Printwear

February '20

For the Business of Apparel Decorating

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2 0 2 0 F E B R U A R Y P R I N T W E A R 5 7 If business owners are unsure about any portion of a financing or leasing applica- tion, they're encouraged to sit down with a finance manager to ensure the form gets filled out in its entirety, they provide the correct bank statements, and submit a quote from the equipment vendor. Hav- ing these boxes checked will help speed up the application process. Aside from submitting a properly filled- out application, there are a few tricks of the trade the finance experts want to share to ensure decorated apparel busi- nesses can grow and prosper in the ways that best suit them. First thing's first—register your business. "It is more difficult to get a customer ap- proved as a startup business. Startups are higher risk and usually come with a higher interest rate due to that fact. Once a cus- tomer has started and been operating for at least a year, they can benefit from lower interest rates and better terms," says Jung. However, Kroll discloses that customers with established, clear credit—whether they have an existing business or not—are guaranteed a better chance of approval. If you are an established business, Bourdon suggests creating term accounts with sup- pliers and strongly encourages paying bills on time or even early. Next, business owners need to be in good standing with their state. Credit de- partments do their job in digging up any derogatory marks. Kroll adds, "If there are credit concerns, then a cosigner can be

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