the company has a quality foundation and is capable of paying back an additional loan.

Quality Business Plan and Proper Research

Businesses that have developed a quality business plan will have more success with impressing business lines of credit lenders if they do their research.  A good business plan alone will not impress every lender.  Business owners must find the lenders that are interested in loaning money to their type of business.  If a lender is not interested in loaning money to restaurants, then even the best restaurant business plan will not impress them.

Quality Foundation

Businesses will want to be in business for at least two years in order to show business lines of credit lenders that they are for real.  Lenders will want to see consistent growth or improvement over the two years along with a solid plan for the future.  A quality foundation will definitely impress a business line of credit lender.

Companies that have established these important elements will still want to consult with one of our advisors here at RBSL.com in order to identify the lender that will lend the necessary amount of money at the lowest interest rate.

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If you are just starting your company or looking for business financing options to help solve cash flow problems, you need to have a few things ready. You want to be the best possible candidate for businesses financing and taking a minute to gather some documents will pay off in the long run.

First, you need to know your cash flow situation. Negative cash flow can greatly reduce your chances at securing a business loan with a lower rate and higher amount. Positive cash flow will do the opposite and allow your company to gain a higher amount for a lower rate, thereby increasing your company’s working capital.

Second, you must know your personal credit score and business credit score. Many times a loan will come from not only the reputation of the business, but the business owner themselves. Having a higher personal credit score will increase your businesses chances of obtaining a loan. A higher business score is like your personal credit score, it demonstrates the responsibility of the company for making monthly payments.

Third, decide which business loan you want for your company. There are many different types of business loans available; business line of credit, unsecured loan, leasing, factoring, and many others. Decide which type of loan best suits your company’s needs.

Fourth, obtain a business loan that you can pay back. Knowing the future of your company’s cash flow and prospects will help determine if you can pay back what you borrow. Defaulting on a loan will greatly impact your business credit score and will make it much harder for your company to obtain any future loans.

Having a strategic business plan laid out will greatly impact your company’s chances on acquiring business financing. Lenders like to see how you plan on using the money to grow your company.

An unsecured credit card is generally issued to those who have a good credit history and have demonstrated an ability to repay the accrued debt on time. Your credit limit is determined in an individual basis as well and can be lowered or raised based on your performance.

Choosing an unsecured credit card that fits your needs takes time and dedication. Since an unsecured credit card is essentially a pre-approved loan, you tend to get higher interest rates than you would from a bank loan. Learning about what the interest rates are, the hidden fees and payment schedules will help you choose the right unsecured credit card.

Knowing your cash flow situation, along with your need for a credit card will also help you select the right unsecured credit card. If you start using the card to purchase everything instead of cash, make sure you have the money set aside to pay for these purchases. You can begin to damage your credit score if you carry high balances on the credit card and you are unable to make the minimum monthly payment.  

A credit card is a valuable tool to establishing the image of your company. A perceived level of legitimacy comes with owning a business credit card. Your company needs to have a business credit card in today’s high paced society. Choosing an unsecured credit card with reward benefits are another great way to help save money for your company. Many times you will receive discounts on travel and shopping just for using your business credit card.

When choosing an unsecured credit card, have a few things in order. Know your cash flow situation; establish a good personal credit score and a good business credit score. Be prepared to read the fine print and make sure you are not getting into any hidden fees or costs.

Another alternative to an unsecured credit card is an unsecured line of credit, which offers many of the same advantages, and eliminates many of the disadvantages.

Business finance can be a tricky area, and deciding what products are right for your business can be difficult. An unsecured business line of credit will provide your company with growing capital with the ease of flexibility. Generally for a small business an unsecured business line of credit is approved faster than other types of loans, thereby giving you your money promptly so you can begin to grow your business. Since unsecured business lines of credit are becoming so popular it is easy to find one that will help your company expand or pay off debts, purchase materials, or even cover payroll.

If you are looking to use your unsecured business line of credit for debt consolidation you will need to be aware of a few important aspects. Check your personal and business credit score so you know your expected level of funding and interest rates, or hire someone to help you get your company in a position to qualify for higher loan amounts, and lower rates. Once you have established this, you can obtain your unsecured business line of credit, and it will be useful for consolidating debts. Especially because no matter how much you qualify for, you will only pay interest on the amount used.

Using your unsecured business line of credit for debt consolidation will increase your business credit score. Your debts are rolled into one account and with proper management such as timely payments and not defaulting on the loan; your business credit score will reflect that your company is responsible.

The unsecured business line of credit will have a lower interest rate, thereby allowing you to pay off your debts faster than you were before. An unsecured business line of credit is flexible as well and allows your company to be in a position to avoid costly mistakes that you may have encountered from previous debts.

Proper management of your unsecured business line of credit will pay off in the end. You will see your business and personal credit scores increase and gain a valuable reputation that will allow for future funding. Having all the necessary tools in place to develop your business to achieve success should be your goal. Take the time to evaluate your business future and look into an unsecured business loan to consolidate your debts.

When considering your businesses finances, you need to consider different types of business lines of credit. There are three main options to look at for business lines of credit. Unsecured business credit, factoring, and leasing are all types of business credit.

