About the Client:
Manufacturing Business | Greensboro, NC
He makes small parts that go inside robotic vacuum cleaners. In 2016 he came to us and said
You know what I could use some credit to get additional raw materials purchase in bulk and bring my costs down a little bit..
So we went ahead and put them through a round of funding with us.
2016 - Initial Success:
$55,000 in business funding
The client received just over $55,000 in funding for his business, one of the accounts he was approved for was Aquesta Bank for $7,000. His initial approval letter is below
But this isn’t where the story ends. After he received his funding, he followed our cardinal rules of credit line management. Our techniques helped his take this smaller account, and grow it to a limit that astounded him.
Two years later:
20x credit limit
The client was so excited by his results that he sent us a copy of his most recent statement. See below
As you can see, he was able to take his card with a $7,000 limit and transform it into a financial powerhouse of it’s own with a limit of $135,000!
So how did he do it?
The four cardinal rules to follow
- Set the account on auto pay, so that you never ever misses a payment
- Never exceed 80% of your available credit limit
- Pay the account down in full every 90 to 180 days. So regardless of what your balance is make sure you pay it off every 3 to 6 months.
- ASK THE BANK! After establishing a positive history, continue to ask for credit limit increases
The Big Picture
What really matters
The most amazing part of the story is not even the fact that he was able to 20 fold his credit limit, it’s the fact that he was able to quadruple the size of his company. In 2016 he only did about $180,000 in sales, however in 2018 he’s on pace to do over $800,000 in sales, not only that he was able to purchase his raw material in bulk and save about 25% on his costs which is going to go straight to his bottom line.
Moral of the story is not about blitzing and setting up a bunch of business credit accounts, it’s about setting up the right business card accounts that are going to grow with your company as it grows. Long-term outlook and discipline will win the game all day long. We have the formula for Success when it comes to setting up such quality accounts and we could do the same for your company just submit a prequal, or call us and speak with one of our finance consultants, and we will map out a path for growth for your business.
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