How to get business credit
You might have all the makings of a successful business – except for one thing. You've secured the name, the required licenses, the first round of merchandise and even the storefront in which to sell it. But you may still lack business credit, or even the knowledge of how to get business credit.
The first thing you learn in the lesson of how to get business credit is to pick the right bank. Go for a small institution over a large bank and, if possible, pick one in which you already have a solid bank account that is in good standing. The longer you've had the account, the more clout you'll have with the bank and the more likely the bank will be to extend business credit in your direction. Smaller banks are also more likely to help a small business.
Your second step in your lesson on how to get business credit is to make a list of all your assets so you have something to back up your request. Most banks are not going to hand over credit if they'll have no assurance they will be reimbursed in the worst-case scenario. Approaching the bank with absolutely no assets to your name and your proverbial pockets empty and pulled inside out is not how to get business credit.
Another must while you're learning how to get business credit is to also figure out how profitable your business expects to be. Create a spreadsheet that shows your sales to date as well as what you expect your business to earn over the next year. Banks will be more likely to extend credit to a business that is making money and is expected to continue making money.
While those three immediate action steps are part of how to get business credit, there are other steps going on in the background that you should be working on. Build up your credibility as well as your credit score. You can do this by promptly paying your taxes, bills and keeping accurate and organized records.
Set up a filing system that has all your business documents at your fingertips, including records of how much you're spending and how much you earn. A business that's already established and profiting, as well as one in which you've already invested time and money, has a better chance of obtaining business credit that one that is barely off the ground.
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