When business credit is built the right way, it can be built with no personal credit check or guarantee. This makes it perfect for credit challenged individuals, and those who want to eliminated their personal liability on their business debts.
All too many business owners get into serious trouble, lose their personal assets, even file personal bankruptcies, all to get rid of business debt. With business credit this doesn’t need to happen as the business owner them self isn’t liable for the business debts, only the business is.
That means in case of default, the lender couldn’t pursue the personal assets of the business owner. SBA states that business credit approvals are typically 10-100 times higher than consumer credit approvals. So another benefit of business credit is the business can obtain A LOT more money in approvals.
And, business credit can be built quickly, much faster than consumer credit. It takes 6 months for an initial consumer credit score to even be established. With business credit it is very practical for a business to qualify for credit within 90 days or less, then build that credit to a point where the business is getting $10,000 credit card approvals within 6 months or less.
Business credit is one of the strongest assets any business can have.
You can help your business clients obtain money and credit for their business by offering them the Business Finance Suite, while radically increasing your company revenue in the process.