GRAPHICS PRO

Start Here October '20

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81 S T A R T H E R E 2 0 2 0 Next, business owners need to be in good standing with their state. Credit departments do their job in digging up any derogatory marks. Kroll adds, "If there are credit concerns, then a cosigner can be helpful, and a large down payment is always a great way to offset credit risks." Lastly, stay proactive. Instead of try- ing to tackle things once they've already gone south or getting overwhelmed with late payment fees and diminishing a credit score, Bourdon tells business owners to retain business and personal credit files. "By keeping track of your credit, you can make sure you fix errors ahead of time and avoid surprises when it's time to apply," he adds. There are some simple tips and tricks, but they'll make a world of difference in whether a graphic business's finance or lease application is approved. WHAT IF… So, what if a business doesn't get the stamp of approval? A denied application can be a defeating and unsettling feel- ing for businesses. As a financial manager, Jung says lenders are there to help secure approval no matter the credit stance or time in operation. But, if it does come down to a denial, Jung suggests the cus- tomer ask the lender about any other possible options they have. For those looking to straighten things out and try again immediately, Kroll sug- gests a down payment and/or a cosigner to get immediate approval. If custom- ers are looking for long-term credit improvement, she recommends custom- ers first look at their credit reports and double-check for any errors. If there are some, businesses need to connect with the credit bureaus to clear them up. If credit scores are low due to high debt, paying down balances is the best option before applying for financing again. Additionally, making payments on time every month is imperative over time. Making these long-term adjust- ments will help, but it's important to know that it will also take some time for credit to build back up again. Kroll suggests customers with little, limited, or no credit get a credit card and use it for as little as one purchase per month. Paying the purchase off in full each month will increase credit scores, but again, you won't see changes overnight. The key is for businesses to be pro- active with payments and their credit report going forward, so they're in a solid spot to apply for assistance for the first time, or again in the future. There are some simple tips and tricks, but they'll make a world of difference in whether a graphic business's finance or lease application is approved.

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