What are some credit related challenges that SMB owners face?
Answer :
Many SMB owners run their company using a combination of supplier financing and personal credit – maybe adding an equipment lease or commercial loan into the mix, and then buy office supplies on a personal credit card, and have the telephone account listed in a personal name.
Being inconsistent in maintaining sound payment practices may result in missing important opportunities to build a solid business credit profile. Whereas having a robust history of steady payments to a variety of creditors boosts the borrowing power of your business and puts other companies at ease about extending credit to your firm.
Being inconsistent in maintaining sound payment practices may result in missing important opportunities to build a solid business credit profile. Whereas having a robust history of steady payments to a variety of creditors boosts the borrowing power of your business and puts other companies at ease about extending credit to your firm.
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Related questions
How is a business credit score determined?
Why do some of my business credit lenders and suppliers not appear on my business credit report?
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