You need credit to start your business, you need your business to re-establish and maintain your credit. Business credit and personal credit are linked together. Credit is one of the most important factors of your business; your business is the most important component of maintaining, fixing and re-establishing your personal credit.
Don’t confuse using your personal credit for your business, that’s a bad mix; keep your personal credit separate from your business credit. Your business credit rating will appear on Dunn and Bradstreet, a combination of both your personal credit and business credit will determine your new business loan approval. When can’t maintain either your personal credit or business credit, start with:
- Analyzing your accounts payable, verify your payables are less than your accounts receivable
- Reducing or consolidating your business debt
- Reducing overhead
- Applying for a factoring loan ( an alternative business loan)
Alternatives to Start or Re-establish Business Credit
You have to start somewhere to fix your business credit and personal credit. If you’re looking to expand your business or need working capital, and don’t have the business credit or personal credit to do it, initiate these:
- Fix your personal credit first
- Settle and pay off collection accounts or judgments that appear on your business credit
- Start off with a small business loan amount
Remember, your personal credit is your asset for life, take good care of it!
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- When You Can’t Get a Business Loan at Your Local Bank
For more information on how we can improve your business and credit in Chicago IL, Naples FL and Palm Beach FL, please fill out the online contact form about your concerns or give us a call at 866.885.5131. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
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