How to Build Business Credit for an LLC: The Essential Guide (2024)

ALABAMA

$16,000 Business Line of Credit for a Lanscaping Business

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ALASKA

$25,000 working capital for a trucking/delivery company

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ARIZONA

$75,000 working capital for a gym/yoga studio

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ARKANSAS

$45,000 small business funding for auto repair shop

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CALIFORNIA

$4,500,000 accounts receivables factoring for construction company

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COLORADO

$150,000 small business funding for medical marijuana dispensary

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CONNECTICUT

$60,000 small business financing for insurance agency

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DELAWARE

$35,000 working capital for accounting/auditing firm

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FLORIDA

$225,000 short term business loan for a medical practice

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GEORGIA

$185,000 small business funding for auto dealership

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HAWAII

$87,500 working capital for an aviation/flight school

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IDAHO

$45,000 business term loan for a furniture store

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ILLINOIS

$95,000 merchant cash advance for beauty salon & spa

INDIANA

$32,500 business expansion funding for child day care

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IOWA

$250,000 small business financing for Burger King franchise restaurant

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KANSAS

$145,000 small business funding for hotel expansion

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KENTUCKY

$25,000 working capital for laundromat & dry cleaners

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LOUISIANA

$35,000 small business funding for retail store

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MAINE

$275,000 small business funding for metal manufaturing company

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MARYLAND

$150,000 revenue based business loan for pharmacy

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MASSACHUSETTS

$155,000 small business funding for gas station & covenience store expansion

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MICHIGAN

$325,000 invoice/receivables factoring for maritime shipping company

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MINNESOTA

$250,000 sba loan for urgent care medical center

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MISSISSIPPI

$65,000 working capital loan for supermarket/grocery store

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MISSOURI

$25,000 small business funding for a juice bar/salad cafe

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MONTANA

$35,000 working capital loan for a hardware store

NEBRASKA

$45,000 small business funding for plumbing company

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NEVADA

$25,000 small business funding for limousine service

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NEW HAMPSHIRE

$65,000 working capital loan for veterinarian practice/pet hospital

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NEW JERSEY

$82,000 small business funding for dentist practice

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New Mexico

$180,00.00 merchant cash advance for a restaurant, bar & lounge

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NEW YORK

$235,000 small business funding for a restaurant/cafe

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NORTH CAROLINA

$100,000.00 merchant cash advance for nursing home/senior center

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NORTH DAKOTA

$25,000 working capital loan for gym/fitness center

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OHIO

$15,000 working capital loan for e-commerce business

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OKLAHOMA

$45,000 small business funding for shipping/courier store

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OREGON

$50,000 small business funding for private security service

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PENNSYLVANIA

$90,000 working capital for jewelry store

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RHODE ISLAND

$95,000 small business funding for auto parts store

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SOUTH CAROLINA

$20,000 working capital loan for florist

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SOUTH DAKOTA

$250,000 small business funding for equipment wholesaler

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TENNESSEE

$62,000 business line of credit for liquor store

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TEXAS

$625,000 accounts receivable factoring for home building company

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UTAH

$125,000 business line of credit for rental car company

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VERMONT

$60,000 working capital loan for bed & breakfast

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VIRGINIA

$40,000 small business funding for car wash

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WASHINGTON

$45,000 small business funding for pizzeria

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WEST VIRGINIA

$75,000 business line of credit for auto dealership & repair

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WISCONSIN

$24,000 working capital for cosmetics store

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WYOMING

$75,000 small business funding for doctor/medical practice

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WASHINGTON DC

$35,000 working capital loan for chiropractor

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How to Build Business Credit for an LLC: The Essential Guide (2024)

FAQs

How to get business credit for new LLC? ›

If you want to build business credit quickly here are five simple steps.

Step 1 – Choose the Right Business Structure. ...
Step 2 – Obtain a Federal Tax ID Number (EIN) ...
Step 3 – Open a Business Bank Account. ...
Step 4 – Establish Credit with Vendors/Suppliers Who Report. ...
Step 5 – Monitor Your Business Credit Reports.

Dec 5, 2019

Read On ›

What credit score does a new LLC start with? ›

When you form an LLC and obtain an Employer Identification Number (EIN) from the IRS, you create a unique identifier for your business. This EIN allows your LLC to open bank accounts, apply for loans, and build credit in its own name. An LLC starts with no credit score.

