In terms of getting funding, we all understand that there are tons of things lenders will look at when determining your eligibility. The stressful part is that often times lenders won't divulge exactly what it is they are looking at to determine if you are "worthy" of their funding... but fret no more!!! Small companies have started to crack the code!!
One thing you may or may not know is that lenders will review your business credit to determine approval. If you have a strong business credit profile and score, you have a much better chance of getting approval.
If you have little to no business credit, you might not get an approval or may get smaller loans. Take steps to focus on building a business credit profile and score for your business. This will help you get approval, and help you get even more money.
With business credit built, you can have double the borrowing power. This is because you can get credit as a consumer, and for your business. Plus you can easily build a solid business credit profile and score within only a year. And once built you can qualify for $100,000 or more in credit with no personal liability.
Our Business Finance Suite, is a one stop shop to establishing, building, and maintaining your business credit, gaining you access to optimal funding.
You can also begin the process by using these DIY tips.
Start by visiting Equifax, Experian, and Dun & Bradstreet. Get copies of your business credit report. Next, find 5 vendors to give you credit and report to the business credit reporting agencies. Once you use those accounts, pay them as agreed. When they are reported, you will then have a good business credit profile and score built. You can start getting approval for larger amounts of credit.
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