As a business owner, you want to surround yourself with experts in what they do, so you can concentrate on being an expert at what you do. We have developed a program specifically to guide new and established business owners through the process of building business credit. It eliminates the research you’d have to do yourself, saves you time and money, and shows you how to build business credit the right way the first time.
We Can Help You Every Step of the Way
You’re starting a new business or have an established business and need vendor accounts or business funding to make it grow. But you don’t yet have any business credit and no credit score for your business. How do you get credit without credit? Thankfully there are steps you can take to establish business credit that I’ll share below.
Create an LLC or Other Type of Corporation
Although you can operate a business as a sole proprietor in most cases it makes sense to create an LLC or other type of corporation. There are advantages and disadvantages of each type of corporation so you will want to research this. Once you have decided which type of corporation you want, we can help you create that entity and get your EIN. We can also help you get established with Dun & Bradstreet and obtain a DUNs number.
Does Your Personal Credit Score Matter?
The short answer is yes. It’s very difficult to build business credit if your personal credit score is in the low 600s or lower. Before business credit is established banks and other lenders will look at the owner’s personal credit history. The reason they do that is to ensure the owner can pay them back if the business cannot.
Business owners with a FICO score of 630 or above have ways to start establishing business credit right away which I’ll discuss below. But even if you have a lower FICO score, we can help you improve your personal credit score quickly. And it comes with our Business Credit and Funding service at no extra cost. We have over a decade of experience helping people improve their credit scores.
Establish Trade Lines with Vendors and Suppliers
If you have suppliers that you are using, ask them if they will give you a net 30 or net 60 account. But make sure they report to Experian, Equifax, and Dun & Bradstreet in your business name. If they don’t, that vendor account may help your cash flow, but it won’t help you build business credit.
We have a comprehensive list of vendors such as Office Depot, Uline, Best Buy, and far more that will give you a net 30 or 60 account if you have good personal credit. If you do not have good personal credit, as I mentioned above, we will help you improve that score.
Get Your Business Bankable
80% of all business loans are declined. Not necessarily because of poor credit but more so because the business didn’t meet the 150-point that lenders look at during the approval process of a business loan. The term ‘bankable’ means that your business meets the 150 data points. Even if you know what those 150 data points are you probably don’t have the time and/or expertise to satisfy each of these on your own. Now worries. That’s what we do very well.
We run a Success Scan of your business to determine which of these items your business passes and which it doesn’t. Then we show you exactly what you need to do to check off each item. Once we get your business bankable, we provide you with a Business Funding Coach and a $50,000 funding guarantee. Your coach will help you decide what funding options are best for your business and help you apply if desired.
Learn More About How We Can Help You
For more information on how we can help you go from concept to business credit to funding, set up a phone appointment with us by clicking the previous link or by clicking 'Book a Phone Appointment' in the menu at the top of the page. We look forward to speaking with you.