Cropped shot of a young businesswoman sitting with her colleagues and raising her hand while in a Money Smart class. Cropped shot of a young businesswoman sitting with her colleagues and raising her hand while in a Money Smart class.
Blog Post

Money Smart for Small Business: Building Credit Recap

  • Date Posted: July 18, 2023

Our June Money Smart for Small Business class covered the fundamental concepts of how to build your credit profiles. We had Debbie Webber, a Coastal VP and Commercial Lender, lead the class as she has worked extensively with small businesses and the Small Business Association (SBA) loan programs. In this information-packed class, attendees learned:

  • How the personal and business credit reporting landscape relates to your business.
  • What goes into personal and business credit reports and scores used to assess your credit profiles.
  • How to establish and build strong personal and business credit histories to support the growth and sustainability of your business.
  • How lenders and other businesses may use your personal and business credit reports, scores, and nontraditional data, to assess their lending risk or evaluate other business-to-business opportunities.
  • How the use of credit reporting services can help you make sound business decisions.
  • How to leverage strong personal and business credit histories to obtain satisfactory financing terms.
  • How to recognize when your business and personal credit histories may become a bigger factor in seeking financing for your business.

If you’re interested in more in-depth knowledge on these topics, contact us for a copy of the participant guide, as we want to make sure you receive the most thorough explanations for each key point. The key points to remember from the class were:

  1. Personal and business credit reporting is important for your business. When you apply for financing, financial institutions and suppliers will review your personal credit history and may review your business credit history. A credit history helps creditors decide whether to extend financing and, if granted, on what terms.
  2. Managing your personal and business credit reports and scores can help you establish and build strong credit histories. Know what is being reported to consumer and business credit reporting agencies, and dispute anything inaccurate.
  3. Lenders and others use credit information in different ways to make decisions about your business. Lenders and businesses may obtain credit report information about you and your business to evaluate whether they should extend you credit, provide you with purchase terms, or conduct business with you. They may also report your credit activity, including payment history and record of accounts receivables, to the credit reporting agencies.

When you understand your credit scores and achieve a healthy credit history, you’ll be able to increase your financing options and the overall financial health of your business. During the class, we discussed many different resources available for your business. You can learn more by visiting our Local Business Resource page or contacting us for a copy of the class participant guide. If you want to learn more about Coastal’s loans, please contact your local Banker!

To sign up for future classes, you can register here: