Small Biz Catalyst
Hello and welcome to Small Biz Catalysts. This show is for struggling small business owners who want to be able to earn a consistent 6 figure salary from their businesses and the economic development professionals who support them.
Explore with us as we delve into innovative strategies, success stories and actionable insights to empower small businesses as catalysts for economic resilience.
Your host, Ayisat Abilogun is a Certified Entrepreneurship Development Professional and the CEO of Financial Leadership Club of America.
Ayisat loves helping small business owners stay resilient so that their business can move past stagnation to growth phase.
In the last 5 years, Ayisat has empowered over 20,000 students and business owner through financial leadership courses, workshops and curriculum.
Let's help your business move from wistful to wellspring.
Stay with us as we delve into today's topic.
Small Biz Catalyst
#38: How to build your business credit
In this episode of Small Biz Catalyst, host Ayisat Abilogun discusses the importance of establishing and maintaining business credit for small business owners. She emphasizes the need for businesses to have their own credit reputation, separate from personal credit, and outlines key steps to build business credit, including establishing a legal entity, opening a business bank account, and maintaining good relationships with financial institutions. The episode also highlights the significance of monitoring business credit and introduces grant opportunities available for small businesses.
Grants & Resources:
Thomas M., Helen McKee & John P. Ryan Foundation
Maximum Grant: $500,000
Deadline: February 1st, May 1st, August 1st, and November 1st by 12:00 pm
Guidelines and Application: Guidelines For Grants — Ryan Foundation
https://www.ryanfoundation.com
Takeaways:
- Your business needs its own credit reputation.
- Establish a legal entity to separate personal and business credit.
- Sign up with credit bureaus like Dun & Bradstreet.
- Maintain a business bank account for financial clarity.
- Establish trade lines with suppliers to boost credit score.
- Negotiate payment terms with suppliers for better cash flow.
- Keep a low debt-to-income ratio for better bankability.
- Build strong relationships with financial institutions.
- Regularly monitor your business credit for accuracy.
- Explore grant opportunities to support your business.
Learn more at Resources | Small Biz Catalyst
