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Episode Info:

What type of entity is your business? Steven Palmieri and R. Shawn McBride take aim at educating entrepreneurs on how their business credit is impacted by their business type.

Sole proprietorships and some types of partnerships are allowed only personal credit lines. Limited liability companies and corporations permit business lines of credit. Steven and Shawn emphasize it’s important to know what is allowed when you establish your business.

Steven is president and chief visionary officer of Innovation Finances, which assists businesses, individuals and lawyers with credit, debt, tax and accounting issues. He and Shawn know that small business owners may seek a bank loan too early when instead the plan should be to build a record and credit rating with a business credit card that isn’t tied to the owner.

The steps for building business credit:

  • Business credibility. Do you have a mailing address? A website? Are you listed on Yelp and Google maps?
  • Vendors. Do your vendors report to credit bureaus?  
  • Merchant credit accounts. Do you use store credit cards to buy office supplies?
  • Business credit cards. Do have a credit card designed specifically for businesses?

If you have built up your company’s credit score and your books are in order, you may qualify for bank financing.

Steven has a background in consumer credit risk analysis in the car and real estate retail sectors, as well as business credit advisor services.

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