It’s crazy to think that many small businesses these days use personal credit cards rather than proper business credit facilities! By doing this, business owners miss out on massive company financing options in the future which could grow their enterprise to heights they never dreamed of.
But how do you go about building business credit? Well, in this short guide, we’ll show you 5 companies that help build business credit effectively for future success!
By harnessing the powerful tool of business credit, you wonder why you didn’t do it sooner. Read on if you want to change the way you fund your business for good.
If you wish to build business credit, eCredable is an excellent way to do it. They offer an innovative service where they add your bill payments to their credit reports.
For instance, you can connect 8 different utility bill accounts to eCredable and they will connect them to a business credit bureau (one or more). You can link your phone, internet, and electric payments, for example. Furthermore, you can add various other business expenses into the mix to maximize your credit building.
2. Credit Strong
To improve your company credit profile, Credit Strong gives you a credit-builder account with them. This account is an installment loan that is cash secured. It enables you to take money out for business use and build your business credit score.
You have the option of a 5 or 10-year plan with this company. You also won’t need to give them any upfront deposits to use this service. Plus, you may close the account at any time without incurring any penalties or fees.
If you need certain equipment and supplies, it makes sense to buy these using a business credit facility. This way, you can meet your business demands while also building business credit in the process.
Quill offers you a range of equipment and supplies that you might find useful for your business. Once they approve your application, they will then set you up with a credit account and a limit.
4. General Business Lenders and Other Considerations
There are various avenues of more traditional ways of building credit, while also financing your business. Banks are generally a solid go-to for any size business.
Grants and tax credits are ways of gaining finance for your business. However, they will not improve your credit score. For instance, the employee retention credit (ERC) given out by the government in the last couple of years won’t affect your credit score in any way. If you did get this credit, you might be wondering: is the ERC taxable?
Uline is another company that can provide you with a credit account to buy their products. The company offers very useful items such as shipping supplies to help businesses function better.
When you order with them, they will report your account to one or more of the credit bureaus. You may need to phone them to find out which ones.
Some Companies That Help Build Business Credit
We’ve mentioned only some of the companies that help build business credit in this post. There are many more out there that will help you to do this, but the ones in this post are a great starting point!
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