Herman Dolce on Using Business Loans to Grow Your Business and Build Wealth

Herman Dolce is the founder and chairman of Bella Sloan Enterprises, a financial education company focused on helping entrepreneurs and small business owners understand and use the power of business credit to generate income for their businesses. business.

He created the Bella Sloane Academy to learn the strategies and techniques he used to build his businesses. In this interview, Herman shares some of these strategies and explains how other venture capitalists have used them to take their companies to the other situations.

Herman Dolce

What inspired you to start Bella Sloane Enterprises?

The reason I started this company was because I was looking for freedom. I realized that working for someone else does not give me the freedom and opportunity I need and want to achieve my goals. Besides that I wanted to leave something for my children that would be more of a legacy.

I remember needing permission to go to a baby shower with my wife when she was pregnant with our first child. When I came back from vacation I didn’t get any more paid time to spend with my daughter. That is the main reason that helped me start my company.

What is business credit used for?

The main use for business credit is to use credit to grow and expand your business. Using cheap 0% interest business cards is very useful for many startups who cannot pay interest when they start their business.

Venture capital is like gasoline on your business to help you expand faster. You can use this money to buy surveys, ads, or pay bills.

Why do you think now is the time to learn about business credit?

That’s the moment. Because this information has been withheld from us for a long time, we are definitely at a disadvantage. It is important for everyone to understand that clearing (good) debt in your personal name is very important to being able to expand your business and make more money.

What are some of the biggest misconceptions about business credit?

Some of the biggest misconceptions about being able to get business credit are that you have to have a good credit or your business needs at least two years. Although it is a best practice for those who are, you can still get business information only using your business EIN and if your business is less than 2 years old.

Many lenders will give you a loan if your business is 6 months old and will give it to your business based on your score. Business loans are not related to your credit score.

What are the main steps involved in using business credit to get money for a business?

The main step in getting money for your business is to first organize your business plan. Whether it’s an LLC, s-corp, or c-corp, just getting organized is the first step. Second, structuring your business to ensure you get the maximum amount of funding.

Such as having a proper business address, website, business phone number, and a proper business email. Finally open a business checking account. Establishing yourself as a legitimate business does volumes to help you get financing from multiple vendors.

What is one of the biggest wealth building strategies you have learned as an entrepreneur?

One of the most amazing ways of building wealth that I have used in my career is to use cheap money to generate income. For example, I will liquidate a business card at 0% interest and invest in products that earn five to 10% interest on my money.

Since now I am using 0% interest rate on all income. Once the 0% interest on these introductory rates for these business cards is over, I pay off the principal and then get another business card at 0% interest and repeat the process.

What are your future plans for Bella Sloane Enterprises?

Future plans for this company is to bring financial literacy to high schools and colleges. In the first seven years of this company, we have spent most of our time teaching adults about wealth, and financial freedom strategies. The sooner we learn this information the better for all generations.

What advice do you have for other entrepreneurs?

The best advice I can give to all entrepreneurs is to continue to be consistent and disciplined. After motivation comes discipline.

Leave a Comment