Building Business Credit
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Building Business Credit
Building business credit is a process that evolves over time so be prepared that you aren’t going to be able to access it the second you start a new business. You will need to provide information regarding the structure of the business and the estimated earnings. One of the easiest ways to start building business credit is to apply for a couple of business credit cards.
Even if they don’t have a high credit limit it is a good way to start building business credit that shows you are responsible. Use them to buy a few necessities for the business and pay the bill in full when due. Start paving the road for a good record of paying your business credit cards on time.
It is important to have your business structure set up so that it will be stable in the eyes of lenders. This means having your invoices with your business name, ordering supplies under a business name instead of the name of the owner, etc. Building business credit means you are willing to go the extra mile to establish your business as a separate entity that can stand alone. You can start building business credit by making small purchases from companies that you know will report them to the major credit bureaus.
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