July 27, 2023
Setting Up Your Business for Credit and Lending Success
In this solo episode, Darrin walks listeners through the process of properly setting up a business to maximize access to business credit and lending opportunities.
He explains why forming your business correctly matters, how the industry you choose can impact lending decisions, and why personal credit still plays a role when you’re starting out. Darrin also shares strategies for leveraging personal credit to secure business credit cards and build a strong financial foundation for your business.
In this episode, you’ll learn:
- How to properly set up your business from the start
- Why your chosen industry affects lender decisions
- How to structure your business to qualify for loans and funding
- The role of your personal credit score in securing early business credit
- Practical tips to position yourself for credit cards and lending success
💡 Key Takeaways
- Business setup matters. Proper formation (LLC, corporation, etc.) creates a foundation lenders trust.
- Industry matters too. Some industries are considered “higher risk,” which can affect lending amounts.
- Personal credit opens doors. Until your business credit is established, lenders look at your personal credit score.
- Business credit cards are a bridge. Use them wisely to build a positive credit history for your company.
- Plan for growth. The earlier you structure things correctly, the easier it will be to access funding when you need it.
