In my business funding credit practice I find that more and more clients are considering alternative credit for their small business before using business funding charge cards or business credit cards for funding.

Alternate Funding for Small to Mid Size Businesses

Although some may disagree the fact that business credit cards are much easier to obtain compared to loans and a business line of credit. I have to remind them that it comes with a hefty price tag. In addition if they rely heavily on credit cards they raise the chances of breakdown according to a study conducted by the Kauffman Foundation

For instances, one of my new clients started their own business a year ago; he turned to credit cards for start-up money. However, his business didn’t grow as fast as he hoped and today he is faced with over $25,000 in personal and business credit card debt. What’s even worse is one of his rates on his credit cards were increased from 9.9% to 14.9%!

Here are some alternative credit sources for business credit cards that I encourage you to consider:

Alternate Funding: Business charge cards

A business funding charge card is one of the which I encourage every one of my clients takes benefit of. It’s one of the popular choices because it’s a specific kind of card that has all the convenience of a credit card without the costly interest. The balance on a charge card account must be paid in full when the statement is received and can’t be rolled over from one billing cycle to the next like a credit card. Since there is not a  carry on balance, a charge card will not have a periodic or annual percentage rate, therefore no rate for a charge card issuer to disclose. This prevents our clients from acquiring any revolving debt discount them hundreds if not thousands of dollars in possible interest.

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