Do you know what Business Credit is?? Many Small Business Entrepreneurs DO ” NOT” have Business Credit. Here are some eye openers –
- Are you a Sole Proprietor? If so – you do “NOT” have business credit – period. You cannot separate your personal credit from your business credit. This is not in compliance with the business credit requirements.
- You must be a Corporation or an LLC in order to build a true business credit asset!
- 97% of Bank Business Loans are turned down!
- You do “NOT” have a business credit rating until you start one!
- It doesn’t matter how long you have been in business (1 year) . . . (5 years) . . . (20 years) – as far as banks are concerned, if you don’t have a business credit rating it’s a personal loan with personal guarantees (for you) or nothing at all!
This information was taken from the E-Myth Worldwide – Unlimited Business Financing without a Personal Guarantee. I recommend registering with them (it is free) and getting their newsletters.
Part of being in business is to surround yourself with sound financial assistance.
Click Here to Download the PDF file that contains additional information that I took the above reference from.