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Episode 190: Business Credit Insights with Ramzi Sarkis
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The Jennifer J. Hammond podcast features an interview with Ramzi's Sarkis, founder of J. Galt. Ramzi is a seasoned entrepreneur who has a compelling story about his discovery of the true nature of business credit. journey began at the age of 24 when he opened his first business—a gas station. As his business thrived, he approached his bank for a line of credit. To his surprise, they approved it but insisted on a personal guarantee. This puzzled him because he believed in separating personal assets from business assets, as any astute entrepreneur would.
Over the years, Ramzi expanded his business ventures, acquiring multiple gas stations and delving into various industries. However, no matter how successful his businesses became, he always had to personally guarantee loans, putting his personal assets at risk.
This realization sparked a quest for understanding. Ramzi pondered why CEOs of major corporations were never required to personally guarantee anything. He discovered a powerful tool that had been overlooked—the Employee Identification Number (EIN). While personal credit is built on Social Security numbers, business credit can be built using the EIN, separating personal and business assets effectively.
Ramzi's exploration also led him to the world of business credit bureaus. While most people are familiar with Dun & Bradstreet, he highlighted the importance of the two newer players—Experian Business and Equifax Business. These bureaus determine the business's creditworthiness, and having a strong presence with them is crucial.
Ramzi emphasizes the significance of corporate credit rather than just business credit. By establishing a C Corp, S Corp, or LLC, entrepreneurs can access corporate credit without the need for personal guarantees. This knowledge has the power to level the playing field and provide small businesses with the resources they deserve.
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