Although credit has become more readily available to small business borrowers, it is still far from easy to get a loan. Because of the recent credit crunch, lending institutions are more meticulous than ever in researching prospective borrowers’ credit histories.

If you have a solid business credit rating, you are much more likely to be approved for business loans, lines of credit and other forms of finance. However, increasing your credit score requires attention to detail and some fiscal common sense. Many entrepreneurs are intimidated by financial matters, but building a good business credit history is not extremely difficult.

Here are some tips that will help small business owners raise their scores and thereby increase their chances of securing future funding:

1. Separate business and personal accounts

Even if you have had some difficulties with your personal debt, building a positive history of business transactions can help you establish a track record. This is why you don’t want to intermingle your business and personal bank accounts.

2. Learn your business credit score

Credit score information is readily available from agencies such as D&B and Equifax. A business’s credit score is derived by a complex statistical model designed to predict the likelihood of default. Factors considered by the credit bureaus include: company size, industry and business structure; outstanding balances of open accounts; payment habits; credit utilization; length of credit history; public records (judgments, liens, bankruptcies) and other factors.

3. Apply to establish a company credit card

Business owners can rack up points that can be cashed in for rebates or prizes as they build their credit histories. But if you use a business credit card, be sure to pay the bills on time—tardy and missed payments have a negative impact on the business credit history you are trying to build.

4. Pay outstanding vendor invoices in a timely manner

Some creditors will offer discounts if you pay your bills in advance. If you have the ability to do so, you can cut your operating costs and ultimately increase your cash flow by simply paying promptly. As an added bonus, you will be able to ask vendors to serve as credit references for your business. They’ll be happy to oblige for customers who pay promptly—especially those willing to pay in advance.

5. Check your business credit reports periodically

Get a report (at least quarterly) to make sure there are no errors. You don’t want your business to suffer because of a bank error or a judgment against your company that has been resolved long ago.

Saving money on finance charges, getting pre-payment discounts and having access to capital because of a solid credit history are ways to increase your working capital and improve your cash flow. It is important to pay your bills today so that you can easily apply for an expansion loan that you may need in the future.