Why Setting Up Your Business Bank Account is Critical for Success ????

As an entrepreneur, you're focused on getting your business up and running, securing clients, and building a brand. But there's one crucial step you might overlook that can impact your business credit and financing opportunities—setting up your business bank account. ??

The Game Has Changed ??

In the past, lenders and credit issuers would look at your company’s entity inception date—the day your business was legally formed. However, with the rise of fake setups like shelf corporations (businesses formed but left dormant for years), things have changed. ?? Now, many lenders use your bank account setup date as the official start of your business. ??

Why It Matters for Your Business Credit ??

Your business credit profile is one of your most important financial tools. It determines whether you'll get approved for financing, and on what terms. If your bank account isn’t set up, lenders may see your company as "inactive" or "not yet operational." ??? This can hurt your chances of securing business credit cards, loans, or even getting favorable terms with vendors.

At Faster Funding, we help businesses build strong business credit profiles and access the funding they need. But first, your business needs to be seen as legitimate, and a bank account is step one. ?

How Lenders View Your Bank Account ??

Many lenders now consider your bank account date as the day your company really started. Why? It shows that your business is active and handling transactions. ?? Whether you're applying for a line of credit, SBA loans, or even merchant cash advances, lenders want to see that your business has been operational for a specific amount of time, starting with your bank account setup.

Key Takeaways ??

• Set up your business bank account as soon as possible after forming your company. ?
• Your bank account date may be used by lenders as your official business start date. ??
• Having a bank account signals that your business is legitimate and active. ??
• A strong business credit profile starts with proper financial setup. ??

By making this simple but critical move, you’ll be positioning your business for greater success in securing the financing you need to grow. ??

Need Help Building Business Credit? ??

At Faster Funding, we specialize in helping entrepreneurs like you access the funding and credit needed to fuel your dreams. ?? Contact us to learn more about building your business credit profile today!

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About the Author: Paul A. Damiano is currently the President of Faster Funding in Fort Lauderdale, Florida. He specializes in helping business owners establish excellent business credit scores and then leverage those scores to access cash and credit for their businesses. Paul A. Damiano is also the mastermind behind the release of the exclusive Business Credit and Finance Suite. The Business Credit and Finance Suite is the leading business cash and credit access system in the world today. For more information on business credit scoring, business credit, visit fasterfunding.com or Faster Funding ?