Your personal credit is often thought to be more essential than your business credit, or at least more significant in the sense it may have a larger influence on your financial abilities such as applying for business loans and funding. However, as many business owners are discovering these days, business credit is just as vital as personal credit, even if your personal finances are closely linked to the financial health of your company.
A strong business credit shows your lender that you will and are able to pay your bills on time, which will help you qualify faster and more easily should you need additional funding. If your company credit score is good enough, you may even be eligible for lower interest rates on the loan you ask for, depending on the lender.
Your personal credit will also be protected by having good business credit. As a general rule, personal credit should not be used for company expenses or purchases. Using your personal credit card for major business costs will raise your debt to income ratio, which evaluates how much credit you’re using compared to your credit limit. Your personal credit score will suffer if you have a high credit utilization rate.
Do I qualify for funding from GroWise?
You are a good candidate for quick funding solutions from GroWise if your business:
- Is older 6 months.
- Is registered with the CIPC
- Has an average monthly turnover of R30K+
What funding solutions can we offer you?
Business Cash Advance
Simply put, a cash advance is a purchase of your company’s future income based on all your income streams, with customizable terms and either pre-determined or variable repayment amounts, so you can easily plan how you’ll utilize your funds.
Merchant Cash Advance
A purchase of future income with flexible repayments deducted directly from your merchant account.
Merchant Stock Advance
At GroWise Capital we also have a Merchant Stock Advance as an alternative funding option. It’s easy! We buy your stock, and sell it to you. Easy and flexible repayments to fit in with your business!
There are countless reasons to seek out funding, and our goal at GroWise is simple, to get your business funded and growing… fast.