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Small Business Expert: Good Credit Matters

Written by Ken Gaebler
Published: 7/23/2010

Credit can be key for entrepreneurs.

When it comes small businesses, having good credit can make all the difference. As one expert recently wrote, even those entrepreneurs with less-than-stellar credit scores can still do many things to help themselves.

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Small business expert Rhonda Abrams recently wrote in USA Today that when starting out in small business, one's personal credit plays a large role in whether or not they are able to obtain a loan. Because of this, new businesses have a difficult time getting off the ground when they start out.

"Check your credit score. When you own a small business or are self-employed, your personal credit score and your business credit are entwined," Abrams writes. "Typically, you're going to have to give a personal guarantee for business loans, to your vendors, to sign a lease or buy a van. Business creditors are going to check your personal credit score. So pay attention!"

Abrams also suggests that checking your credit score once a year is a good idea. By law, a person may access his or her credit score once a year for free (though it is important to avoid credit score scams online).

There has been additional financial news for entrepreneurs recently, as Congress considers passage of a $30 billion-small business loan fund. The bill has seen much resistance from Republican leaders.

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