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| | The Business Finance,Taxes and Business Operations Network is not currently active and cannot accept new posts | | What should a business credit card be used for and what it shouldn’t be used for | Views: 1079 | | Aug 16, 2007 6:51 am | | What should a business credit card be used for and what it shouldn’t be used for | # | 
dara barcelona | | I look at business credit cards like this. They are a great way to start the process of obtaining credit for your business and they are good for small purchases.
I know a lot of people use them as the sole means of financing their business. First let me tell you thats a really bad idea. There are many financial vehicles available these days to help you to obtain credit for your business. For instance:
* SBA Loans - govt backed loans. The most common are the SBA 7A & 504. They also have the 8A which is for minorities
* Equipment Leasing - these companies finance the purchase of equipment only. They have a variety of programs for businesses at all levels. So whether you are established or a startup or good or bad credit, they probably have a lease for you.
Click the link for more about What should a business credit card be used for and what it shouldn’t be used forPrivate Reply to dara barcelona | | Aug 16, 2007 2:46 pm | | re: What should a business credit card be used for and what it shouldn’t be used for | # | 
Donna Gibson | | Those of us in New Orleans and other Katrina/levee break areas are absolutely enthralled that the SBA will help small business. Sure the heck isn't happening here.
So consequently, even the small business owners' personal cards are stretched to the max to try to continue operating.
The biggest problem with company credit cards that I see over and over and over with small businesses is the owner putting personal purchases on them - either deliberately or accidentally. And just recently I've run into two business owners/officers who view the company credit card as tax-free income to themselves, deliberately putting all dining, all grocery purchases, all fuel - even pay-per-view home cable expenses! - on their cards. Another wants to give officers of the company $3,000 per month debit cards to use as they please - meaning they see it as unreported income to the card users.
Too many see all expenses on company credit cards as deductibles for the company. And yet, literally in black and white for the feds and state to see, is personal gain from the company's money.Private Reply to Donna Gibson | | Aug 29, 2007 6:56 am | | re: What should a business credit card be used for and what it shouldn’t be used for | # |
Samantha Nichole Baker | | great post Dara, thanks for sharing. This can really help me a lot. Private Reply to Samantha Nichole Baker | | |
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