"Good credit is like a good reputation, it takes years to build, seconds to ruin, and forever to repair." – Unknown
The Small Business Administration (SBA) emphasizes the importance of establishing business credit for your company as a way to secure funding and build a positive reputation within the industry. Having good business credit can help your company qualify for loans, credit lines, and other forms of financing from banks and other lenders. Additionally, vendors and suppliers may also be more willing to extend credit to your business if you have a strong credit history.
Ladies and gentlemen, Are you tired of struggling to secure financing for your business?
Look no further. Our business credit builder and financing suite offers a comprehensive solution for all of your credit and financing needs. From our revolutionary online platform to our expert team of concierge business credit advisers and finance officers, we provide the tools and support necessary to quickly and efficiently build and maintain strong business credit. Plus, our fast and efficient application process will have you approved for funding in no time. Learn more...
The SBA recommends that small business owners take steps to establish their business credit early on, as it can take time to build a good credit history. This includes setting up a separate business checking account, obtaining a business credit card, and obtaining a Dun & Bradstreet D-U-N-S number, which is a unique identifier used by many businesses and organizations to share and access credit information.
It's important to note that business credit is separate from personal credit and the two should not be mixed. Keeping your personal and business finances separate will help to protect your personal credit in case your business experiences financial difficulties. Additionally, it is important to maintain timely payments and to regularly check your credit report to ensure accuracy and detect any discrepancies. By taking these steps, small business owners can build a strong credit history and increase their chances of securing funding for their business.
Elevate your business to new heights with our cutting-edge business credit builder and finance suite, offering unmatched flexibility and access to a wide range of funding options. Learn More...
15 Reasons Having business Credit Is a Must Your Business
7 Reasons Why Your Business Credit Matters More Than Ever
- Business credit history is a key factor in determining a business's ability to secure funding and loans.
- Strong business credit can lead to better interest rates and terms on loans and lines of credit.
- Business credit can also impact a company's ability to secure vendors and suppliers, as some may require good credit to do business with a company.
- The SBA emphasizes the importance of regularly monitoring and maintaining business credit reports to ensure accuracy and identify potential issues.
- The SBA advises businesses to establish credit early on and use it responsibly to build a strong credit history over time.
- Business owners should be aware that personal credit and business credit are separate and should work to maintain good credit for both.
- The SBA notes that the current economic climate has made access to credit more challenging for small businesses, making it even more important to have good business credit.
References:
- Experian report on average business credit score in the United States: https://www.experian.com/business/business-credit-reports/business-credit-score-report
- Federal Reserve report on small business funding denial rates: https://www.federalreserve.gov/publications/files/small-business-credit-survey-2019-202211.pdf
- National Small Business Association report on data breaches and small businesses: https://www.nsba.biz/wp-content/uploads/2021/09/NSBA_Cybersecurity-Report_2021.pdf
- SBA Office of Advocacy report on small businesses in 2020: https://www.sba.gov/sites/default/files/advocacy/2020-Small-Business-Profiles-US.pdf
- Federal Reserve report on credit scores for small businesses with under $1 million in annual revenue: https://www.federalreserve.gov/publications/files/small-business-credit-survey-2019-202211.pdf
