What is Business Credit
If you ever thought about starting a business, or you are currently a startup, own an existing business, or invest in real estate, then you’ve probably heard the phrase “business credit.”
But what exactly is business credit? Happy you asked, because I’ve got one short answer, and one really long one. Here’s my official definition:
Business credit is the ability for a company to obtain borrowed money that it can use to purchase products or services which is based on the trust that payment will be made in the future.
You get business credit from a credit grantor, whom you agree to pay back the amount that you spent plus any additional interest charges or fees, at an agreed upon time frame.
Click to continue …