Discover More Details ›

How do I build business credit with my EIN number? ›

How Do I Build Credit With My EIN?

Apply for a D-U-N-S number. ...
Improve your personal credit score and apply for a business credit card. ...
Make business credit card payments on time and in full. ...
Monitor your business and personal credit reports.

Apr 2, 2024

How to build a business credit guide? ›

Building Business Credit: An 11-Step Guide

Get an EIN.
Separate your business from your personal life.
Incorporate your business.
Familiarize yourself with the major credit bureaus.
Order your business credit report.
Pay your invoices and bills on time.
Work with vendors that report to credit bureaus.
Pay those vendors early.

More items...

Jul 29, 2022

See Details ›

Can a newly formed LLC get a credit card? ›

Yes, a newly formed LLC can get a credit card, though approval often depends on the business owner's personal credit score, as many business cards require a personal guarantee.

Find Out More ›

How long does it take to establish credit for an LLC? ›

While building a robust business credit report can take as long as three years, most new companies can achieve a top-tier business credit score in 12 months.

Tell Me More ›

Can I get a business loan with a 500 credit score? ›

Business loans help you expand operations, cover payroll, pay for supplies, and manage cash flow. When you have poor or bad credit, finding a lender can be difficult, but there are many loan options available with credit scores as low as 500.

Show Me More ›

Does an LLC get its own credit? ›

However, over time, your LLC can build its own credit which will allow you to take out loans or credit cards in the name of your business. In fact, establishing credit for your LLC is an important step in running and maintaining a successful business.

Explore More ›

Can my personal credit affect my business credit? ›

Commercial lenders may look at both your business and personal credit scores before they approve your application. If you have poor personal credit and you're wondering if it will affect your approval or the terms of your commercial loan, the answer is yes, it can.

What is the easiest business credit card to get? ›

Easiest business cards to get

Ramp Corporate Card.
Brex Corporate Card.
First National Bank of Omaha Business Edition Secured Mastercard Credit Card.
Capital One Spark Cash Plus.
Bank of America Business Advantage Unlimited Cash Rewards Secured Card.
Chase Ink Business Unlimited Credit Card.

More items...

Sep 4, 2024

Show Me More ›

Can I use my EIN to buy a car? ›

Yes, it is possible to buy a car with an EIN number, you just need to be sure to clarify with the sales team that this is your intention. When buying the car, make it clear that it's a business purchase of the vehicle, not a personal one as this impacts which credit application you'll have to fill out.

Read The Full Story ›

Can you get a business credit card with no revenue? ›

Yes, you can get a business card if your business hasn't yet generated any income. Issuers understand that new businesses may not have business income yet, so be honest if you're just starting out and haven't generated income.

See Details ›

How to structure LLC for business credit? ›

Eight steps to establishing your business credit

Incorporate your business. ...
Obtain an EIN. ...
Open a business bank account. ...
Establish a business phone number. ...
Open a business credit file. ...
Obtain business credit card(s) ...
Establish a line of credit with vendors or suppliers. ...
Pay your bills on time.

Get More Info Here ›

What credit score do you need to start a business? ›

Still, a higher credit score of 700 or above generally means you'll be eligible for funding with more attractive terms. And while it's possible to get a business loan with a credit score as low as 500, a lower credit score could make it more challenging to qualify for a business loan.

How can I begin building credit? ›

Here are some steps you can take as you work toward building excellent credit.

Pay your bills on time. ...
Use your credit cards sparingly. ...
Open different types of accounts. ...
Stay under your credit limit. ...
Ask for a credit limit increase. ...
Monitor your credit scores.

Jun 7, 2024

Is it possible to get a business credit card for a new business? ›

Getting a business credit card for a new business, startup or side hustle is easier than you may think. You don't need a business plan, or even any business income; if you have good personal credit (a FICO score of 690 or higher), you can qualify for most business credit cards.

View Details ›

Is it easy to get a line of credit for a new business? ›

If you have a good credit score and have been in business for at least two years, getting a business line of credit can be straightforward. Business owners operating a startup with fair or poor personal credit scores may face more difficulties in getting approved for a business line of credit with affordable rates.

Is there a credit for starting a business? ›

The $250,000 R&D federal tax credit

The R&D tax credit is only available to startups that have generated revenue for less than five years, and have generated less than $5 million in annual revenue while not yet being profitable.

Learn More ›