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Article URL: https://projectwren.com/careers/software-engineer
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Building business credit is not like building personal credit. When building personal credit, you simply do the things you do every day and your credit score builds passively. You do not have to do anything special to start or build personal credit. You can just open accounts, make purchases, pay them off, and your score builds from there. Business credit is different however. You have to actively work at it, and it takes vendors to build business credit.
Building business credit is a process. There are many steps in the process. Using vendors to build business credit is actually one of the last steps. There are many steps you will need to take to ensure you can properly use vendors to build business credit.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
You absolutely cannot start to use vendors to build business credit if your business does not have a foundation of fundability. Here’s why. Vendors will report to the business credit reporting agencies, but those agencies will not be able to tell you from your business. Wondering how you ensure your business is set up to be fundable? We’ll tell you.
A small business has to be fundable to lenders and merchants. The first step in this process, the one that allows vendors to report payments to your business credit report rather than your personal credit, is to separate your business from yourself. The business needs to be recognizable as an entity separate from the owner, and thus have financial transactions that are not related to the owner’s personal finances. Here is how you start.
First, you have to ensure your business has its own phone number, fax number, and address. Now don’t panic. That doesn’t mean you have to get a separate phone line, or even a separate location. You can still run your business from your home or on your computer if that is what you want. You do not even have to have a fax machine.
In fact, you can get a business phone number and fax number pretty easily that will work over the internet instead of phone lines. In addition, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want. Whenever someone calls your business number it will ring straight to you.
Faxes can be sent to an online fax service, if anyone ever happens to actually fax you. This part may seem outdated, but it does help your business appear legitimate to lenders.
You can use a virtual office for a business address. How do you get a virtual office? What is that? It’s not what you may think. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services. In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person.
You will also need a separate email address. Make sure it has the same URL as your business website. It shouldn’t be from a free service.
The next thing you need to do is get an EIN for your business. This is an identifying number for your business that works in a way similar to how your SSN works for you personally. Some business owners used their SSN for their business. This is what a lot of sole proprietors and partnerships do. However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up. When you are looking to increase fundability, you need to apply for and use an EIN. Get one for free from the IRS.
This is the most important step in fundability thus far. Incorporating your business as an LLC, S-corp, or corporation is essential. It lends credence to your business as one that is legitimate. It also offers some protection from liability. For business credit building, it is a necessary step in separating your business from yourself.
Which option you choose does not matter as much building credit as it does for your budget and needs for liability protection. The best thing to do is talk to your attorney or a tax professional. What is going to happen is that you are going to lose the time in business that you have. When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated as well.
This is why you have to incorporate as soon as possible. Not only is it necessary for fundability and for building business credit, but so is time in business. The longer you have been in business the more fundable you appear to be. That starts on the date of incorporation, regardless of when you actually started doing business.
You have to open a separate, dedicated business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes.
There’s more to it however. There are several types of funding you cannot get without a business bank account. Many lenders and credit cards want to see one with a minimum average balance. In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments. Studies show consumers tend to spend more when they can pay by credit card.
Lastly, many of the best vendors to build business credit require you to have a business bank account before they will extend credit.
Due to this fact, a small business needs a professional-looking website and email address. And it needs to have site hosting you actually pay for. A free hosting service looks unprofessional.
You will also have to get a D-U-N-S Number from Dun & Bradstreet. It’s free and easy to do on their website, but beware. They will try to sell you other services you do not need. The number is free. You definitely need it to use vendors to build business credit. Without it, you will not have a business credit profile with Dun & Bradstreet. Since they are the largest and most commonly used business CRA, you need a profile with them.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Here is why you need vendors to build business credit. There is a vicious cycle in which you have to have credit to get credit. Most lenders and credit issuers will not extend credit if you do not have a good business credit score. However, there are certain vendors, known as starter vendors, that will extend credit without even doing a credit check. They break this cycle. Still, they do reduce their risk in other ways. You need to know what they look for.
These vendors that do not check credit are in what we like to call the Vendor Credit Tier. We recognize 4 tiers in the business credit building process, and the vendor credit tier is where you will find vendors to build business credit. Typically, they offer net terms on invoices rather than revolving credit. This means, if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, such as within 30 days on a Net 30 account.
Then, after you make payment, they will report your payment to the business credit reporting agencies.
