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How An Attorney Can Help Your Business Establish Credit

The use of credit is a critical aspect of running a modern business. Whether it is a loan for constructing new facilities or a line of credit for financing an acquisition, many companies rely on their credit to grow and expand their operations. Although business owners can apply for credit on their own, a Hoffman Estates lawyer can improve their chances of getting an approval.

How An Attorney Can Help You Build Business Credit

There are two sides to every credit application—the view of the credit applicant, and the view of the lending institution. The applicant (in this case, a business) may see themselves as more than creditworthy, with a firm idea of their revenues and profit projections. However, in the eyes of the bank, there may be looming questions or concerns about a company’s financial stability that may affect its ability to receive a loan.

An attorney can often play a crucial role in helping your business secure credit. Not every bank or lending institution is upfront about the requirements for receiving a line of credit; an experienced attorney will often know what questions to ask and what concerns to address when making the application to the bank. Additionally, your attorney can:

  • Provide an effective evaluation of your business’s assets for purposes of providing loan security
  • Help create a revenue-based financing plan to present to the bank
  • Get your company listed with the major business credit bureaus
  • Assess how your personal credit can be used to bolster your application’s strength
  • Interface between you and the bank’s representatives without you needing to be physically present

An important part of any credit application is demonstrating that you will take the terms of the agreement seriously. This includes using the funds for legitimate purposes, as well as showing that you will handle repayment with responsibility and professionalism. Banks and lending institutions want to feel assurance that you will pay what you owe in a timely manner. With an attorney on your side, you will clearly indicate that you are serious about what you intend to do with the line of credit, in addition to demonstrating responsibility and diligence.

Do You Need A Business Attorney Near Chicago?

Our attorneys have a combined 150 years of legal experience and have the knowledge to give you the tools to allow your business to grow. If you are in the midst of applying for credit, or if your business was denied credit, our firm is here to help you. To speak with our Hoffman Estates lawyers, call our office at 847-310-0025.

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