PERSONAL GUARANTEE FOR BUSINESS CREDIT
In business credit, a personal guarantee is when you personally approving the debt you are taking on for your firm.
WHAT IS PERSONAL GUARANTEE IN BUSINESS CREDIT?
PERSONAL GUARANTEES: WHAT YOU NEED TO KNOW?
3 ALTERNATIVES TO AVOID PERSONAL GUARANTEE
Look for assets
Look for assets that can be used as collateral for the business loan. If you have an item worth money or someone close to you has, there’s a strong chance you may use that asset as collateral and avoid providing personal guarantees entirely.
Obtain cash flow financing for a business revenue loan. This is one of the most popular forms of business financing available at the moment, in which you may simply obtain money if you have a steady source of income.
BUILD A BUSINESS CREDIT
Business credit profile may improve one’s capacity to get finance for the business .By building your business credit Profile you may obtain more credit approvals and higher amounts.More accounts appear on your business credit means you will have access to better credit scores to finance your firm.