There are a few such vendors out there. Here are some options to help get you started.
Not every vendor can help in the same way true starter credit can. These are vendors that grant an approval with negligible effort. You also need them to be reporting to one or more of the big three CRAs. These are Dun & Bradstreet, Equifax, and Experian.
Uline sells shipping, packing, and industrial supplies. Also, they report to Dun & Bradstreet. This means you must have a D-U-N-S number.
In addition, they ask for 2 references and a bank reference. The first few orders might need to be paid in advance to get approval for Net 30 terms.
Quill is another true starter vendor. They sell office, packaging, and cleaning supplies. They report to D&B and Experian.
Since Quill reports to two separate credit reporting agencies, you get two credit experiences with them. Place an initial order first unless you already have a D&B score.
Generally, they put you on a 90-day prepayment schedule. If you order items each month for 3 months, they usually approve you for a Net 30 Account.
Grainger Industrial Supply is likewise a true starter vendor. They sell safety equipment, plumbing supplies, and more. Like Uline, they report to D&B. To qualify, you must have a business license, EIN, and of course a D-U-N-S number.
For under a $1000 credit limit they approve almost anybody with a business license.
You need 5 to 8 of these types of accounts to move onto the next step, which is the retail credit tier.
Be sure to check with any vendors you already do business with and ask if they will extend net terms or vendor credit of some sort and report to the business CRAs. They do not have to, but they might since they already have a relationship with you.
Likewise, ask your landlord and utilities companies if they will report your payments to them. Again, they are under no obligation to do so. However, if you ask them, they just might do it. If they do, this will only build your business credit faster.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are companies like Office Depot and Staples. They offer revolving credit only to be used in their own store or website.
After there are 8 or 10 of these types of account reporting, you can move to the fleet credit tier. These are service providers like BP and Conoco. Use this credit to buy fuel, and to repair, and take care of vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.
If you have been responsibly managing the credit you’ve gotten up to this point, you can start to apply for credit in the cash credit tier. These are companies that extend credit not limited by location or type of purchase. Typically, these accounts have higher limits, better interest rates, and sometimes they even offer rewards!
It is important that you monitor your business credit for many reasons. However, when you are using vendors to build business credit it is even more important. This is how you will keep up with which vendors are reporting. Then, you can know when your score may be strong enough to move on to the next credit tier.
Furthermore, you will be able to keep an eye on the overall health of your credit score and catch any mistakes that may pop up.
Like I said before, not all vendors will work to build business credit. Not only do they have to extend credit relatively easily without a credit check, but they also have to report your payments to the proper agencies. We’ve provided you with a list of a few to start with, and there are more vendors to build business credit out there. Do you research and find the ones that work best for your situation.
The post Why You Need Vendors to Build Business Credit appeared first on Credit Suite.
Building business credit is entirely different from building personal credit. With personal credit, it simply builds passively as you use credit throughout the course of your life. Business credit is a different story. You have to actively take steps to ensure that your business transactions are reported on your business credit report, not your personal credit report.
When you ask yourself how do I build business credit, you have to understand that business credit works differently than personal credit. For example, unlike personal credit, there are at least 3 distinct steps you need to take to build business credit. However, it can be helpful to first understand the relationship between business credit and fundability. This will provide much needed perspective as you work through each step.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Business credit is important to the fundability of your business. However, it is not the sole source of your business fundability. A foundation of fundability is necessary for business credit, and business credit is necessary for fundability. If you have poor business credit, your business cannot be fundable. Likewise, if your business is not set up to be fundable, you will not be able to build business credit. So, now you are really asking yourself, how do I build business credit?
If you ever want your business to be fundable on its own, apart from you, it must be set up in this way. That’s not to say that your personal credit will not ever affect fundability, but if you do not set your business up to be a separate entity, business credit will never even be on the table.
Like any foundation, it is best to start at the beginning. It will be faster and easier if you do. However, if your business is already up and running, you may not have that option. That’s okay. It’s never too late to start, but start now. The longer you wait the harder it will be, for several reasons. How do you set up a fundable foundation?
The first answer to the question of how do I build business credit, is to separate your business from yourself. One step in this process is to make sure you and your business have separate contact information. Your business needs its own phone number, fax number, and address. That doesn’t mean you have to get a separate phone line, or even a separate location. You can still run your business from your home. You don’t even have to have a fax machine.
