“ The benefits are threefold: 1. it’s based on your business performance and not just personal credit, 2. it requires information that is readily available from your electronic records (bank account, credit card transactions, etc.), and 3. the term is designed to allow you to spread out the payment, but also have it paid down before your next opportunity surfaces (you don’t want debt stacking up on your business). (Example: On Deck, ondeckcapital.com)
• Personal Credit or Assets: With this option, you can establish credit and ease short-term cash ‑ ow issues. While easy to apply, more often than not, most of your business credit will be based on your personal credit. It’s important to note that 1. if you’ve already drawn on your personal credit to build your salon, your score may have been impacted and 2. loan programs based on personal credit are designed for household use, so to upgrade your entire salon may cost $50,000, you might only get $10,000. You could borrow against your home; however, this is a difficult and time-consuming option that poses potential risk to the household.” (Examples: Credit Cards, Home Equity Loans)
For more information, contact 888-269-4246 or visit ondeckcapital.com.