Category: Business Credit

NAICS Trends How and Where to Explore

As a small business owner, you may not have access to consultants, research reports and other data larger businesses often have. But you do have access to free government resources you may use to help create or update a business plan or conduct market research.  Here’s how to access and use NAICS trends.  What is the NAICS Code Methodology?  NAICS stands for North American Industrial Classification System. The NAICS methodology is a system for classifying businesses by the industry in… Read More

Tradelines vs. Business Loans: Which Is Better for Building Your Business Credit?

Shortcuts are great when you’re a small business owner. Finding a way to do something faster, easier and more efficiently—without sacrificing quality—means greater productivity and often profitability.  If you’re trying to understand how to establish business credit, you may wonder what’s the fastest, easiest, or more efficient way to build a business credit profile. Is it a small business loan, line of credit, or business tradelines?  Find out what’s best for your business, as we explain tradelines vs business loans… Read More

Can Hard Money Loans Help Build Your Business Credit?

Hard money loans are often used by real estate investors and other business owners to purchase real estate quickly.  Can these loans also help your business establish business credit? Find out here.  How Do Hard Money Loans Work? Hard money loans are loans that involve using real estate or other property to secure the loan. The word “hard” in “hard money” refers to physical assets that serve as collateral for the loan.  The most common types of hard money loans… Read More

Common Mistakes That Hurt Your Business Credit and How to Avoid Them

Key takeaways: Strong business credit can make it easier for businesses to qualify for certain types of financing.  Business owners who check their business credit reports may find mistakes on their reports.  Some errors can significantly impact creditworthiness and make it harder to get financing or other benefits.  Understanding what to do if you find mistakes on your credit reports is the first step toward fixing them.  You may know that checking your business credit reports is a smart idea.… Read More

Building Business Credit History With Everyday Expenses

“I don’t want to take on debt for my business.”  That’s a frequent comment I’ve heard from small business owners who are trying to understand how to establish business credit. They are under the impression that the only way to build credit is to borrow money with small business loans or other types of financing. Here’s the answer I gave that business owner: "You don’t have to use debt to build good business credit scores." You can build business credit… Read More

From Barter to Billion $ Deals: A History of Business Credit & What You Need to Know in 2024

The history of money is a history of credit. While many people believe money was created to make a cumbersome barter system easier to navigate, Felix Martin debunks that theory in his book, Money: The Unauthorized Biography, writing: ”...currency is not itself money. Money is the system of credit accounts and the clearing that currency represents.”  And the history of credit is deeply intertwined with the history of business credit. Several thousands of years ago, for example, farmers borrowed to… Read More