Updated: Jul 29, 2019
Establishing, building and maintaining business credit takes time and patience - just as establishing personal credit does. But, having good business credit is essential to growing a healthy business for the long term. It's also essential to applying and being approved for business funding.
Even if you just take some time to understand the components that go into your business credit score it will give you insight into how you can start improving your business credit.
The chart here outlines the components that make up your personal FICO score. The components for a business credit score are similar and since there is not across-the-board standards for business credit, a personal credit score can give you an idea of the components you need to improve your business credit.
For a business credit score, the higher your credit score up to 100 then the more funding you're likely to be approved for. Once you understand the importance of credit-worthiness it can go a long way towards changing your business spending and repayment outcomes.
According to the federal bank of New York, 50% of small businesses that apply for funding get nothing* and poor business credit scores are often to blame. So, how can businesses establish, build and maintain stellar business credit?
Learn how in our complimentary Guide to Improving your Business Credit. This guide will show you ways to improve your credit so you can guide your business forward.
Specifically, the Guide to Improving Your Business Credit will cover:
The components of your credit score
Where to focus your time and effort and the quickest ways to improve your business credit
Flexible options for business funding no matter your credit score
Download our "GUIDE TO IMPROVING BUSINESS CREDIT" by filling out the form below:
*Source: Federal Bank of New York Small Business Credit Survey 2014