FAQ Business Owner's Concerns

FAQ Business Owner’s Concerns

What is a UCC filing and do unsecured business credit lines require them?

A UCC filing is almost like a mortgage against your business. The UCC’s will be seen by other lenders who you apply with in the future. When obtaining lines of credit make sure you find out if the lender will take a UCC against your business or not. This is not necessarily something that should always be avoided but it is something that should be planned and part of a strategy so that you allow the right lenders to utilize UCC’s when they are required by the lender. Technically, a loan or line of credit that requires a UCC from the lender is not “unsecured.”

For Small Business Owners what do you mean by Debt Management?

Think about it like this. Almost all wealthy individuals, and many who have plans to build wealth, hire financial planners. What do financial planners do? They manage assets. One of the most common problems that business owners face is not in managing their assets but in managing their debts. The more wealthy people have the more debt they have and in order for any business to grow, they must have access to capital (aka Cash). Access to capital means creating more debt and properly creating that debt as well as properly managing that debt requires strategies and tactics that most business owners are not trained and equipped employ. Ask yourself if you have the training and experience to manage debt effectively using the very best strategies that are available on the market today – we’ve been doing this for years and it’s all we do, and we are constantly learning each and every day.

How can I get some of these unsecured business credit lines?

You’ve really got 2 options.

Your first option is that you could hire BFS, Inc. We submit hundreds of business loan applications and business credit applications to several different lenders every month. We know which lenders are lending and whether you and your business will be a good fit for them and we also know how to make sure you have the correct business credit application and credit profile before you submit those applications.

Your second option is you can try to do it on your own.