05 Aug

Business Loans

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Having been in business for so many years and started with only $400 in my pocket, it definitely wasn’t as easy as some may think.  Unfortunately, I wasn’t as lucky as my American friends who owns their own business and can get  short term biz loans from 1stCommercialCredit.com  , I had to use my credit cards.  Of course, if you can pay your credit card bills on time, it is great but when you are like me who wasn’t able to on time every month, it just means that I had to pay an interest of as much as 24 % sometimes.

It was definitely not fun at all because it’s a lot of money if you calculate it and I almost didn’t make it until I made some changes in my business strategy.  I was definitely one of the lucky ones and was able to turn things around but had I had a short term business loan like my buddies from the United States, I wouldn’t be in the position that I was in – almost declaring bankrupt.

If I had to do it all over again, I wouldn’t have used my credit cards nor would I have applied for more credit cards to buy more stock for the business.  I would have definitely tried to get a business loan instead. These loans have an interest rate of 1 – 3%, where else I had to pay a premium interest rate of 24 % with credit cards, I should have been a lot smarter but there were no one to advice me.  So if you have a small business like myself or wants to open your own business, don’t do what I did, get a business loan with a low interest even if it is just a short term loan.  Have a good repertoire with your banks and bankers and of course, have a good credit standing to begin with.

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