In fact, you can easily get a business phone number and fax number that will work over the internet instead of phone lines. Even better, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline. Whenever someone calls your business number it will ring straight to you.
Faxes can be sent to an online fax service, if anyone ever happens to actually fax you. This part may seem outdated, but it does help with appearances.
You can use a virtual office for a business address. This isn’t what you may think. it is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services. Also, there are some that offer meeting spaces for those times you may need to meet a client or customer in person if you do not have a place.
The next thing you need to do is get an EIN for your business. This is an identifying number that works in a way similar to how your SSN works for you personally. Some business owners use their SSN for their business. However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up. When you want to work on fundability and business credit, you need to apply for and use an EIN. You can get one for free from the IRS.
Incorporating your business as an LLC, S-corp, or corporation is necessary to both fundability and business credit. It lends credence to your business as one that is legitimate. It also offers some protection from liability.
Which option you choose does not matter as much for fundability as it does for your budget and needs for liability protection. The best thing to do is talk to your attorney or a tax professional. What is going to happen is that you are going to lose the time in business that you have. When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated..
This is why you have to incorporate as soon as possible. Not only is it necessary for fundability and for building business credit, but so is time in business. The longer you have been in business the more fundable you appear to be. That starts on the date of incorporation, even if you were in business before that time.
You have to open a separate, dedicated business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes.
Also, there are several types of funding you cannot if you do not have a business bank account. Many lenders and credit cards want to see one with a minimum average balance. In addition, you cannot get a merchant account without one. That means, you cannot take credit cards payments. Studies show consumers typically spend more when they can pay by credit card.
For a business to be legitimate it has to have all of the necessary licenses it needs to run. If it doesn’t, red flags are going to fly up all over the place. Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business.
How can a business website can affect you ability to get funding? These days, you do not exist if you do not have a website. However, having a poorly put together website can be even worse. It is the first impression you make on many, and if it appears to be unprofessional it will not bode well for you with consumers or potential lenders.
Spend the time and money necessary to ensure your website is professionally designed and works well. Pay for hosting too. Don’t use a free hosting service. Along these same lines, your business needs a dedicated business email address. Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.
This is the part that a lot of business owners miss the boat on. It isn’t easy to get credit in the name of your business when you don’t have credit to begin with. There are a few tips that can help you jump over this hurdle however. Once you break this wall down, you can work your way up through the credit tiers.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
The other part that is missed by many is that you have to have a D-U-N-S number for this to work. Dun & Bradstreet is the largest and most commonly used business credit reporting agency, and if you do not have a D-U-N-S number, you do not have a file with them. If payments are reporting to them and there is no corresponding D-U-N-S, the payments will not be counted. To build business credit you absolutely have to have this number. Find out more about building business credit with D&B here.
Vendors you already have a relationship with may be willing to extend credit without a credit check. If not, they may offer net 30 terms on invoices. They don’t have to, so you will have to ask. The worst that can happen is they say no. If they say yes, ask them to report the payments to the business credit agencies.
You pay things like utilities, rent, and internet each month anyway. Ask those providers to report your payments to the business credit reporting agencies. If they say yes, make sure your accounts are set up in your business name with your business contact information. Again, the worst they can say is no.
How do I build business credit? Starter vendors are the business credit building secret that most business owners are unaware of. There are certain vendors, known in the business credit building world, as starter vendors. These are part of what we like to call the vendor credit tier. They are certain retailers that will extend Net 30 terms in your business name without a credit check. Then, after you pay, they will report those payments to the business credit report agencies (CRAs).
This is how you can get the ball rolling with business credit. Since they do not check your credit score, it doesn’t matter than you do not have one. Of course, they do have other risk reducing techniques in place. These vary by vendor. Here are a few such starter vendors to help you get started. When you ask yourself how do I build business credit, starter vendors are a huge part of the answer.
Quill sells office supplies as well as cleaning and packaging supplies. Products range from office furniture and printer ink to snacks and coffee.
They report to D&B. If you do not already have a PAYDEX score, you will have to place an initial order first. Generally speaking, they establish a 90-day prepay schedule, and if you order each month for three months, they will most often approve you for a Net 30 account.
Go here to get started with Quill.
