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Come And Enjoy The City of Canton

Greetings

City of Canton

210 North Dakota Street

Canton, SD., 57013

(605)987-2881

cityofcantonsd@cityofcantonsd.com                                   Canton a great place to live, work and invest

      Our web site contains useful information about our growing community. The About Canton button will provide you with facts to help you get to know us. As you look around our site you'll find information about our  friendly community.

        Our rich Norwegian heritage is found on the History page. Be sure to read the story about the first cannon to come to Canton!

        The City of Canton’s elected officials are ready to help you whether you’re an existing citizen or a prospective one, our city is growing and we want you to be a part of it!

          Do you have questions or concerns about our city? Please contact us at  contact@cityofcantonsd.com

Tips To Help You Build Up Your Business Credit in a Canton

Many entrepreneurs have learned that oftentimes, you can get credit much easier when you're not in need of it. This helped fuel the trend of many business owners looking to build up their business credit in order to avoid getting rejections when they need the funding to enhance their businesses. As with everything else, there are ways to build your business credit, but it all starts with you!

The first thing that most lenders will never tell you is that your own personal credit score plays a major role in the decision making process. Lenders will only talk to those that have a good credit score in the mid-600s. If you're not the only owner of the business, lenders also check credit scores for people that have a 20 percent stake or more in your business. Before you jump ahead to worrying about your business credit, start building your own by paying bills on time, and keep your debt ratio low on your credit cards.

How you can prove your business track record

Small businesses oftentimes have to prove themselves to lenders before they feel comfortable enough to approve loans even VA backed lenders for residents with bad credit. The moment you start your business, apply for credit in order to start building your reputations. After about two years of being responsible, lenders are going to talk to you. Some business owners may have trouble scoring small loans, and if that's the case, apply for an in-store credit card.

Ask to increase the credit limit you have once you start paying your credit bills on time. Even if you don't need the extra money to rent a luxury car right now, the more money you have as a credit limit, the more responsible you will look to lenders when you pay everything in a timely manner.

Have several lenders lined up to service your needs, as lending policies can often change. Never put all of your faith into one bank as it can prove to be the downfall of your business. Have credit cards and business accounts through different banking institutions to stay on the safe side. The larger the lender, the better your chances of getting quality service that lasts throughout your years of operation.

Things to keep in consideration

Keep in mind that building up a business credit is not going to happen overnight, and many people often get discouraged in just a few short weeks. However, if you handle money responsibly and use the tips described above, you should have no trouble getting a loan!

      Welcome to the City of Canton, South Dakota's resource web site. Canton is known as the Gate Way to Lincoln County. The city of Canton is a rural community located about 30 minutes south of Sioux Falls, South Dakota and is the county seat of Lincoln County. We are glad you made it!
State of South Dakota's Community of the Year!

City of Canton

Copyright May 15, 2003

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