The financial steps to take to start your business

Nicole Cypers from America First Credit Union answers another viewer question about finances today. 

“If I’m starting my own business, are there steps I need to take financially to get ready?”

First, congratulations on starting your own business. It’s certainly an exciting time and, although it can also be stressful, it doesn’t have to be.

First, I would recommend exploring your options for funding your business. It’s common that a new business may need financial support. Sometimes that can be accomplished by borrowing from friends and family or finding investors but a safe and secure option is to explore options for business loans with your financial institution. At America First we offer both commercial and small business loans. You want to look for something with competitive rates and flexible terms to meet your unique business needs. You might also benefit from a business line of credit or vehicle and equipment loans.

You’ll also want to set up a business bank account. This will be a key financial tool you use to manage your business finances. Keep in mind, you’ll need your business documents (formation documents, ownerships documents and/or business licenses in order) to open an account. Starting a business is hard enough which is why our business checking accounts are free and we also offer business remote deposit.

A business credit card may be beneficial as well. Not only does it help to keep track of your expenses, but it helps your business to establish its own credit identity. This may require some work on your end, in advance, to improve your own personal credit score but will serve you well in the end.

Again, opening a business can be a stressful time but it doesn’t have to be. At America First, our Business Services team helps you find the perfect solution based on your needs so you can stay focused on the success of your business.

Nicole also explains why now is a great time to refinance your home. The improving economy is a good thing but it also means interest rates are set to rise which makes now the perfect time to build, buy or refinance your home. 

If you’re ready to buy a home, they offer loans with little or no down payments and have options with no closing costs. They also  offer online consultations with no obligation. Plus, get a free review and get preapproved with no obligations. 

For more information call or visit americafirst.com

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