Owning your own business is not for the faint of heart. It takes an unwavering commitment and an extremely tenacious individual that needs to stay focused. Some years are better than others, and this year most businesses have been severely impacted by the COVID 19 Pandemic.
Many businesses are currently struggling to stay open as their cash flow has been compromised with restricted hours and lockdowns. Government loans such as the PPP program, EIDL loans, and Main Street loans have certainly been a lifeline to these businesses. There may be more PPP funding on its way, prior to year-end, if congress can get a deal passed. However, most of the current PPP funding has been used, and now many businesses are scrambling to survive.
In addition to receiving assistance from the Cares Act programs, many businesses have fallen short on their business cash flow and have used their personal revolving credit to sustain themselves. In many instances, this has personally leveraged them compromising their personal credit scores. The proverbial catch 22 is now in play. So what’s a business entrepreneur to do?
We highly recommend that they pay close attention to their personal fico scores as they will pay less for anything purchased personally and in their business, saving thousands of dollars over a lifetime. There are companies out there that call themselves credit repair companies but they seldom drill down enough to have a significant impact.
Capital Biz Solutions has extremely effective resources that have turned loan declines into approvals. We highly recommend a continual investment and focus on improving personal fico scores, reducing DTI ratios, and personal revolving usage. Implementing these practices always pay dividends in the long run. They also provide comfort to lenders displaying an ability to pay current obligations and improving chances of a loan approval. We are here to assist business owners who need credit repair and improvement with credit repair specialists. Please visit us on the web at https://www.capitalbizsolutions.com/ or simply call us at 508 864 7758. You’ll be glad you did!
