You can build your business credit fast. You can accomplish this so that you don’t need to rely on your Personal Credit to fund your business cash flow needs.
As with your Personal Credit you can guild you business’ Business Credit quickly. If you are familiar with how you can increase your personal credit, you can grow your business credit in the same way.
Start Building Your Business Credit Profile
You can start to build your business credit in the same fashion as you did your personal credit. One piece at a time. You will grow from same credit limits and build up to much larger lines as they are needed.
You can begin the building of your business credit using small credit accounts that are reported under your Employer Identification Number or also known as your EIN. This is your business’ Tax ID number that the IRS uses to identify you. Much in the same way as we are ID’s by our Social Security Number.
Your business will start with nothing and can establish small credit accounts that are reported as vendor accounts to help establish your Business Credit Score.
Your Business Credit Score can then be used to qualify for business loans, vehicle financing and even commercial real estate mortgages.
Benefits of having Both Business and Personal Credit
There is tremendous upside potential in having both a Business Credit Profile along with the borrowing power of your Personal Credit. You have double the borrowing power when you really need more funds to expand your business.
You will now have two credit profiles to utilize in managing your credit power. This is a plus, but if you do it right, you will not need to use your Personal credit for your business.
Protect Your Personal Credit and Assets
The best reason to establish business credit is to make your business and not you liable for your business’ debts. If for some reason your business fails, then your personal assets are not on the line as well.
When you use business credit then your business in liable for its debts and not YOU. This is the most important reason to establish business credit.
Easy to Establish Business Credit
It is very easy to get started. You can start really small. No matter what your business start of with a Gas Credit Card. You see the applications at the gas pumps all of the time.
Apply for one in your business name only. The initial credit line will be small, but it will start your business profile to establish your Business Credit Profile.
Other easy to get business credit accounts can be , Office Depot, Staples or maybe Office Max. Apply for their cards as well. Start small you are establishing your business credit.
Another account could be with Home Depot or Lowe’s if you in the trades.
If you are in the food business then apply for credit from your Vendor Suppliers.
Business Credit Builds Faster than Personal
Business Credit can be built much quicker than personal credit. You can establish your credit accounts in about 90 days or less and from that point you can get much larger credit lines and even the banks will be willing to listen to you.
Building your Business Credit now will be one of the best assets your Business can have.
Build a relationship with your local business bank. This is where you will get the lowest rates. In the beginning you may need to use our services. reach out and we can talk about the lenders that can provide the funds your business needs now.
