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Serial Entrepreneur with
18+ Years of Business Experience.
I’m a professional funding coach, author, and serial entrepreneur. Also known as the Breakthrough Accelerator. I have received over $1.5 million dollars in business funding for myself and others. I help individuals find the best way to catapult their business to new heights financially in less time.
One of my primary assignments is to help students discover and unearth the truth about the business success THEY CAN have, and to provide the education, tools, and support needed to financially achieve their financial BREAKTHROUGH!
You Will Learn
Benefits of Business Credit VS Personal Credit
How to be Properly Positioned for Business Credit
Having access to BUSINESS CREDIT is the lifeline for a business. It enables you to obtain the CAPITAL you need to expand, cover day to day expenses, purchase inventory, hire additional staff and allows you to conserve the cash on hand to cover your cost of doing business.
By taking the necessary steps to build business credit the more FINANCIAL OPPORTUNITIES your business will have. Banks, lenders and suppliers rely on business credit reports to assess the creditworthiness of a company. With strong business credit, you create a safety net for your business so you should have no trouble gaining access to the BUSINESS FUNDING you need.
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Juanita is a visionary, pioneer, and trailblazer who's serious about business. She's a coach that will get in the trenches with you!
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A line of credit is a pre-agreed amount of money that you can access when you need it. Many lines of credit are revolving, meaning that with each weekly repayment, the amount you repaid (minus the fees) becomes available again. Interest is only paid on the amount of credit used. It can provide a valuable safety net during an unexpected event, or it can give you the means to take advantage of a surprise growth opportunity.
A business credit card is a flexible form of payment similar to a line of credit, however, not all purchases or expenses will accept payment through a business credit card. This may include your property lease, payroll, and invoices from some vendors. Unlike a business credit card, you can typically use a business line of credit for these expenses.
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If you’ve ever applied for a car loan or a credit card, you’re probably familiar with personal credit. This score shows banks and other lenders how reliable you are with your personal finances and how likely you are to pay bills on time. As a business owner, you should also learn about business credit, which shows how well you are able to repay your business debts on time.
Business credit shows lenders, suppliers, and other vendors how financially risky your business is. This score helps them assess whether your business should receive financial credit. If you apply for small business financing from lenders or trade credit from suppliers, they will often look at your business credit score before working with you. Because of this, building your business credit can help you set your business up for success.
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Why is Business Credit Important?
Business credit is important for 3 main reasons:
1. You can obtain business financing quicker and easier
Having good business credit is helpful when you’re applying for business loans to quickly solve cash flow problems. Lenders may look at your business credit score when you apply for financing from them. Having a high business credit score will improve your chances of getting approved for small business loans, business lines of credit, or other business financing products.
A high business credit score will demonstrate to your lender that you will make repayments on time, which will help you get qualified quicker and easier. Depending on the lender, you may also qualify for lower interest rates on financing you apply for if your business credit score is strong enough.
2. You can get better credit and repayment terms with suppliers
Your business credit score isn’t just helpful when you’re working with banks and lenders. A strong business credit score can also help you get trade credit and secure better repayment terms with your vendors and suppliers.
With a strong business credit score, they’ll view you as a trustworthy client and may provide you with more flexible repayment structures. This is beneficial when you need to buy equipment, stock up on inventory, or make other major purchases for your business. Selecting the right supplier for your business can also help you secure good repayment terms that align with your needs.
3. You can protect your personal credit score
Business credit is also important for protecting your personal credit.
Incurring large business expenses with your personal credit will increase your credit utilization ratio, which measures how much credit you are using in relation to your credit limit. High credit utilization has a negative impact on your personal credit score. However with business credit it is never revealed how much credit you are using and it doesn't affect your personal credit.
Learn more in our FREE WEBINAR!!