Page 31 - GS200402

Education

ture. A business can start building a credit history Owners of very small
by buying and paying off small amounts of credit
at the beginning. businesses can be tempted to use

Even if the business has cash on hand, the small personal credit cards and other
borrowing amounts will incur little if any inter- personal forms of financing to
est expense (depending on the credit vehicle used)
and will establish creditworthiness for times keep their businesses running.
when larger amounts are truly needed. The better
the credit history, the better the interest rate the While that might be unavoidable
business will be able to obtain. as a business starts, it's

Improve credit options important to separate personal
Most small business loans require a company to repay the and business finances.
entire amount initially borrowed (minus any principal
payments); with a business credit card, the business pays
interest on only the unpaid balance on the due date. payment, it would pay interest on the outstanding amount.
If paid on day 20, then another $5,000 is accessed later, it
For example, a $10,000 business loan will provide the would borrow that and pay interest on that amount until
business with $10,000 at the start and a periodic payment repaid.
schedule. Prepayments may or may not be allowed, based
on the loan agreement. With $10,000 available on a business
credit card, however, the business can borrow just what it Scott Goldthwaite is president at Aliaswire Inc. If you have questions
needs, when it needs it. or would like to learn more about merchant credit needs or Aliaswire's
small business credit card issuing platform, please reach out to him at
The business may need only $9,000 for 20 days past the sgoldthwaite@aliaswire.com.
due date. As long as the business makes the minimum

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