Sometimes the most expedient way to finance your business is to use credit cards. If you have a good credit history, and a couple of credit cards, you may have $25,000 or more in credit available to you just by signing your name (or by giving your credit card number to a mail order company.)

Some of that credit availability may be at high interest rates. But if your credit is good, you probably have offers showing up frequently that let you transfer existing balances to a new card at a special introductory rate. Or, you may also be getting offers for cards with moderate interest rates that don't go up at the end of a brief introductory period.

These low-rate credit cards can be useful methods to finance your business if you can control your spending. Buy only the equipment or services that you have budgeted for and that you'll be able to pay back in a reasonable period of time. You won't have to wait for the bank to approve a loan, and if you make careful use of the low interest rate offers, you may wind up paying no more interest than you would have if you had a bank loan.

Be sure to read the small print on each credit card application to see how long the advertised rate is in effect. Check for clauses that allow the credit card company to bump the interest rate up to a much higher rate if you are late paying any bills. Some will bump the rate up if you are late paying just one bill.

Tip: If you can't get a credit card in your company's name, get a credit card in your own name that you reserve only for business use. If only business purchases are put on the card you will be able to deduct any interest charges that accrue.

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