What most accountants and business consultants will not tell you is the importance of getting business credit even as a brand new startup company. They simply don’t know the techniques that we can offer your business and get it started on the right track.
An established credit history for any business is a major key to its success. Whether you are a startup or a seasoned operation, throughout the history of any company the need for credit will arise. Establishing the business’s credit should be started before the company needs it, preferably when you first start the operation. No financial institution wants to lend money to a business in need of cash flow.
Most businesses start out using the owner’s or officer’s credit to gain approvals under the business name. This is a mistake and as the business grows it should establish its own credit history and credit profile in order to take on business credit of its own. This is possible with a Corporation or Limited Liability Company (LLC). Business Credit International, LLC can provide you with the services necessary to get your business started with a strong financial base right from the beginning.
Business credit is the primary way that companies evaluate whether to do business with you and on what terms. Companies rely on your business creditworthiness to make critical decisions, including whether:
* to sell to you * to lend you money * you are viable as a partner * to lease the equipment you need to grow your business * to increase your line of credit * to help you carry more inventory at competitive prices * to give you favorable financing rates and terms * you stack up favorably against other companies
It all starts with our Business Credit Builder Program, which will establish a solid credit profile and business credit score. The goal is to establish a credit score of 75 or better. In comparison a business credit score of 80 is like having a personal credit score of 750, that’s excellent credit. A credit score is built by having lines of credit, credit accounts and trade references that report to the business credit bureaus. For most businesses it’s very difficult to find a business willing to grant credit with no personal guarantee and without any previous credit history.
All of our business credit programs guarantee a PAYDEX credit score of 75 or better without the use of your personal guaranty. Your PAYDEX score is scaled on a 1 to 1,000 dollar weighted scale. It is based on payment history from trade references reported to D&B. 90% of companies will not approve any business without a PAYDEX score of 70 or better.
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