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Business Start Up

Importance of Business Credit and How to Build It

As the old saying goes, “It takes money to make money.” This can be quite a challenge when you’re a business start-up.

Though you need money for equipment, staff, daily operations, and more, you’re not yet making any money to take care of expenses. And without that money, you may never get until your business past the business start-up phase.

This is where a business credit score comes into play. Our financial consultant opens doors for clients interests in building business lines of credit, small business funding, credit with marginal assets, and other financial products.

With the right financing and funding, you can put your business to work making money. As you begin to make money, you can repay your debts and improve your business credit further. With improved credit, you can gain financing later to expand your business further.

All of this seems like a simple equation, but building business credit requires several steps and effective strategies. These include:

1. Establishing Your Business

You’ll need to form a business entity and apply for a tax ID. You’ll also need to set up a separate business bank account.

2. Register With Credit Bureaus

After establishing your business, you’ll need to register it with the credit bureaus. Doing so provides a way for your lenders and vendors to report your credit activity.

3. Find Your Funding

In the beginning, you likely won’t have as many options for financing your business. However, there will be a few avenues to go through and vendors who will extend credit.

4. Manage Your Debt

It’s imperative that once you’ve received some form of credit, you make all payments on time. Also, be sure that those lenders report your positive credit history.
Starting and building business credit can be challenging for business start-ups, but it’s not impossible. Contact our team at Miracle Financial Enterprise and we’ll help you get your business credit off the ground. 


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