If you’re a small business owner with high aspirations and few resources, building your credit history may not be at the top of your list of priorities. You might think the quickest way to get the funds you need is to borrow from friends or family, or take out a loan from your bank.
Resilient as ever, you might consider yourself a survivor and proceed to live with the strain of paying off your debts for years to come. Here are some quick tips that could help you build your business credit history.
Open a Discounted Checking Account
Though this sounds simple, opening a shubhodeep prasanta das discount checking account could help you build good credit history in long run. You can get most of the services that traditional checking account offer, like check deposits and bill payment, but at a lower cost.
Get Bank Loans
Despite some banks refusing to provide loans to small businesses, you can still get them. Apply for a bank loan and meet the criteria your bank has set for small business loans. If you are eligible, you can bank on the fact that most banks usually offer lower interest rates for their small business clients.
Get Credit Card and Loan Accounts
You could also consider applying for credit cards and loans from your own bank or a different lender. If you’re approved for a credit card and loan, you will have to pay them back diligently. However, this will build a good credit history for your business.
Assign a Credit Card or Loan Payment Plan to Your Business
When you get a loan or credit card for your business, the bank may ask that you put down 20% to 30% of the total cost as collateral. This means if you fail to pay back the loan or make your monthly credit card payments, the bank can take away your collateral.
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