Factoring involves settling the debts you owe on your invoices and sending them to a factoring company. This is why many companies who are looking to reduce debt try out factoring. The company receives money within 24 to 48 hours instead of waiting on the invoice to be paid by their customer. The agents in charge of collecting are called factors. Factoring for small business is a great way to provide financial growth. Since cash flow is so essential in business, factoring is one of the best methods to expand operations.

Leasing is another smart way to start running your business without venture capital and bank financing. Usually leasing has low monthly payments and helps a business have a stronger cash flow by cutting the cost they would normally pay on equipment or machinery.

If you find your company in dire need of money to buy supplies and equipment to operate, you need to consider an unsecured business line of credit. An unsecured business line of credit has greater flexibility than other loan options. If you pay down most of your loan and find your company needing money again, you have created “borrowing space” and are able to increase your loan amount to fit your company’s needs. It is similar to a business credit card, but you are the one in charge of this account, therefore you determine where the money is being spent.

Your company’s finances should be one of your top priorities and deciding what type of business credit best suits your needs is one of the most important business decisions you can make.

It is important to remember that business credit is separate from personal credit. Many business owners have poor personal credit and worry that it will lead to having poor business credit. The best thing you can do for your business credit is to get your business registered with the credit reporting agency so that lenders can feel comfortable when issuing loans or business lines of credit.

Bad credit is no longer an obstacle that prevents the small business owner from finding financing or funding their small business. Small business loans are available to those who have incorporated their business, have a corporate tax id and are willing to keep up their business profit and the business credit score.

Your business needs to have its own legal entity that is independent from you. By registering your company as an LLC or a corporation, you will help build credibility and reliability. Having a few other factors in place like your operating license, bank rating, Paydex score, business telephone, and a physical address will all contribute to obtaining business credit despite poor personal credit.

Always work on fixing your personal credit score since lenders do check all your information prior to granting business credit. It is best to start building your business credit and personal credit if your score is lower than 640. Try your best to avoid bad credit at all costs and it does make it harder to obtain business credit. Do keep in mind that you can still build good business credit despite having poor personal credit.

The best solution you can seek for your business credit with a poor personal credit score is to obtain an unsecured business loan. This loan is flexible and does not require personal assets to obtain the loan. Using proper financial judgment will help your business build your business credit and go a long way in obtaining future financing.

Factoring is an ideal solution for small businesses to obtain growth. Factoring allows a small business to secure cash advances against outstanding invoices, rather than using personal assets to secure a loan.

Factoring is a common process in the small business world. Factoring is the process of selling your accounts receivable invoices to a third party who then is in charge of collecting on the invoice. The agents in charge of collecting are called factors. Factoring for small business is a great way to provide financial growth. Since cash flow is so essential in business, factoring is a great method to expand operations.

Factoring allows a company to sell invoices at a discount and be paid a cash advance before the invoice comes due. Since many businesses monthly sales do not produce cash on time, factoring is a great method to pay wages and creditors.

One of the great things about factoring is that it does not tie up assets outside the business and does not involve repayment of debt at some future point in time. Like any other service, factoring does cost a portion of your sales. To offset the costs of factoring, many companies increase prices or look for supplier discounts.

Many companies struggle with collecting money from customers. Collecting past due money ensures cash flow to support growth of the company. Relying on a factoring agent to perform the role of collection is useful for smaller businesses as they have less time to dedicate toward collections.

Factoring for small businesses typically takes about 5 to 7 days to set up. After you are accepted and a security agreement is signed, the customers will be notified that all invoice collection will be handled by the factoring company.

Factoring is a great cost saving alternative to hiring an in house credit controller. Looking at ways to increase the cash flow through factoring is easy. With a small investment in factoring, your cash flow will flourish.

When you are looking at small business loans chances are you want the best loan rates and the highest loan approval amount you can obtain. There are a few things you need to do if you want to secure better loan rates and higher loan approval amounts.

First, you need to know your cash flow situation. Negative cash flow can greatly reduce your chances at securing a business loan with a lower rate and higher amount. Positive cash flow will do the opposite and allow your company to gain a higher amount for a lower rate, thereby increasing your company’s working capital.

Second, you must know your personal credit score and business credit score. Many times a loan will come from not only the reputation of the business, but the business owner themselves. Having a higher personal credit score will increase your businesses chances of obtaining a loan. A higher business score is like your personal credit score, it demonstrates the responsibility of the company for making monthly payments.

Third, decide which business loan you want for your company. There are many different types of business loans available; business line of credit, unsecured loan, leasing, factoring, and many others. Decide which type of loan best suits your company’s needs.

Fourth, obtain a business loan that you can pay back. Knowing the future of your company’s cash flow and prospects will help determine if you can pay back what you borrow. Defaulting on a loan will greatly impact your business credit score and will make it much harder for your company to obtain any future loans.

Taking all the proper steps will help your company to obtain the best small business loan available. Utilizing small business finance and credit consulting company expertise can also go a long way in gaining a higher approval amount with better loan rates.