Imperial Advance recently joined the prestigious New York Institute of Credit as a Corporate Member. The New York Institute of Credit (NYIC) was founded in 1918 and offers a number of events throughout the year to help bridge the gap between business theory and business practice by bringing together educators including credit executives, accountants, and lawyers for networking and educational programming.
“We are always exploring new opportunities to broaden our knowledge base and connect with our peers in the industry. The New York Institute of Credit has a well-deserved reputation for being one of the leading organizations in the space and we are excited to be deepening our corporate involvement by joining as a new member,” said Michael Pennartz, cofounder and vice president of Imperial Advance.
Approximately 2/3 of U.S. small business owners use credit for business purchases, but nearly half of these business owners use their personal credit card for these purchases, exposing the owner to liability and personal credit risk. Experian offers business owners several recommendations for improving business credit, including analyzing credit reports and resolving any errors, making sure vendors are reporting payments accurately, making timely payments, repairing credit damage, keeping your balance at 20 percent to 30 percent of your credit limit.
“Educating business owners about credit and financing solutions is a very important part of what we do every day,” says Pennartz, “our membership with The New York Institute of Credit will further our goals to be on the cutting edge of emerging trends and opportunities in the world of credit and business finance.”
It is increasingly important for business owners to focus on improving their business credit, but it is also important to know that bad credit will not prevent a business from obtaining financing or a small business loan. Business term loans, which allow a business owner to leverage up to 250% of his or her monthly revenue is one of the most popular products available from Imperial Advance. Other business owners look to revenue-based financing, which combines the high approval amount of a term loan and the flexibility of a merchant cash advance or merchant cash advance financing, which leverages future credit card receivables into immediate financing.