November 6, 2012

Get Business Credit without Personal Guarantee

How do you get business credit with no personal guarantee?

First, you must establish good business credit scores.  To do that, you must find vendors, suppliers and credit card companies who will grant a credit-line for your business (without using your personal credit score as the basis).

You must complete all basic lender approval requirements, such as a business license, and a dedicated phone line listed under the legal business name. Ask your prospective creditors for their requirements before they will extend credit. Most lenders, vendors, suppliers, or credit card companies will not approve credit to your business if you haven’t taken these steps.

Next, ensure your business creditors report your business payment history to the business-credit bureaus.  Before that can happen,  you must register your company with all three bureaus.

Getting approved for business credit with without a personal guarantee will require that you have a great business-credit history, your business is set up correctly, accounts are in order, you can show the ability to service the debt, and you have some form of assets.

Share this post:
Facebook
Twitter
LinkedIn
WhatsApp

Discover more articles