Page 97 - Winning The Credit Game Bundle (CK Patrick)

that you don’t get in over your head with debt on an untested
business.
We’ll see exactly how the system works in this book, just like
we did for personal credit in The Credit Game: Plays We Were
Never Taught.
Business credit is just as important as personal credit in
several ways:

Businesses generally qualify for bigger loans and lines
of credit than individuals. Businesses are assumed to
have higher expenses and higher cash flow, so
business credit lines can help a business to thrive
when personal credit is not enough.
There are laws in place to protect business owners and
their families from catastrophe in the event of a
business disaster. If you set your business entity up
properly and choose the correct lines of credit, your
personal credit score and your family’s assets will be
protected in the event of business bankruptcy or loss.
When it comes to big purchases, some vendors and
creditors may refuse to do business with you at all if
your business credit score is poor or non-existent.
It solves the cash access problem here in America for
people who don’t qualify for traditional bank loans
and funding.

I cannot overstate the importance of building business credit to
starting a successful business.
A study by the National Small Business Administration
found that 27% of small businesses reported that they were
struggling, or were unable to take advantage of opportunities for
2
growth because they could not procure sufficient funding. To
ensure you can afford to grow when opportunities for growth
present themselves, it’s a good idea to start building your busi-
ness credit now with small steps that will build up to credit you
m
s
can draw on to produce major financing in as little as ix onths.
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