Tips for Building Business Credit

Growing your business is all about strategy. You’re constantly looking for new opportunities to expand.?

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But sometimes those opportunities require funds you don’t have on hand.??

? In these instances, a little strategic borrowing can exponentially grow your business.??

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Banks, lenders, and investors always look for signs that your business is well-established and dependable when considering offering a loan.?

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Here are some easy ways we’ve found businesses can demonstrate their strength and legitimacy:?

• Pay your bills on time. This sounds obvious, but it’s one of the easiest ways to strengthen your credit score. If you don’t, your credit will suffer.?
• Check your credit score. These reports aren’t free, but they will give you valuable insights into your credit health along with any potential issues.?
• Establish credit accounts with suppliers. Where possible, establish a credit account with regular suppliers, as this can increase the number of positive payments to your file.?
• Be consistent. Your company name should read the same on all your business contracts and lines of credit. It's easy to switch between a personal name or a DBA and your registered business name. But this can result in a line of credit not getting assigned to your business.

Pro Tip: Alliance Virtual Offices reports to CreditSafe once per month on your behalf.?

It’s also recommended to use a company address and a 411-listed business phone number for your business, rather than a home address, PO box, or personal cell number.?

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Ready to build your business credit without sacrificing your freedom and flexibility? We’ve built you this quick and easy guide to help.?

CREDIT BUILDING TIPS >>