One huge issue for a startup entrepreneur is obtaining credit to finance business growth. All companies need capital to market the business, make a product or provide a service. Without proper financing, a new business may quickly fail. Here are some tips to build business credit and protect the credit rating.
Business credit vs. personal credit
This article explains that both business and personal credit scores are based primarily on the same two issues. One issue is the number of credit inquiries and applications to obtain credit. The other is the number of loans and credit cards outstanding.
Avoid the mistake of using personal credit to finance business operations.…Continue reading