Released on: June 26, 2008, 4:47 am

Press Release Author: Pat Gage

Industry:

Press Release Summary: So there you are - you've done all your research, scoped out
the competition, found your marketing niche, and spent countless hours planning
precisely how you're going to open, then operate your business

Press Release Body: Pat Gage, the Opportunity Creator, was recently interviewed. He
explained the steps to take when applying for business lines of credit for financing
a new business venture. Pat explained that family and friends are good sources for
investing some start up costs, but it might not be enough

Pat discussed what one needs to prepare when they go to visit their banker for a
business line of credit. It is important to show the lender experience and
knowledge in the business one is going into so the lender is assured that his note
payments will be paid and he will get a return on his investment. Pat shared how
the business loan officer will want to go over the business credit profile to help
him decide the applicant's credit worthiness as a business. Pat also shared tips on
creating a business plan and credit profile.

Pat explained how important it is to separate personal credit from business credit.
Personal credit is for household expenses and business credit is to start, or expand
a new business. Using personal credit to fund a business will make one appear to be
overextended to the banks resulting in the lender declining personal credit for
household needs, such as a new house or car.

Gage shared a lot of information on how to incorporate a business. There are
several different entities to choose from, C or S-Corporation, or LLC (Limited
Liability Company). That makes a business a self-sustaining entity, and takes away
any personal liability. Each type of corporation is structured differently,
depending on the individual needs of the business. Each has its own tax advantages
too.

Pat also explained that a business needs to have a Federal EIN, which is like the
social security number and a separate bank account under the business' name. He
went on to cover the need to comply with all local regulations regarding permits,
licenses, etc. The banks will require a business phone number (not a cell phone).
They will verify that the business phone number is a land line in the business's
name corresponding to the physical address given as the business address. The
important thing is that all of your business information is consistent.

Pat finished up with the last step which is establishing a business credit profile
with Dun & Bradstreet and the other business credit bureaus. These are the premier
credit rating company's all banks turn to. To do this, one needs to get several
business vendors to extend a small amount of credit to be repaid promptly, so those
vendors can then be used as credit references. They will be reporting the payment
history so the banks can check on business credit.

Getting that first business line of credit isn't rocket science, but it does take a
little work, and a lot of attention to detail.

Pat Gage, The Opportunity Creator, and a leading expert in the field of business
credit has helped a number of clients target his specialty, starting, expanding, and
growing their businesses through his trademarked 10 Steps to Money System. The
Opportunity Creator is not only a sought after business credit coach but also a
national speaker. For more information on any topic discussed, visit Gage's site at
http://www.10stepstomoney.com

Contact Pat Gage, the Opportunity Creator to your business success:
Destiny Now, LLC
33006 7 Mile Road Suite 423
Livonia, MI 48152

Phone: 734-261-0688
Toll Free: 877-262-0688
Fax: 734-422-6168
Email: info@opportunitycreator.com


Web Site: http://www.10stepstomoney.com

Contact Details: Destiny Now, LLC
33006 7 Mile Road Suite 423,
Livonia, MI 48152
info@opportunitycreator.com
Phone: 734-261-0688