Do you want to own your building instead of renting? Are you planning for a second location or expanding your current space? Substantial investments like these may require that you borrow money, and according to the SBA, strong business credit can result in 10-100 times greater capacity for approval than personal credit alone. If your business has good credit, you are more likely to be approved for financing, to qualify for larger amounts, and to receive lower rates than if your business has no credit history at all.
Many small business owners who have avoided borrowing in the past are surprised to learn that negatively impacts their ability to borrow in the future. This happens because, similar to personal credit, business credit is built over time. Instead of starting with a perfect score that goes down when problems arise, your score starts low and improves as you establish a positive track record of borrowing and repaying. The best way to start building business credit is by securing financing and making all of the payments on time.
Interested in learning more about business credit and how it can impact you? The team at Rigquipment Finance has worked with thousands of gym owners and is ready to help!