Get up and get started on building your #Buisness. The first step is to set up your business credibly to meet credit issuer and lender approval standards before you apply.
Although you may not need it right now, building good business credit has a lot of benefits. It can get you a new or lower interest on your existing small business loan. By building business credit, you will get better terms from your suppliers. It may even help attract new customers, as new customers will probably check your credit as a way to gauge your trustworthiness and responsibility before doing business with you. Some of the traditional ways to build business credit is to update your business information with business credit bureaus, establish trade lines, and make payments early or on time.
Two most important reasons you should borrow money:
1. Borrow money to make money
The most popular reason why public companies borrow is that they use the new money to generate enough profits to more than cover the cost of borrowing. They have been sucessfull and are sure of themselves and keep borrowing more money or use their credit line to do more business.
2. Borrowing money to separate persoanl finances
For a small business owner, it’s important to keep their business and personal lives and finances in check. Although it’s tempting, you should keep borrwoing separte from your business and personal needs.