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Why Establish Business Credit?


One of the great benefits of starting a business is that it is possible to establish a new and separate credit profile that is distinct from your personal credit profile. This means that although you may have poor personal credit, you can structure your new business to have its own business profile, allowing you to receive loans, credit cards, lines of credit, etc. that you would not be able to obtain as an individual (and often at better interest rates).

It’s suggested that less than 10 percent of new small businesses are approved for loans from banks or other commercial lenders. And the reason why their loans is because most of the times they use their personal credit. A poor personal credit history is usually a common stumbling block for entrepreneurs.  

Instead of jeopardizing your personal credit and assets every time your company requires financing, you can use your business’ credit rating to secure the financing you need to obtain loans with favorable terms & lower interest rates. For instance, you might pay up to 13% interest on a $100,000 line of credit whereas your business could qualify for an interest rate of 7%. That would save you almost $40,000 in interest alone.

Benefit of Business Credit

•    Establish a financial record that potential vendors will look at to determine whether or not to do business with you. If your business has a positive credit history, this will encourage transactions with other companies. Since insurance companies often check business credit ratings before issuing a new policy, good corporate credit history can also lower your insurance premiums.

•    Corporate or business borrowing is possible without the requirement of personal assets or a personal credit rating if a business has established its own credit history usually through the reporting agency for businesses called Dun & Bradstreet.

•    Fees and interest on a business credit card can be tax deductible. Because you are using your business credit card to make business purchases, the annual fee, any transaction fees and any interest charges can be entered into your tax return as deductibles. All you have to do is file the appropriate forms, and your accountant can tell you how to do that for your specific business.

Business Credit can offer:

•    Business lines of credit
•    Business credit cards
•    Automobile leases without a personal guarantee or personal credit check
•    Business start-up and growth capital
•    Low cost, high return

With Business Credit it is possible to obtain:

•    Real estate
•    Auto leases
•    Credit cards
•    Lines of credit with various companies
•    Equipment leases
•    More

Build Corporate/Business Credit Today

Whether you already have an excellent credit rating or are just starting out in business, we can help you connect with lenders who work with companies in your situation. Global Credit Management has developed a program to provide your business with business credit so that you can separate business and personal finances. Are you ready to start building your business credit without using a personal guarantee? Please contact GCM at (888) 247-8882