This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/01/25/does-your-business-need-to-build-credit/
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Do you feel like the Energizer Bunny that keeps “going and going” moving toward what’s next? Without a doubt, forward energy is what helped you build an excellent personal credit history. Now that your business is a reality or about to be, there’s one caveat about credit that most business owners don’t know about. Personal and business credit histories are equally important but they aren’t the same. Unfortunately, entrepreneurs find out, after the fact, when lenders turn them down for small business loans.
A solid business credit score opens doors that otherwise stay closed. When lenders see you as a lower credit risk, you’ll qualify for better rates and can acquire funding for projects you had put on the back burner. Other people notice your business credit score besides lenders. Suppliers and investors know you’re on solid footing when your business credit score is in the 76-100 range indicating you’re a low-risk borrower. When personal and business scores are in the higher range, they won’t hesitate to do business with you.
To help you understand a business credit score’s importance, the hypothetical example below is a scenario played out every day in real life.
Mateo Didn’t Know the Importance of Building Credit.
This Latino business owner operates a thriving pastry shop. Mateo loves watching his customers enjoy eating milhojas filled with sweet cream, crispy churros, and quesitos topped with a sugary glaze. In addition to pastries, he serves gourmet coffee, hot chocolate, and other beverages. Patrons are literally bumping into each other because there’s not enough space for them to eat and mingle. He wants to expand his business by renting space adjacent to his store. Therefore, he appli… Read More
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