If you are in business like me you could use some business credit. Every business needs some credit to help them sustain during this tough economy. Now getting that business credit may be challenging to say the least. The underwriting guidelines for obtaining business lines of credit have changed over the last few years and small to mid sized businesses are finding very difficult for secure business credit.
These days in order to qualify for business credit most lending institutions require a personal guarantor use their personal credit to qualify. That person must show a high credit score and have personal financials showing substantial assets and income. The business itself must have been in business for at least two to three years and showing a profit for that long.
Unfortunately, most businesses and businesses owners have severely been affected by the slowing economy to the point where they cannot qualify for business credit because of poor personal credit or lack of profit.
You would think that there is just no way to get business credit right? Well not quite. One thing I have learned from running a business is that there are at least 12 solutions to one problem and here is one.
One-way get money for your business is to establish business credit. Doing so will get you access to business lines of credit without having to use your personal credit. In order to establish business credit you need to create a credit profile with Dun & Bradstreet. What that will do is provide the business with Paydex number, the highest being 80. The Paydex number is like your FICO number but for your business. Then basically what you do is establish credit through other companies i.e Staples or a company that provides support for your business.
Now this process won’t get you $250K in five days. It does take some time to build your business credit. But over time your Paydex score will increase showing a strong credit history. This will open up more channels for business credit.
To learn more about how to build your business credit Click Here
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