(PRWEB) September 13, 2007 -- GoldMedalMortgage.com, based in California, announces the launch of a specialized department that is dedicated to helping existing businesses and start ups obtain no collateral loans.
"Small businesses fail or never get off the ground for many reasons but one of the biggest is the lack of financing," states Ronald Spencer, spokesperson for GoldMedalMortgage.com
"Now we can offer no collateral loans to existing businesses or start ups with a written guarantee. Once accepted, we will arrange for $300,000 in business lines of credit within twelve months, but we usually achieve this in six months."
"These no collateral credit lines can be use for any business related activity including travel, entertainment, office supplies including computer equipment, office lease and even payroll expenses."
Credit lines are offered directly to the company from major lending institutions such as Bank of America, Chase, Citibank, Wells Fargo and American Express.
The first lines arrive approximately eight weeks after acceptance into the program.
Programs offering business lines of credit with no collateral have been in existence for many years. The programs are based on corporate credit score known as Paydex, which could be viewed as the business world equivalent of FICO.
Spencer continues, "There is a natural tendency to apply for bank loan. The bank, in general, will want to know how long you have been in business, see financial statements, and maybe formal business plan. With all that they will want to know what you have for collateral."
"For a large loan request the only collateral that will cover it is the business owner's home. If anything happens to the business, the owner loses his home too."
"In addition to no collateral, no financials, and no business plan one of the biggest features to this program is that it is all corporate debt and does not affect the personal credit of the business owner. In other words, no personal liability."
"We have found that a large percentage of small business owners are still personally liable for the company debt even if they are incorporated. Our new program can rectify that and put the debt where it belongs, in the corporation."
"Although this service digresses from the core mortgage business, it actually does compliment it. Many of our existing clients are already small business owners, and others we know are looking to start one."
"With this program an entrepreneur can take an idea all the way through to business reality without all on business lines of credit and no money out of pocket and no collateral," concludes Spencer.
For more information on no collateral loans, unsecured lines of credit for existing businesses or start ups please call 800-300-2040 or visit http://www.GoldMedalMortgage.com
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