Empowering People
& Revitalizing the Community

“I’m on Top of my Business Credit! – Or Am I?”

Posted on 12/24/2020 by Ray Lamboy in LAEDA News

Here at LAEDA, we want to make sure our clients are always on top of their credit. Thus, we regularly give seminars on both business and personal credit management so that entrepreneurs of all stages and ages have a regular opportunity to ensure their credit history and scores help them reach their business goals.

Tuesday evening, December 8th, was such a seminar, as LAEDA staff presented “Managing Your Credit to Secure Your Business’ Future” in both English and Spanish. Over the course of two hours, Kat and Eric from LAEDA’s Business Services Center taught a total of 14 entrepreneurs about

• Why healthy personal credit history and scores are important when growing your business
• The difference between personal credit and business credit and how to improve one’s score (as well as maintain an already high score)
• The components that contribute to one’s credit score and what is included on one’s credit report

From participants’ questions and feedback, it was clear that the most helpful part of the class was understanding how one’s personal credit history and score directly influence whether one’s business gets access to the most helpful financial support that exists. Mr. Daniel Najera admitted he did not realize bad personal credit could mean more obstacles for his business. For example, poor personal credit means that loans may have to be repaid at a higher interest rate or a business owner may only get approved for a six-month lease instead of two years. There is no doubt that responsible management of one’s personal and business credit is crucial for future success.

“Managing Your Credit…” was LAEDA’s final webinar available in both English and Spanish for 2020. This month, our seminars cover such subjects as 2021 Tax Preparation Tips and include our Information Session “Pathways to Entrepreneurship”. January is also the perfect time to sign up for one of our short-term programs—Quick Start and Jump Start--happening later this spring. Check out the “Upcoming Webinars” section of this newsletter for registration and event information.