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Dangers of Putting Your Personal Assets at Risk for Your Business

Category: Blog

Making sure you don’t have to rely on your personal assets to fund your business should be a priority if you’re a business owner. Your aim should be to grow your business to a stage where it is an asset in itself. As part of making sure your business remains viable and protected, you should also ensure you have an appropriate level of commercial insurance in Maine.

Building your business first before plunging into borrowing to expand is an important way to build credibility. Your business credit line may become important when you want to borrow in the future. Being able to define the assets of your business exactly will also be a great advantage. Make sure all company financial information is stated clearly and up-to-date, and your business complies with banking criteria when seeking loans.

Many business loans are rejected due to businesses not being well prepared when applying. A manageable timeline factored into any borrowing request should be looked upon favorably. Just as having a strong relationship with your insurance agent can help with your commercial insurance in Maine, so can a strong relationship with your financial institution. Making your business one which can secure loans without having to risk personal assets is recommended.


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