Building Business Credit for Small Business
Ever had a customer leave your store empty handed because of lack of cash?
How many times a week do you have customers leave after being turned down for financing?
It’s no surprise that the majority of lenders that provide financing are denying over 45% of merchant’s consumer credit applications with credit scores being the main factor.
Not sure what types of business financing your company needs?
Well, first it’s important to familiarize yourself with all the different sources that are available to small business owners so you can decide which direction works best.
For starters, here are my top twenty sources of business finance:
As we come to the end of 2010 and prepare to celebrate the New Year let’s take some time to plan a few business credit building strategies. 
I’m sure there have been plenty of lessons that you’ve learned from in the past twelve months but what steps are you planning to take in 2011?
Here are my top twenty business credit building tips:
Tip #1 – Get listed with all three major business credit reporting agencies – This is a major factor for a lender or supplier to determine the creditworthiness of your company without having to rely on your personal credit.
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If you’re a small business owner, you know the importance of managing your financial status, maintai
ning accurate records, and keeping corporate filings up to date. You may even have hired a bookkeeper to do the job.
But what about managing your business credit profiles? Do you put the same emphasis on maintaining a positive business credit file? How do you ensure that all of your corporate information is updated and accurately recorded with the business credit bureaus? What system or tools do you have in place to control and protect your company’s credit?
Is your company listed with the major business credit bureaus?
Do you know that there are over 30 business credit reporting agencies in America?
With so many companies in the business of collecting commercial information it can be quite a challenge deciding which ones are most important for your company to get listed with.
For starters you should focus on getting listed with the top three business credit reporting agencies which are Dun and Bradstreet, Corporate Experian, and Small Business Equifax.