Credit & Financial Literacy will be critical to the survival of your business. Lack of planning and understanding can really hurt you in the long run. If you are seeking to lend money from any type of lenders, the first thing they will look for is how you manage your personal finances including your personal credit. This will determine the approval odds of receiving a loan or a commercial lease.
Below you will find resources on how to responsibly manage your personal credit and business finances:
- Free Coaching ABLE toolkit for self-employment: https://www.ablenrc.org/wp-content/uploads/2021/09/ABLEAccountsAndSelfEmployment-ServiceProviders090121.pdf
- Freed Credit Report: Federal law allows you to get a FREE copy of your credit report once a year every 12 months from each credit agency: TransUnion Equifax Experian https://www.annualcreditreport.com/index.action
- Free credit management tool: CreditKarma.com
- Establish Business Credit: https://www.sba.gov/business-guide/plan-your-business/establish-business-credit
- A personal financial statement is a snapshot of your personal financial position at a specific point in time: Personal Financial Statement Template | SCORE
- Financial Resilience center is a national initiative with Wells Fargo which will connect the 100 million people with disabilities and chronic health conditions to accessible financial health tools, virtual financial coaching and counseling: https://www.nationaldisabilityinstitute.org/financial-resilience-center/