Are you aware that 92% of all businesses DO NOT qualify for traditional financing? Wouldn't you want your business to easily qualify for business credit without a lot of underwriting needed? If you have a business credit profile with Dunn & Bradstreet, Experian or other business credit reporting agencies, business lines of credit become a very easy thing to obtain. It's a matter of HOW to establish a CREDIT WORTHY business profile regardless of your personal credit history that counts.
You - the business owner - need to establish basic trade lines to begin creating your business's separate credit profile and identity. Businesses need a plan to establish business credit. Those are the types of businesses that banks fund.
Did you know that there are over 500,000 business vendors, but less than 5000 report to business credit bureaus? I can't stress how important it is to work with vendors who will report and to make sure they report accurately.
When you first open a business, all lines of credit need to be secured. In other words, everything has to be backed with money or collateral. I wouldn't suggest using your home as collateral (in case the business fails, you would lose your home), but many people have.
You can start with secured business credit cards and purchase the gas, computer systems, office supplies, etc. with the credit cards. Ideally you should have at least 2 secured business credit cards.
One example I like to use is Certificates of Deposits to fund your business. Let's say you have $50,000.00 to invest in your business. Instead of depositing the $50K directly into your business bank account, buy a CD worth $50K and use it to secure a business line of credit. This is how you would fund your business, get interest on the CD (albeit not much), and start establishing your business's credit.
DME Consulting can help you establish a business credit profile that will easily provide your business with credit (it also helps attract investors). We'll help you understand what business credit is all about. We will do an analysis of your business and provide you with a full report of the necessary steps you need to take and can guide you through the process. Contact us for further details at info@dmeconsultingco.com.
You - the business owner - need to establish basic trade lines to begin creating your business's separate credit profile and identity. Businesses need a plan to establish business credit. Those are the types of businesses that banks fund.
Did you know that there are over 500,000 business vendors, but less than 5000 report to business credit bureaus? I can't stress how important it is to work with vendors who will report and to make sure they report accurately.
When you first open a business, all lines of credit need to be secured. In other words, everything has to be backed with money or collateral. I wouldn't suggest using your home as collateral (in case the business fails, you would lose your home), but many people have.
You can start with secured business credit cards and purchase the gas, computer systems, office supplies, etc. with the credit cards. Ideally you should have at least 2 secured business credit cards.
One example I like to use is Certificates of Deposits to fund your business. Let's say you have $50,000.00 to invest in your business. Instead of depositing the $50K directly into your business bank account, buy a CD worth $50K and use it to secure a business line of credit. This is how you would fund your business, get interest on the CD (albeit not much), and start establishing your business's credit.
DME Consulting can help you establish a business credit profile that will easily provide your business with credit (it also helps attract investors). We'll help you understand what business credit is all about. We will do an analysis of your business and provide you with a full report of the necessary steps you need to take and can guide you through the process. Contact us for further details at info@dmeconsultingco.com.
