How to Get Business Credit With No Personal Guarantee

“How can I get business credit with no personal guarantee?” – This is a question many small business owners ask when they are looking for a small business loan.

First, it is possible for small businesses to get a business loan and business credit without a personal guarantee. But it taken time and planning.

The most important aspect of getting business credit is to insure that everyone who gives your business credit reports your business payment history to the business credit bureaus. Many companies report regularly to the credit bureaus, but at the same time many others don’t. So ask the company you are working with if they are reporting your business to the credit bureaus. If they don’t, it wont hurt for your to ask them why and request that you do.

Next, you must make sure you have your basic lender approval requirements. Some of the things you need to have in order are the basics such as, having your business license and a dedicated phone line under your legal business name. Really, these are things that any business would need to have in order anyway.

Finally, getting approval for your business credit or loan requires that you have very good business credit. Keeping your accounts in order and organized will go a long way in helping you in this area.