If you are like most small business owners, growing your business is both hurting your personal credit and draining your resources that can be used for your personal expenses. According to a study done by the SBA, 92% of all business loan applications are done based solely on the merit of the applicant’s fico and personal assets.
We all know that Capital is the life source of any business and the lack of capital is one of the major reasons for the failure of businesses in America. Business Credit is an alternative source of capital and is an area of financing that every entrepreneur should be well versed in. Without spending time and resources on establishing business credit, entrepreneurs are missing out on the single largest source of lending in the world.

Business Credit is simply the best-kept secret of winning companies.

There are many advantagesto establishing and maintaining solid business credit. A few of these benefits are:
• Perhaps the most important benefit of separating your business credit from your personal credit is that “They are separate”. By separating the two, you ensure that one bad event won’t impact both credit profiles.
• Solid business credit allows you to obtain more working capital for your business at lower rates. Even if the credit is in the form of store credit, this can be used for some to purchase goods that the business needs and increase your business’s cash on hand.
• Having separate lines of credit in your business’s name makes it easy to keep your business expenses separate from your personal expenses. This means when it comes time to file your taxes, you'll already have separate financial records for business expenses and personal expenses.
• With most business credit lines, you have the luxury of requesting additional cards for authorized employees to use. You can even control the spending power of each individual card.
• By establishing strong business credit you also build credibility for your business. This isespecially important for startups that do not have a track record of success.

Author's Bio: 

About the Author - Kim Carpentier is Owner and General Manager of Valley Credit Builders (www.valleybusinesscredit.com). He is using his 35 years of successful business ownership, and transition, to help small business owners build business credit so they can separate the financial responsibilities between business and personal credit. He specializes in helping business owners establish excellent business credit scores and then leverages those scores to access cash and credit for their businesses without their personal guarantees. The Business Credit and Funding Suite is the leading business cash and credit access system in the world today.
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