What Every Business Needs
At Business Credit Services, we empower small business owners with the knowledge, key principles,
and necessary tools to survive the first five years in business. This document will safely and simply
guide you through the tricky world of finance. We’ll reveal the true story about lending and credit, and
you’ll be able to follow the clear path to success, regardless of your personal credit situation
Well, we can not go back to high school or to the start of our personal credit record, but what we do
have the opportunity to do is start our business credit the right way and allow ourselves to save tens if
not hundreds of thousands of dollars of the life of your business.
Why businesses fail to get approved for financing
"It is often said that small business people have a difficult time borrowing money. This is not necessar-
ily true. Banks make money by lending money. However, the inexperience of many small business
owners in financial matters often prompts banks to deny loan requests.
Requesting a loan when you are not properly prepared sends a signal to your lender. That message
is: High Risk! To be successful in obtaining a loan, you must be prepared and organized. You must
know exactly how much money you need, why you need it, and how you will pay it back. You must be
able to convince your lender that you are a good credit risk."
This is a direct quote from the SBA (Small Business Administration). Business owners must under-
stand the bottom line: poor planning and lack of knowledge are the key reasons so many fail to get
Another common reason is that business owners don’t know what specific financing tools are avail-
able. They also don’t know what the requirements are for each bank or that each bank may have dif-
ferent lending criteria. For instance, institutions may pull credit reports on the individual or on the busi-
ness—and the reports can come from entirely different bureaus.
Not knowing which type of loan or lease to apply for and where to apply will also