finance

A few weeks ago it was announced that Advanta would be leaving the credit card business.  This notice was particularly difficult for many small business owners, since Advanta typically considered small businesses to be their primary market focus.

The Wall Street Journal article goes on to say the following (emphasis mine):

Small-business owners have been among the most severely hurt by the credit crisis and recession. Banks have pulled back on small-business loans in recent months, forcing company owners to rely more heavily on plastic for many of their expenses. Card issuers are leery of small businesses because of their volatile revenue streams.

According to a recent survey by the National Small Business Association, credit cards are the most popular form of financing used by small business to finance their capital needs. One-third of small businesses reported that their credit lines had been reduced in the past six months.

Using credit cards to finance a small business is an easy solution when no other options are available, but I highly caution all owners to avoid this step without a very firm process in place.Read more...

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