Building Your Business Credit Profile to One-Up the Competition

In this high-growth market, maintaining good business credit is the key to not only growing, but protecting your business, with access to credit sometimes the difference between barely keeping your head above water or moving past the competition.

Besides access to capital, good business credit can provide:

• Better vendor relationships and favorable terms
• Lower insurance premiums
• Ready business expansion or investment
• Emergency cash/credit on hand
• The competitive advantage you need

As Forbes points out, businesses are most likely to fail from running out of capital.

“A significant factor in the failure of new businesses is financial challenges,” Forbes Advisor writes in their 2024 Small Business Statistics Summary. “Data shows that 38% of businesses fail due to exhausting their cash reserves or the inability to secure additional capital … The issue of capital is not merely about having funds; it's about managing these resources effectively to reach and engage the target market. For entrepreneurs, this means balancing the act of capturing market demand with maintaining robust financial health to ensure long-term business sustainability.”

Solid business credit remains essential for both small and large business success. Good business credit leads to better access to commercial loans and new lines of credit. And since credit reports are public, many of your potential clients are doing their due diligence prior to deciding whether to do business with you.

For more on building your credit or establishing new lines of business credit, click here, or for more on Old National Commercial Banking credit and financing for specialized industries, click here.

 

https://www.oldnational.com/business/commercial-banking/

 

* All credit financing and business loans are subject to credit review and approval. Insurance requirements may apply.