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Dedicated to excellence and service.
Our mission is to empower entrepreneurs to achieve their biggest business goals with proper funding. We help business owners find the credit, capital, and support needed to establish and grow a thriving business.
Get access to up to $150k in business credit lines, Traditional Financing such as SBA Financing, and the widest selection of Alternative Business Lending products. Plus we empower your growth with coaching, motivation and accountability, and a community of like-minded business owners. We go beyond just financing – we give you the tools and support needed to take your business to the next level. Let’s work together to fund your dreams a reality.
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Get the expert guidance you need to find the best funding option for your growing business. Let’s create the perfect funding plan to get your business the money it needs to grow!
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Three Business Credit Myths Debunked
Many people are confused about the business credit system, and it's easy to see why. It can seem similar to personal credit at first glance, but there are significant differences. Here, we’ll debunk three common business credit myths and explain what you can learn from them.
Myth #1: Business Credit is Just Like Personal Credit
It may seem like business and personal credit are similar, but they are not the same. While both systems assess your ability to repay debt, they operate under different rules. For example, the personal credit system often works against consumers, as seen in lawsuits where credit bureaus failed to correct errors even after being ordered to do so. On the other hand, the business credit system is typically more business-friendly and less prone to errors. When mistakes happen, they are usually easier to correct.
Myth #2: It Doesn’t Hurt to Use Personal Credit in Place of Business Credit
Many entrepreneurs make the mistake of relying on their personal credit for business expenses, but this can have serious consequences. When you mix personal and business credit, you risk damaging your personal credit score if your business fails to meet its obligations. This can lead to financial strain, as you may not have the flexibility to use your personal credit for personal needs. Using personal credit for business purposes can also reduce the credit resources available to both your business and your personal life, making it harder to navigate financial challenges.
Myth #3: Business Credit and Personal Credit Are Not Related
Although business and personal credit are distinct, they are often intertwined, especially when a business is starting out. When applying for business credit, many lenders will require a personal guarantee. This means they will check your personal credit report alongside your business credit history. While business credit won’t show up on your personal report, if your business fails and you can’t fulfill the obligations of the personal guarantee, it can negatively impact your personal credit. With careful planning, however, you can avoid this scenario and ensure both your personal and business credit remain separate and healthy.
Conclusion
Understanding these myths and the realities behind them can help you navigate the business credit world more effectively. Always aim to build and maintain your business credit separately from your personal credit, and avoid the pitfalls of mixing the two. With the right strategy and knowledge, you can ensure that both your personal and business finances remain protected.
For more information on building business credit, visit www.serenityfinancials.com.
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Testimonials
Real results from business owners just like you
Cheryl Reisner, a former bank lender from Shreveport, Louisiana. The suite’s business credit building process unlocked more funding options than she ever imagined, opening up new possibilities for her business. Cheryl believes every business owner can benefit from the Business Finance Suite, as it revolutionizes how they operate.
Louis, a Miami-based business owner found success using the Business Finance Suite, which helped establish a business credit profile. This enabled them to apply for funding without using their Social Security number, eliminating personal liability for credit applications. The speaker highly recommends this program to fellow business owners.
Edward from El Paso, Texas, struggled to secure funding for his small businesses until discovering the Business Finance Suite. Within a month, the suite helped set up his business correctly, establish trade lines and revolving credit, and now he’s on track to receive funding. Edward guarantees it’s worth the investment and only wishes he’d found it sooner.
