Do I Build Business Credit
In a recent post for the Small Business Administration (SBA) I covered five key reasons to start building business credit for your startup or existing business. If you have been following my blog for some time I know we’ve talked about this at length, but there have been a few additions recently, I thought you may find helpful.
When it comes to building credit in your company’s name, Marc Kirshbaum, president of Experian’s Business Information Solutions group says “Just as your personal credit has a big impact on your financial health, your business credit can help you get competitive business loan rates and terms from potential suppliers.”
Let’s recap the five key reasons:
Business Credit Reports – According to Creditera, in the first 6 months of 2013, Dun & Bradstreet had 45 million business credit report requests and Equifax Commercial had 35 million. It’s clear that suppliers and lenders conduct business credit checks. If your business does not build its own credit then your personal credit will always play a major role in credit granting decisions for your company.
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