With Small Business Saturday quickly approaching, Experian wants to remind small business owners why it is important to have good business credit. Good credit scores – they’re not just for consumers. Businesses need them, too.
According to a recent Experian survey, only 33 percent of small business owners said they were able to get the capital they need to maintain satisfactory cash flow. Good business credit can help business owners receive the funding they need, as well as help them earn more favorable terms and lower interest rates.
“A business credit score is one of the first things lenders, suppliers and some customers look at before deciding to do business with a company,” said Laura DeSoto, senior vice president for Experian’s Business Information Services. “The insight that a business credit report provides, enables small business owners to take any necessary actions that will affect future growth. By spending dedicated time and resources building business credit, a company is establishing good management habits, which can help them obtain the resources they will need.”
To help educate small business owners on the basics of building business credit, Experian is hosting a tweet chat on Wednesday, Nov. 19, at 12:00pm Pacific time. You can follow the conversation using #CreditChat.
Small business owners can also get started monitoring the health of their business credit report at SmartBusinessReports.com, which is now mobile-friendly. Consumers are now able to order and review business credit reports from their smart phone or while at their desk. Business credit reports include pertinent data elements such as a commercial risk score, payment trends, public record information and key business facts.
Other business credit management resources include:
• BusinessCreditFacts.com – A source for understanding and learning about the benefits of managing business credit. Additionally, the site enables small business owners to check their business credit listing on Experian’s business credit database.
• Experian.com/small-business – A Website that provides the tools and services for small business owners to monitor business credit, mitigate credit risk and manage cash flow.