Grainger sells power tools, pumps, hardware and other things. In addition, they can handle maintenance of your auto fleet. You need a business license and EIN to quality, as well as a D-U-N-S number.
You can apply by fax or over the phone. If you need less than $1,000 in credit, you only need a business license for approval. For over $1,000, you will need trade and bank references.
If you are just starting out and do not have references, the $1,000 is plenty to get you started building your business credit. Check them out here.
Behalf is way of getting paid through an app, but they also offer funding. The more you have your customers pay you through Behalf, the more likely Behalf is to offer you favorable terms when it comes to funding.
Funding can be through purchase financing or a virtual Mastercard option. Terms run from Net 30 to 180 days, and they report to Dun & Bradstreet, Experian, and Equifax. This fact alone, that they report to all the major credit reporting agencies, makes them an extremely valuable tool in building business credit.
Find out more here.
After you have 8 or so of these types of accounts reporting payments to your business credit report, you should have a strong enough score to move on to the next tier. We call this the retail credit tier. They are retailers as well, but offer more traditional credit. These are credit cards for use at specific stores such as Office Depot or Lowes. This is also sometimes referred to as store credit.
After you have several of these store credit account reporting, you can apply for cards in the fleet credit tier. These are gas cards with companies such as Shell and Fuelman. They can be used for fuel and auto repair and maintenance only.
Lastly, with accounts reporting from all these tiers, you should have a score strong enough to apply for cards from what we call the cash credit tier. Of course, that is only if you have been making payments consistently on time.
These are traditional credit cards that are not attached to a specific store or tied down to certain types of purchases. They can be used for anything and everything. In addition, they often have better interest rates and nice rewards programs.
The last step in building business credit sounds kind of passive, but it is in fact very active and very important. You must actively monitor your business credit reports for a number of reasons. First, you need to see that all accounts are reporting. Not only that, but you need to see how many you have reporting so you know when to move on to the next tier.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Other than that, you have to monitor your report to ensure you get any mistakes corrected and that all information is updated as needed. You must request corrections in writing, and send copies of supporting documentation. You can monitor with the CRAs directly, but we can help you monitor with D&B and Experian here for a fraction of the cost.
Business credit is built through a very specific process. It isn’t hard, but it isn’t passive either. It does take effort. You have to ensure your business is set up to be fundable. In addition, you have to know where to go to get accounts reporting initially. After that, it’s all about making wise decisions and managing your credit responsibly.
Don’t forget, business credit is just one part of overall fundability. Learn more about what else can affect fundability here.
The post How Do I Build Business Credit? A Step-by-Step Guide appeared first on Credit Suite.
Here are 20 free and inspirational background images to build your LinkedIn profile. A personal brand starts with using the right visual content. When it comes to building your personal brand, visual content is the …
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10 Ways to Build Client Trust
Completely make clear the client’s obligation– When a client is clear on what his/her feature is after that the consumer acquires clear on what growth can be made without his/her engagement as well as what needs his/her input prior to going on. Create practical client presumptions– Help the consumer to understand exactly what you will definitely do for him or her. Really very carefully make clear the consumer’s feature– When a client is clear on what his or her feature is after that the consumer acquires clear on what growth can be made without his or her engagement as well as what needs his or her input prior to moving on.
Create practical client presumptions– Help the client to acknowledge specifically what you will definitely do for him or her. Extensively clear up the client’s responsibility– When a consumer is clear on what his/her feature is after that the consumer gets clear on what growth can be made without his/her involvement as well as what calls for his/her input prior to going on. Protect against making the client actually feel foolish– No one suches as to truly feel stupid. Establish reasonable client presumptions– Help the consumer to understand exactly what you will definitely do for him or her. Extremely very carefully make clear the client’s feature– When a client is clear on what his or her feature is after that the client acquires clear on what growth can be made without his or her involvement as well as what needs his or her input prior to transferring on.
The post 10 Ways to Build Client Trust
Completely make clear the clie… appeared first on ROI Credit Builders.
First, to be clear, minority small business grants, and any grants for that matter, are totally free money that you do not have to pay back. As such, those awarding grants typically do not consider your ability to repay a grant in the selection process. That doesn’t mean that fundability doesn’t matter though. It does. … Continue reading How Fundability and Minority Small Business Grants Can Build Off Each Other
First, to be clear, minority small business grants, and any grants for that matter, are totally free money that you do not have to pay back. As such, those awarding grants typically do not consider your ability to repay a grant in the selection process. That doesn’t mean that fundability doesn’t matter though. It does.
