Crisp County News & Events
The Importance of Credit Worthiness for Your Small Business
Why do you need a business credit score?
Separating your business and personal assets is critical. One of the key benefits that corporations and limited liability companies (LLCs) provide is the protection of your personal assets. To keep this protection, it is critical that you consistently show a clear separation between yourself and your business. Establishing your small business’s credit can help you do this.
What makes up a business credit score?
Most of the credit bureaus are secretive about the formulas they use to create a business credit score, and some even admit that there can be more than 800 different data points that are taken into consideration. That can make it feel daunting to build up your business credit. Luckily, we can look to consumer credit scores to give us a good sense of the factors that are likely to be the most important, namely:
• Payment History
• Credit Utilization
• Credit History
• Credit Inquiries
1. Incorporate your business as an LLC to protect your personal assets.
2. Obtain a federal taxpayer identification number (TIN/EIN).
3. Open a business bank account. It’s important to note you can’t open a business bank account without first obtaining an EIN.
4. Obtain a business credit card. This can be as simple as opening up a business credit card and making a number of small purchases that are easy for you to pay off quickly over the coming weeks. Assuming you already have money set aside and earmarked for this, you will be able to quickly pay off your business credit card and thus establish your company’s credit.
5. Open a business credit file. This can be done with all three of the reporting agencies: Experian, Equifax and TransUnion. Additionally, you can apply for a D‑U‑N‑S Number at Dun & Bradstreet. D&B and other credit bureaus can use this nine-digit number to identify your business and its credit file.
How can you continue monitoring your business credit?
By law, each of the three major credit bureaus is required to give you free access to your personal credit score once per year. That is not the case with your business credit score. Despite that, it is worth monitoring your company’s credit score one or two times per year so you can correct any errors and make sure your file is up-to-date. This can help ensure you continue to receive favorable loan terms and are able to better negotiate with suppliers and vendors.
When you’re just starting off, establishing your business credit score may not be your top priority. But, if you plan it right, growing and expanding your company can become much simpler and less expensive if you’ve taken the time to establish good business credit up front.
South Georgia Banking Company would love to help your small business establish a great credit score – please call us or come by today to get started!
Avoiding Scams for Your Small Business
Faye Leary: Commitment to Connections at SGBC
Customer Service Representative (CSR) Faye Leary has been with South Georgia Banking Company – in the Cordele branch – for 18 years and takes to heart the term “connection” which defines the way SGBC relates to customers and the community.
Faye gets a lot of satisfaction out of being a CSR, “I am a people person so I enjoy the day-to-day interaction with our customers and helping them any way I can,” says Faye. She added, “Across all our bank locations, we are one big family. We genuinely care about each other and it makes the work experience that much more enjoyable.”
In addition to the relationships Faye has built with her customers and coworkers, she is also invested in the community. Faye and her husband, Earl, are actively involved in their church, Beulah Land Baptist Church. They thoroughly enjoy being grandparents and participating in their grandchildren’s activities. Faye and her SGBC “family” take pride in their participation of Relay for Life as well as the support given to community schools and law enforcement.
“I know personally how it feels when I don’t get quality customer service,” Faye continued, “whether it is on the telephone or in person. I always keep that in mind when dealing with customers, because I know they deserve the very best!” Faye strives to offer the kind of customer service that makes SGBC stand out from the competition. South Georgia Banking Company is proud to have representatives like Faye who demonstrate the heart of our business every day.
South Georgia Banking Company’s Peanut Butter Drive resulted in exactly 100 jars of peanut butter to benefit Cordele’s local food pantry, Hand of Hope. Thank you to our customers and community for helping us spread hope to those in need! Each jar will be used to fill tables and improve lives. Pictured are Beverly Helms with South Georgia Banking Company and Donna Stripling with Hand of Hope.
- City of Cordele (Opens in a new Window) (Opens in a new Window) (Opens in a new Window) (Opens in a new Window)
- Cordele-Crisp Chamber of Commerce (Opens in a new Window) (Opens in a new Window) (Opens in a new Window) (Opens in a new Window)
- Crisp County School System (Opens in a new Window) (Opens in a new Window) (Opens in a new Window) (Opens in a new Window)
- Crisp Academy