If you served in the military and are in need of funding for your small business, look no further than Clear Skies Capital. We offer several different loan packages that you may be interested in.
What Type of Business Can Borrow From CSC?
Most types of small businesses qualify. You need to have been operating for a certain amount of time. The business should not be a pyramid scheme, gambling company, or non-profit organization.
What Can the Loan be Used For?
Clear Skies Capital provides loans that can be used for most business needs. You can use it for working capital, purchasing equipment, buying stock, upgrading your technology, or hiring new staff. You may have a business emergency and need the money to tide you over this difficult time. You may need to get your business on an even keel in case you are deployed, or perhaps you need to pay taxes.
Clear Skies Capital Understands Your Needs
Veterans are often encouraged to go into business after their military service and many do very well. This is possible because the character attributes that are developed in the military such as hard work and discipline are the same as those needed to succeed in business.
But many veterans struggle with a lack of working capital. They pour every last cent into starting the business, but lack funds to expand or see the company through an emergency. Clear Skies Capital understands this, and we have measures in place to help veteran entrepreneurs get funding. You’ll be pleasantly surprised by our interest rates too.
A Word of Advice
While it’s important to get a good personal credit rating, it’s just as important to establish a good business credit rating too. This will make it easier for you as a veteran to obtain a loan when you need one for your business. It will also help you negotiate a lower interest rate on your credit cards, gain fast approval for funding, and sometimes even get lower insurance premiums.
If your business has a good credit score, lenders will not need to use your personal credit rating to decide whether to approve a loan for you. We have a few hints for veteran entrepreneurs to help you build your business credit rating.
Pay Your Bills Early
It’s good practice, whenever possible, to make payments on all invoices on time. Try to even pay before the due date. This will mean that your business is reported as one that pays well. Potentially, this means that you will receive higher credit limits and better repayment terms. Ensure that your bills are all paid on time in a personal capacity too.
Gain a Good Credit Utilization Ratio
Your credit utilization ratio is the amount you currently owe divided by your credit limit. A low rate of credit utilization proves that you’re doing a good job of managing your finances and aren’t in too much debt. When you approach a lender for finance, this will go a long way toward convincing them that you’re reliable and that you’re not likely to default on payments. Try to keep yours below 30%.
Pick Lenders Carefully
Your business credit rating is affected by the type of lenders you work with. Some lenders don’t bother to report back to credit agencies about all the prompt repayments you make to them. In the long term, this can adversely affect your credit score. As a veteran running a business, please make sure you only do business with lenders and suppliers who will report your well-timed payments to the credit bureaus so that your business credit rating can be built up.
Make Sure Your Business Profile is Up-to-Date
Incorrect or outdated information on your business credit report could lead to undue financial suffering for you as a veteran. Make sure that the credit agencies have the correct information to put on your business credit report.
If you’re a veteran with a small business that needs access to quick funding, don’t hesitate to contact our experts at Clear Skies Capital today.