Establishing and building good credit for your business is vital for all small businesses, regardless of the size or type of business or how long you’ve been in operation.
Many small business owners apply for funding to cover operating expenses or fuel their growth, only to discover that they don’t qualify because of a lack of business credit or poor business credit. It’s especially common for newer businesses to have a thin or non-existent credit profile, which means these busienss owners will need to rely on their personal credit and other personal financing options like credit cards to support their business. Established businesses likely already have a business credit score, but if you have a history of missing or late payments or high credit utilization (or you’ve just never considered your credit score before!), there’s a chance your credit profile may require a little TLC.
Business credit takes time to build and there’s no way to rush the process, so whether you’re starting from scratch or are hoping to improve your current credit score, it’s best to start as soon as possible. We take a closer look at what business credit is and the steps you can take to improve your credit score on Business2Community.
Read the full article to learn more about:
- What a business credit score is
- Why you should build business credit
- How to establish business credit for the first time
- How to build good business credit
The Secrets to Running a Successful Business
Fast-track your business success by watching this informative webinar hosted by Jordan Fein, CEO of Greenbox Capital.
