Is your business positioned for growth? Does it need capital to expand? If so, building business credit will be essential to funding your company and giving you the ability to expand rapidly.
What is Business Credit?
Most business owners are surprised to learn that just like they have a personal credit score, so does their business. Business credit is a track record of a business’s fiscal responsibility which companies, investors, or financial organizations use to determine whether that business is a suitable candidate for loans or a business partnership.
What you’ll learn about business credit with NCH business credit programs:
- Your rights as a business owner regarding information on your credit reports
- Who the largest business credit bureaus are
- The criteria business lenders use
- Where business credit scores come from and what they mean to your business
- Which companies grant credit and how to get them to do it for your business
- Which companies report to business credit bureaus
- Which credit cards companies don’t require personal guarantees
Why is building business credit important?
Building business credit is important because at some point, your business will need funding to continue growing. Most small businesses tend to be financed initially by personal savings or assets of the owner. This becomes difficult to sustain once your business reaches a certain rate of growth.
One advantage of a corporation is that additional financial resources are readily available through the introduction of new shareholders. However, this is a shorter-term solution and not everyone is prepared to share control of their enterprise with others. Unfortunately, few know how to set about finding credit or investment solutions to fund their business growth.
NCH can help you to build a business credit profile and understand the business loan process. This preparation will significantly improve your chances of being approved for business funding. Here are just a few of the credit programs that we offer:
Business Funding Evaluation
Our first step is to analyze where you are now and where to begin building a business credit profile that will make your application more likely to succeed. Our corporate credit building evaluation is designed to position you and your business to get access to capital by implementing proven strategies developed by our credit experts and lending partners.