By RAYMUND FLANDEZ, Wall Street Journal
Small-business owners are in a Catch 22. Obtaining financing for their companies can be difficult without a strong business credit history. At the same time, banks and credit-card issuers have tightened standards and don’t want to risk providing loans or lines of credit to small companies that don’t have proven track records.
The solution, business-credit experts say, is for would-be borrowers to buckle down, keep airtight records and instill new credit-building practices. Keep in mind, that’s an ongoing process and requires some vigilance. But the good news? “You can build solid business credit in as little as a year or two, depending on how proactive you are,” says Gerri Detweiler, personal finance adviser for Credit.com and co-author of “Business Credit Success.”
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