You have worked hard to start and run your own business and you would not like to see it fail. If you had a bigger cash flow, you could advance your business to the next level, but the only way to get cash is to take a personal loan. This is not the right answer, and there are several reasons why fast business credit is the answer.
Your business credit and your personal credit should be separate. Your business will be evaluated by your business credit, not your personal credit. You can lose clients, vendors, joint ventures and bids because your Dun and Bradstreet report doesn’t show good business credit. You also need to develop your Corporate Experian profile so you control what your customers see about your business. Also, developing vendor lines of credit so you don’t need to use your cash flow to purchase things will show a good credit rating to potential lenders when you need a large loan to upgrade your business. With fast business credit, your personal credit is untouched whether it is good or not so good.
The best time to get fast business credit is when your company is doing well and doesn’t need a larger cash flow. At this point, your business will be in a position to qualify for fast business credit which may not be the case if you wait until you desperately need money.
If you have good business credit, you can have access to funding and managing cash flow. You will get new financial options, especially for small loans under $90,000 which are approved automatically if the business credit file and score is good. With a good credit score you can get fast business credit with the best terms for a loan or business credit card. Weak business credit scores may get 12 percent interest on a loan and strong scores get seven percent. Business credit cards may get eight percent for a strong credit score and 18 percent for a weak score.
With fast business credit you can reduce your expenses by improving your cash flow. You will reduce your insurance premiums, rental terms, financing costs, credit card rates and vendor and supplier costs. Most importantly, fast business credit will protect your personal income and assets from liability. Good business credit strengthens your personal liability protection. Your personal credit is not unlimited, but the asset of your business credit can grow as fast as your business.