Tag: personal credit

Building up a small business often requires lots of capital, and obtaining that capital is much easier when your business has a good credit history. But how do you create a good business credit file if your personal credit is a mess? Here are three important steps that can help you overcome that bad credit hurdle. 1. Create a Business Credit Profile First, separate your business and personal affairs legally turning your business into a corporation or a limited liability company (LLC). This will […]

Franchise businesses can provide a great opportunity to for owners to leave behind the rigid schedules and rules of being an employee and gives them the chance to be their own bosses. If those perks have enticed you and you have started looking into buying a franchise, you may have been surprised by how much financial information the franchisor wanted you to share up front. While this can be intimidating and somewhat unnerving, it actually makes a lot of sense from the franchisor’s perspective. Franchisors […]

Starting up a new business venture is often requires a lot of cash, sometimes even more than you can pull together from savings and your home equity. After you have tapped friends and family, a funding gap can still remain. Small business loans can make up that shortfall at affordable rates and terms. Yet banks and credit unions have been especially careful with their small business loans since the Great Recession, requiring impeccable credit records. Start-ups and fledgling firms typically do […]

Here are three basic credit mistakes to avoid in order to protect your financing options.