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Getting a business credit score can help your business establish itself. Set yourself up for success with these simple steps to build business credit.
To qualify for the best business financing, you need to have a solid business credit profile. But how do you build business credit? Business.org explains.
Build strong business credit by registering your business, getting a DUNS number, opening a business credit card and trade lines, and making debt repayments on time.
Establishing and managing business credit can help your company secure financing when you need it and with better terms. It can also help you negotiate supply agreements and protect against business identity theft.
Establishing business credit is a pretty straightforward process of following steps to create a business profile with federal and state agencies where you plan to do business, and with the business credit bureaus, such as Dun & Bradstreet, in order to prove your business entity exists.
Building business credit plays a crucial role in your company’s funding ability. Whether you operate as a limited liability company or corporation, your business has the ability to establish a credit file separate from you as an individual.
Building business credit can make it easier to qualify for loans, but it’s important to know how to establish a good business credit score.
Are you a small business owner needing to navigate the complexities of business credit? Experian is here with a helpful guide about business credit and how it works to help you on your journey.
As a first step, you might consider applying for a business credit card to cover day-to-day purchases for your business. Using a business credit card will also help solidify the separation between your personal and business finances, further building business credit.
The first step in building business credit is to formalize your business as a distinct legal entity. You should consider whether your business is a sole proprietorship, partnership, C corporation, S corporation or limited liability company (LLC). The IRS can help you learn about those types of business structures.