Entrepreneur's Journal: Strategies for establishing business credit

Nonsense! As a small business owner you will only obtain a credit line or business loan with your personal guaranty, which means your personal credit needs to be good as well as your business needing to be profitable. The article is misleading, and while you can get a business account with FedEx and Staples or Office Depot, those accounts won't get you a business loan.

I agree, for most small businesses you dont need dun & bradstreet. What the article did NOT say was, Dun & Bradstreet is not free. you must pay to register and/or subscribe to the service.
My accountant advised me against it. It is not for every business.

I agree, for most small businesses you dont need dun & bradstreet.
What the article did NOT say was, Dun & Bradstreet is not free. you
must pay to register and/or subscribe to the service.
My accountant advised me against it. It is not for every business.

I use DNB and have gotten 35k and 50k credit lines within 2 years in bussiness. Altough the guys above are right in wont get you a LOC or a bank loan. Dell, staples, home depot, grainger, lowes and all other big companies only use DNB. So its well worth the 700 Dollars to set up

Been in business 20 years, business IS listed w DNB, and have a 775 rate. STILL have to include all of my personals.

Some of all the above is correct. For the guy whose "accountant" advised him not to pay D&B's "gun to your head" $700.00 that's terrible advice. D&B is not a luxury. And for the guy in business 20 years and still personally guarantying every loan, let me refer you to a great equipment leasing company; ABM in Scottsdale, AZ.
They will get you any equipment for $10K-$75K loan/lease with only a Corporate Signature. NO Personal Guaranties if you have a good Dun & Bradstreet report.
They even helped me get that and did not charge for that important assistance.
These guys are in business 20 years and have lots of money to lend. Great references too. They did all 5 of my leases in under 2 days each.
They even got me back cash we had spent to buy new equipment before we met them.

This is not a comment; it's a sales pitch. Wish you great luck in your venture.

After looking at over 1500 small business in the past 10 years, I have never seen a Line Of Credit with a commercial bank that did not require two things 1] personnal guarentee 2] accounts receivable. The personnel guarentee also applies to 99.9% of open charge accounts. Today the use of credit cards also have a personnel guarentee requirement.

i have been in food bussines for 15 years,i want to get a loan but my credit score is 600,what can i do to qualify,i know how to run a bussines but i do not have a good understanding of how to get a loan.someone can direct me ? thank you.

Most of the stuff above may or may not be true. I can tell you form my expierience as a small business owner in construction, the personal credit you have is the personal credit banks use to get loans. Too many accounts open really means that banks will not give you all of what you ask for because it would be too much of a risk to them. Separating your business from you is the good way to get credit for your business , such as forming an L.P., L.L.C., or a Corporation. Do more reasearch and you will find this out too.

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i th ink the republican party is an embarrassment to this country

having a DUNS number is essential in developing a complete financial profile. It costs about $300.00 for the basic service and adds just one more facet of legitimacy to your business.

if your operating under an llc / s corp or c corp
and you have your financials squared away, the banks usually take you more seriously (as a business) than if your operating with comingled funds without the benefit of incorporation.

I would like to say that having a strong business credit report is something that is crucial to our economy.... period. When your cashflow fails, good credit will stand. D&B is a prestigious company & while there are cost associated with there credit building services, they are well worth it. As a small business owner I built my credit profile with D&B ($599 CreditBuilder) a couple of years ago. It certainly made sense because it helped me to receive the best interest rates on bank loans, credit cards & I also recvd' discounted terms w/ my vendors. For ALL who have complained about not getting credit in there business name, I advise you to look into the products that are offered. People have to stop looking at why they are not getting what they deserve & invest a little money into there company. STOP MAKING EXCUSES!!

Putting a Democrat in the White House along with the Democratic Congress elected in 2006 will mean higher taxes on everyone except those who don't want to work and would rather collect welfare.

Putting the most liberal Democrat in the White House along with Democrats elected in 2006 means higher taxes for all, excepts those who don't want to work and will be on welfare.

No comment, but excellent advise from all

D&B is tough to deal with. Here at Initial Underwriting Group we have noticed that D&N is a 3 step process of building business credit.


Sincerely,

Ilya Bodner
Small Business Owner
Initial Underwriting Group