One of the great benefits of starting a business is that it is possible to establish a new and separate credit profile that is distinct from your personal credit profile.
This means that although you may have poor personal credit, you can structure your new business in a manner that allows you to build a pristine credit profile for your company, allowing you to receive loans, credit cards, lines of credit, etc. that you would not be able to obtain as an individual (and often at better interest rates).
To begin separating your personal credit profile from that of your company, the following are the first basic steps.
That’s the basic process to setting up a new credit profile.
IMPORTANT: We are open and have resources for small businesses to get help with Covid19!