Why you should build your Business Profile
The #1 reason why businesses need a strong business profile is viability! In other words it would be difficult for a business to survive without the capital and resources it needs to run its business successfully.
The Basics of a Strong Business Profile
It is important to maintain a strong business profile; it helps to establish credibility that is important to lenders, suppliers and other creditors. A business profile that includes multiple positive reports from banking institutions, vendors, utilities, and other operational accounts in your company's name provides evidence that your business pays its creditors on time. By maintaining a separate profile from your personal profile can protect your personal credit in the event of a financial crises and it can help insulate your business from any adverse impact on your personal credit.
The Impact of Your Credit Report on Your Business Credit
Credit Bureaus collect credit data from a range of sources. This information is used to create a profile that reveals how your business has historically met its financial obligations. This picture then helps prospective creditors decide whether to extend credit to your company. It is therefore critical that you pay your bills on time as a good business credit profile will get you access to the credit you need at very favorable terms.
What Does it Take to Build a Business Profile for a Start-up Company
When GL Capital Trust engages in the process of building a profile for a client, not only does the client get the benefit of the process, they are also educated about the nuts and bolts of Business and the pitfalls that happen throughout the process.