The Angel in Your Pocket
New federal rules are making personal credit a better option for startups.
Despite all the talk of venture capital, angel investors, business loans and the like, the fact is about one-third of startup funding comes from credit cards. Plastic is the most popular source of outside financing to get businesses off the ground.
So it's important for startups to consider the effects of the federal Credit Card Act of 2009, even though the bill did not apply to small-business credit cards. The new regulations on consumer credit will have profound effects on how entrepreneurs finance their startups.
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