So how do you work towards obtaining credit without supplying a personal guarantee? The key is adhering to a strict plan for building a company’s creditworthiness. For starters, a company should focus on applying for credit that will have a positive impact on the company’s credit reports.
Steps to Making Your Company Credit Reports Better
Helping Your Credit Score In the Meantime
After you have accomplished all of these steps, especially after you have at least ten positive trade references, you should be able to have enough to get business credit without a personal guarantor. In the meantime, however, there are ways that you can “pad” your chances of getting it by establishing a reputation as a responsible business. These include getting credit cards in your business name from businesses that don’t require a personal guarantee. These include Sam’s Club® business MasterCard®, which often waves a personal guarantor for companies with large annual revenues. Admittedly, getting business credit without a personal guarantee isn’t easy, but it can be done. Rest assured that when you do try to get business credit and have difficulty, you are going through the same troubles that practically every business owner has gone through and succeeded. It is a very common situation for anyone who is in the process of starting a business. This process might be difficult to overcome, but it can be done, just as it has been for countless other business owners throughout the country.
