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porate Credit versus Personal Credit
Most small companies start based on the resources of the business owner. If you do not have a lot of cash or have access to large personal means of financing then it is nearly impossible to successfully start, expand or even maintain your company. There is a way to establish a corporate credit profile so you do not have to use your personal credit. Maybe your personal fico score is shot or maybe you are maxed out or even you only want to invest limited resources to your new start up venture. You can develop your business credit profile methodically so that within 6 to 12 months you would qualify for lines of credit up to $150,000.00 or more guaranteed.
Four Steps to Develop Business Credit.
This is a four step process and if you skip a step or go out of order you will slow down, stall or outright sabotage the development of your business profile. This will allow your company to grow with limited personal liability without personal signatures.
Step One - Establish the Company:
You might think this goes without saying and obviously it does, but it must be done right. The type of business entity you have affects your ability to immediately establish business credit. A Chapter C corporation is most easily financed because usually they are the largest companies. Unlike "S" corporations which are usually smaller corporations. Therefore some lenders have more lenient guidelines with "C" corporations. Make sure your business is fully licensed by the state and municipality, with a land phone line [link widoczny dla zalogowanych], listed by directory assistance and even represented online by a website or blog. This process takes 30 to 60 days, depending on your company.
Step Two - Trade and Merchant Accounts:
You want to establish 5 or more trade or merchant accounts. Use them and make payments. This would include accounts with office supply stores, computer and computer supply stores [link widoczny dla zalogowanych], gas cards or anything specific to your business. You want to charge a small amount immediately and pay them on time. Within 60 to 90 days you will be ready to go to the next step.
Step Three - Business Credit Cards and Equipment Leases
This would include credit cards like Visa, Master Card, American Express, etc. Though the initial limits may be low use them immediately making minimum on time payments to quickly establish a positive business credit profile. This step would also include equipment leasing and vehicle leasing in your business name. Again within 2 to 3 months you are ready to move to the next step.
Step Four - Business Lines of Credit:
Here you will begin to develop your working capital lines of credit. These working capital lines can be used for any purpose and in any type of business. It takes 6 to 9 months to develop and access your financing but once you do you will have a stellar corporate profile to do even more. Like your personal credit you must manage your business credit. Managed properly you will have access to the financing you need necessary at the best rates to operate and expand your small business.
Get Business Credit Now.
This sounds simple. It really is. The problem arises when you do not know what you are doing and which creditors are extending credit. There are even companies that will extend you credit that do not report the the repositories and therefore are not helping build your business credit profile. That's the benefit of working with a corporate credit coach who will help you meet your financial goals.