What is Business Credit?

What is business credit? Sometimes called Trade Credit, it is credit that is established under a business’s name.  This type of credit permits business owners to use their business credit score and profile rather than their personal credit score and profile for financing purposes.

One of the reasons Business Credit is so appealing is that business owners can commonly qualify with no personal guarantee (PG). This means business owners can access cash for their businesses without personal liability. It is also a great resource for business owners in that there is no personal credit check with many sources.  So, even business owners with challenged personal credit can be approved for thousands of dollars of credit for their businesses.

To qualify for most business credit sources, the business must have a positive credit score established with the appropriate business credit reporting agencies.  Once a positive score is established, many merchants will then approve the business owner for credit in the business’s name.  The two most commonly used business credit scores are the Paydex score from Dun and Brad Street and the Intelliscore from Experian.

Thousands of major merchants offer business credit.  However, most merchants don’t promote their business credit programs, so they are difficult to locate. Some merchants offering business credit include Chevron, Dell, Staples, and Lowes.

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Once business credit is established and paid-as-agreed the business credit scores will continue to increase. As more positive credit history is established and scores increase, business owners can then be approved for even more credit with higher credit limits.

Business credit is an outstanding resource for businesses.  Business owners can obtain credit to run and expand their businesses without the personal liability of using a personal guarantee.

Click here to learn more about Business and Corporate Credit.