{"id":30563,"date":"2018-10-09T10:52:47","date_gmt":"2018-10-09T14:52:47","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=30563"},"modified":"2023-11-06T16:36:33","modified_gmt":"2023-11-06T21:36:33","slug":"small-business-credit","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/small-business-credit\/","title":{"rendered":"Small Business Credit, From A – Z"},"content":{"rendered":"

\"\"<\/p>\n

Your small business credit is as important as your personal credit. Just like your personal credit, it\u2019s equally critical to have good credit as a business owner. Having a great credit score affords a multitude of benefits, including the ability to establish better payment terms with new vendors and suppliers, and the opportunity for favorable interest rates and credit terms when seeking a small-business loan or line of credit<\/a>. Did you know that one in four small businesses<\/a> don\u2019t know why their loan applications are denied? Understanding your business credit scores can have a big impact on your ability to secure a loan. So, how does your credit shape up? Let\u2019s look at some key ways to build your business credit.<\/p>\n

Establish Your Business<\/strong><\/p>\n

If you\u2019re just starting out with your small business, one of the first steps you should take in making it official is to either incorporate it or form an LLC<\/a> (Limited Liability Company). You\u2019ll then want to apply for a federal Employer Identification Number (EIN), which is a 9-digit number the IRS uses to identify businesses for tax purposes. As long as you meet the eligibility requirements, it\u2019s easy to apply for one on the IRS website<\/a>.<\/p>\n

Open a Business Credit Card<\/strong><\/p>\n

Just as you can establish your personal credit history by opening a credit card, the same goes for your small business. And while you may only need one card, having multiple cards open can only improve your score (if you use them responsibly, of course). And remember: Just because you have the credit available doesn\u2019t mean you should exhaust it! Choose a card from a reputable company that reports to the credit reporting agencies. This helpful guide from Business Insider lists the best credit cards for small businesses to open. Also just as important as having a credit card is paying your bills on time, so be sure to only rack up the debt you can pay off each month\u2014late payments will negatively impact your credit. In fact, pay your bills as early as possible, which may enable you to build your favorable credit score more quickly.<\/p>\n

\"Small<\/strong><\/p>\n

Open a Business Bank Account<\/strong><\/p>\n

It should go without saying that you need to keep your business finances separate from your personal finances. Open a business checking account in your business\u2019s legal name, and pay the bills (including your business credit card bills!) directly from this account.<\/p>\n

Build Relationships with Suppliers and Vendors<\/strong><\/p>\n

Having a solid line of credit<\/a> with vendors and suppliers is pivotal to your success as a small-business owner. If you have a great relationship with the companies supplying with you with inventory and other essentials for your business, you\u2019re more likely to avoid having to pay up front. It\u2019s easy to establish a positive business credit history if you secure payment terms with vendors that report these payments to business credit reporting agencies. Here, check out three popular vendors<\/a> who do just that!<\/p>\n

Check Your Credit Report Regularly<\/strong><\/p>\n

While the government has mandated that credit bureaus provide you with a free personal credit report every year, the same isn\u2019t true for business credit reports. You\u2019ll pay a fee, but it\u2019s worth it: You need to check your report in order to spot (and remedy) mistakes, uncover potential fraud, and otherwise keep a close eye on things that may hurt your business credit score. Another key reason? Your business credit report is public<\/a>, which means potential vendors and suppliers can pay a fee to access it. This makes it extra important for your report to be flawless, as it could determine whether or not someone does business with you.<\/p>\n

Our seasoned loan consultants<\/a> at ARF Financial are well-versed in helping small businesses establish good business credit, so why not reach out today? And if you\u2019re having trouble securing funding for your business, ARF offers a simple loan process. We can get you funded in 3-5 days, and your credit won\u2019t be affected. APPLY NOW<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Your small business credit is as important as your personal…<\/p>\n","protected":false},"author":5,"featured_media":30565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[128,698],"tags":[219,214,210,220,223,117,229,224,226,142],"class_list":{"0":"post-30563","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-day-to-day-business-operations","8":"category-small-business-financing","9":"tag-bridge-loans","10":"tag-business-credit","11":"tag-business-financing","12":"tag-flex-pay-loans","13":"tag-lines-of-credit","14":"tag-restaurant-loans","15":"tag-small-business-credit","16":"tag-small-business-financing","17":"tag-small-business-loans","18":"tag-working-capital"},"acf":[],"yoast_head":"\nSmall Business Credit, From A - Z - ARF Financial<\/title>\n<meta name=\"description\" content=\"Your small business credit is as important as your personal credit. 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