The Rational Guide to Building Small Business Credit
The ability to borrow money or buy on credit at reasonable interest rates is vital to the health and success of a small company. This book shows you how to establish business credit and make sure the avenues of capital remain open to your company. It discusses the basics of business credit, using credit cards, vendor financing, applying for a secured bank loan, and working with Dun & Bradstreet to build up your company's credit. Advanced topics include monitoring and protecting your...
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The ability to borrow money or buy on credit at reasonable interest rates is vital to the health and success of a small company. This book shows you how to establish business credit and make sure the avenues of capital remain open to your company. It discusses the basics of business credit, using credit cards, vendor financing, applying for a secured bank loan, and working with Dun & Bradstreet to build up your company's credit. Advanced topics include monitoring and protecting your credit profile, re-establishing credit after serious financial problems, working with the government, and handling credit checks.
Credit Fundamentals 17Business Borrowing is Vital 19Why Borrow Money? 19The Five C's of Credit Analysis 21How Small and Mid-Sized Businesses Borrow Money 23Summary 25Business Credit is Better than Personal Credit 27How Personal Credit is Rated 28Why Rely on Business Credit? 31How Business Credit is Rated 31Understanding the Business Credit Report and its Terminology 32D&B Ratings 33Other Business Ratings 41Summary 43Sources of Credit for Your Business 45Types of Loans 46Types of Lenders 50Loan Terms 52Trade Accounts 56Private or Public Offerings 57Using Loans to Build Credit 57Summary 58Establishing Credit for Your Business 59Business Credit Building Basics 61Passive Credit Building 61Active Credit Building 62Building Blocks of Credit 62Summary 69Using Credit Card Borrowing toBuild Credit 71What's a Business Credit Card? 72Applying for a Business Credit Card 75Lines of Credit on Business Credit Cards 76How Big a Line of Credit Can You Get? 76Small Business Credit Card Selections 77Summary 81Relying on Vendor Advances 83Vendor (Trade) Credit 83Arranging Payment Terms 85Seller-Financed Equipment Purchases 87Equipment Leasing 90Summary 93Applying for a Commercial Loan 95Types of Lenders 95Accessing Funds 99Repayment of Funds 101Commercial Lending Criteria 102Loans from Open from American Express[superscript SM] 104504 Loans 106Using Loans to Build Credit 108Summary 109Working with D&B 111D&B Files 112Obtaining a D-U-N-S Number 115Getting Rated by D&B 116Viewing Your Credit Report 117Summary 118Advanced Concepts 119Monitoring and Protecting Your Credit Profile 121Overview of Credit Profile Maintenance 121Reviewing, Updating, and Repairing Your Credit Report 122Credit Monitoring 124Business Practices to Maintain Creditworthiness 124Summary 129Re-establishing Credit 131Impact of Negative Business Events on Your Personal Credit Report 132Reality of Fixing Credit Problems 133Begin to Resolve Financial Problems 133Affirmative Credit Repair 136Summary 138Working with the Government 139Overview of Government Contracting 140Getting Listed and Certified 141Pre-requisites for Contractors 143Surety Bond Guarantee Program 145Summary 146Running a Credit Check on Others 147Why Run Credit Checks? 148How to Run a Credit Check 150Monitoring Customers 153Summary 154Extras 155Glossary 157Index 161Registering Your Book 168
