SBA Teams
With Dun & Bradstreet to Provide Small Business Owners With Credit Management
Resources
WASHINGTON - Small business owners now have a
new small business resource to help improve their chances for profitability by
understanding the importance and use of business credit. The U.S. Small Business
Administration today launched a series of training resources designed to help
small business owners manage their business credit.
The
SBA and Dun & Bradstreet (D&B) have joined together in a nationwide partnership
to give small business owners valuable step- by-step guidance on how to proactively
manage their business credit. With the training resources, small business owners
are advised to take the following five smart steps to establish and maintain a
positive business credit file:
Step One: Start a business
credit file - To establish business credit, business owners may need to obtain
a D-U-N-S Number, a unique business identification number, to begin to establish
a credit file as soon as they start their business.
Step
Two: Establish a credit history - Business owners should put all expenses
in their business name and use a commercial bank account to pay bills, rather
than using personal funds. This approach will allow business owners to build a
history of payment behavior that will help establish favorable credit terms.
Step
Three: Pay bills on time - Commercial credit scores are influenced by paying
bills on time as well as other factors, such as outstanding debts and company
revenues.
Step Four:Monitor and understand their business
credit file - Business owners should monitor their credit file before any
change occurs that might affect relationships with suppliers, customers and banks.
Step Five:Monitor customer and supplier credit -
Business owners can improve cash flow by knowing the credit standing of business
partners before agreeing to payment terms.
The training
resources include an online Webinar, CD-ROMs, informational brochures and other
resources on how to properly establish and protect business credit. Resources
and information are available on the SBAs Web site at http://www.sba.gov.
The
resources are currently available in English, with Spanish translations becoming
available in mid-2008.
Both the SBA and Dun & Bradstreet
have a long history of experience in working with small businesses to maximize
their business success, said SBA Administrator Steve Preston. These are five smart
and easy steps that any small business can implement to establish and maintain
good business credit and protect their businesses.
D&B
has worked with business leaders for more than 165 years to provide critical insight
and tools to foster growth and protect their businesses. This new partnership
between the SBA and D&B will help small business owners optimize their business
credit profile, which can potentially lower costs of credit and improve cash flow,
said David Kieselstein, Senior Vice President, Small Business, D&B.
Dun
& Bradstreet (D&B) is a leading business information provider that offers
database services that allows business principals to review and update their company
information. D&B has a dedicated portal -- http://www.dnb.com/sba/eupdate--
for small business owners.
The U.S. Small Business Administration,
the nation's largest financial backer of small businesses, has teamed with the
D&B to expand tools for business solutions. The SBAs programs and services
help business owners start, run, and grow their businesses, and provide a range
of financial, technical, and management assistance.
SBAs
participation in this cosponsorship does not constitute an express or implied
endorsement of the views, opinions, products or services of any cosponsor or other
person or entity. All SBA programs, services and cosponsored activities are extended
to the public on a nondiscriminatory basis.
Cosponsorship
Authorization #06-7630-58.
Contact:
Cecelia Taylor of
the U.S. Small Business Administration, +1-202-401-3059, Cecelia.Taylor@sba.gov
Ruth
Davis of Dun & Bradstreet, +1-973-921-5624, DavisR@DNB.com
