Improve your business credit and maximize your business funding
Business credit can help you get competitive business loan rates and terms from potential lenders and also suppliers as well. Atlanta Small business owners do not know there is such a thing as a credit score for a business and lose opportunities in lending and suppliers.
Atlanta small business owners make the mistake of assuming that positive personal credit scores will be enough to obtain good business credit ratings. Lenders may consider personal credit, once a business pays its first invoice, it will begin building its own credit history as an Atlanta small business.
Atlanta small business owners should start building business credit today.
Today, lenders use business credit reports to assess the creditworthiness of a business. If a company’s business credit ratings are high, lenders will give great terms within a small business loan for Atlanta small business owners.
Credit Protection: With great business credit ratings, a business can receive financing from lenders willing to grant credit without a personal credit check or guarantor. This allows a business to buy products and services it needs on credit without putting the business owner’s personal credit at risk.
Improve your business credit scores and ratings:
1. Make Prompt Payments
The larger amount of days a company pays sooner than terms the greater the impact it will have on its business credit scores.
2. Improve Credit Utilization
A Atlanta small business credit utilization ratio is one of the most important factors credit scoring models use to calculate business credit ratings. Lenders view a business with a high utilization rate as a greater risk of not being able to repay its debts. Low credit utilization may cause a lender to be more willing to extend credit because there is much less credit risk.
3. Increase Your Credit Limit
Typically after six months of opening a credit account you can request a credit limit increase. Keep in mind, some business credit card issuers do reviews to determine whether or not a customer should get an automatic increase. An increase in credit availability lowers your credit utilization ratio, which ultimately improves your business credit ratings.
Peach Capital Funding is here to help Atlanta small business owners receive funding for their business and also help with improving your business credit. Once your credit improves, which we are happy to assist with, we are here to help you get the right small business loan.
Lets talk today and let our Atlanta small business loan experts help you get funding or improve your business credit scores.