A Quick and Dirty Guide to Credit
This week, Craig Siminski, of CMS Retirement Income Planning, shares information on some common types of financing that might be available to help small businesses expand, pursue new opportunities, or cover operating expenses:
About 43% of small employers (with fewer than 500 employees) applied for credit in 2018, up from 40% in 2017. Fortunately, nearly half of applicants received the full amount requested — 47% in 2018, slightly higher than the previous year.
Even though the credit market has become friendlier overall, smaller companies often find it more challenging to obtain credit than larger firms.
Here are some common types of financing:
Many financial institutions restrict lending to the most creditworthy businesses, and even qualified owners may need to contact many banks before finding one that is willing to offer financing. Small banks tend to have higher approval rates than large banks, but significant collateral and documentation of stable profits are often…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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