Just as having good credit is important to your personal finances to obtain the things you seek in life, such as auto loans, financing on large purchases, vacations, etc., business credit can keep your business in good standing so you can get financial assistance when you need it. If you ever need a business loan, for example, it's critical that your credit indicates that you'll be able to repay the money. Here are some tips for setting out to build your business credit.

1. Open a Business Checking Account

A great starting point for building business credit is to open a business checking account. Nevada State Bank offers several options, including Business Growth Checking1, Business Preferred Checking1, and Community Checking1. Business Growth Checking features generous monthly transaction and cash deposit limits, while Business Preferred Checking offers access to banking experts and business efficiency tools. Community Checking is an option for nonprofits.

2. Open a Business Line of Credit or Credit Card

Nevada State Bank offers revolving business lines of credit2, which include flexibility to draw funds for business purchases. Repayments are also flexible, with credit availability being replenished upon each repayment. A business line of credit can be used for purchasing inventory, financing receivables, or addressing working capital needs. As long as you make payments on time, you will build your business credit in the process.

3. Be Sure Your Business is Registered

You won't be able to build credit as a business unless you've actually registered as one. File with the state to become a business entity and make sure your business has a legal address on file.

"Before deciding whether to lay down thousands of dollars on an attorney, spend 15 minutes on Google looking up the procedure to open a limited liability company or other legal entity in your state," says G. Brian Davis at Money Crashers. "Most states design this process to be exceptionally easy – the better to take your filing fees, my dear."3

4. Get an Employer Identification Number

Having an employer identification number is important to building business credit because it shows that you actually are an established business. A Federal Tax Identification Number, or EIN, is like a Social Security number for your business. You’ll need an EIN to set up your business as a corporation, and you may need one to open a bank account under your business’s name or secure business contracts.

5. Always Pay Your Bills On Time

Paying all of your bills on time is key to building positive business credit, just as it is for personal credit. Make sure you pay your office rent, vendors, and any other expenses on time to ensure that late payments aren't reported to credit bureaus.

6. Establish Credit with Reporting Vendors

Your payments to vendors and suppliers will help you build your business credit better than anything else. Many vendors will report to the credit bureaus, and having positive credit with them will not only help your general business credit, it will help you maintain a positive relationship with the vendors themselves.

7. Accept Credit Card Payments

Simply accepting credit card payments4 at your business can also help your business credit if you use a merchant processor that reports to the bureaus. This is something to discuss with potential providers before deciding which one to use.

8. Keep an Eye on Your Credit

As time goes on, monitor your business credit the same way you would your personal credit, so you can make sure that the information being reported is accurate. If there are problems, employ best practices to fix them and bring your score back up to where it needs to be.

If you have good business credit, you can potentially acquire needed financing, and keep from having to turn to your own personal finances to dig yourself out of a hole. Take the necessary steps to build and maintain a positive business credit score.


1. Please refer to the Deposit Account AgreementAccount DisclosureDeposit Rate Sheet, and Business Accounts Schedule of Fees for complete details and disclosures.

2.  Subject to credit approval. Terms and conditions apply. See a banker for details.

3.  https://www.nav.com/resource/how-to-establish-business-credit/

4. Merchant Services products and services are provided by First Data Merchant Services LLC and not by Nevada State Bank, a division of Zions Bancorporation, N.A.