How does this work? How does the fundability of your business affect your ability to get grants, and how can getting small business grants help you build fundability? Think about it. Of course, the main thing that grantors are looking for is a business that can be successful. That means having a winning business idea. That being the case, applicants focus on that piece. They present a fabulous pitch and a winning business plan, then they execute a flawless presentation and hope those that make the decisions love it.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
However, if the competition is a close one, and there are any red flags out there on any applicant, it could mean the difference between winning, and not. Winning is important, because grants can be a great option for supplementing your funding.
Most likely, those offering grants are not going to check credit. They probably do not even really care about your personal financials. Those pieces of fundability are not likely to come into play. You can find out more about those and the other parts of the fundability puzzle here.
However, the foundation of fundability needs to be in place. This is what can make a difference when it comes to winning minority small business grants. What is a foundation of fundability and why does it matter? It matters because it is what sets your business apart as legitimate. These are the things that separate your business from yourself, and it shows that you have all of your proverbial ducks in a row. It may never come into play, but if it does, you want to be ready. What are the building blocks of the foundation of fundability?
The first step in setting up a foundation of fundability is to ensure your business has its own phone number, fax number, and address. Now don’t panic. That doesn’t mean you have to get a separate phone line, or even a separate location. You can still run your business from your home or on your computer if that is what you are doing. You do not even have to have a fax machine.
In fact, you can get a business phone number and fax number pretty easily that will work over the internet instead of phone lines. In addition, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want. Whenever someone calls your business number it will ring straight to you.
Faxes can be sent to an online fax service, if anyone ever happens to actually fax you. This part may seem outdated, but it does help your business appear legitimate to lenders.
You can use a virtual office for a business address. How do you get a virtual office? What is that? It’s not what you may think. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and life receptionist services. In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person.
The next thing you need to do is get an EIN for your business. This is an identifying number for your business that works in a way similar to how your SSN works for you personally. Some business owners use their SSN for their business. This is what a lot of sole proprietorships and partnerships do. However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up. When you are looking to increase fundability, you need to apply for and use an EIN. You can get one for free from the IRS.
This is the most important step in fundability thus far. Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability. It lends credence to your business as one that is legitimate. It also offers some protection from liability.
Which option you choose does not matter as much for fundability as it does for you budget and needs for liability protection. The best thing to do is talk to your attorney or a tax professional. What is going to happen is that you are going to lose the time in business that you have. When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated.
This is why you have to incorporate as soon as possible. Not only is it necessary for fundability and for building business credit, but so is time in business. The longer you have been in business the more fundable you appear to be. That starts on the date of incorporation, regardless of when you actually started doing business.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
You have to open a separate, dedicated business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help when it comes time to do taxes by keeping your personal finances separate from your business finances..
There’s more to it however. There are several types of funding that are not available without a business bank account. Many lenders and credit cards want to see a business account with a minimum average balance. In addition, you a merchant account is not an option without a business account at a bank. That means, you cannot take credit cards payments. Studies show that consumers usually spend more when credit card payment is available.
For a business to be legitimate, it has to have all of the necessary licenses it needs to run. If it doesn’t, warning lights are going to flash all over the place. Research what you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.
In these times, you do not exist if you do not have a website. Having a poorly put together website can be even worse though. It is the first impression you make on most. As a result, if it appears to be unprofessional, your business will look bad before the customer even gives it a chance.
Spend the time and money necessary to ensure your website is professionally designed and works well. Pay for hosting too. Don’t use a free hosting service. Along these same lines, your business needs a dedicated business email address. Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.
If you are a new business applying for minority small business grants to help get you off of you feet, you may not be ready for all of this yet. Much of it can be does at square one however, and it is infinitely easier to do so. For example, just go ahead and get a business number and address and use it on your grant applications. Get a professional website, or at least a prototype, up and running so you have something to show. It could make all the difference.
It’s pretty easy to see how fundability can affect your ability to get minority small business grants. How is the reverse true though? How can minority small business grants help you build fundability, especially when you don’t have to pay them back so there are no payments to report to business credit.
Here’s how. When you get minority small business grants, you have free money to grow and expand your business. This can help you be more profitable without the debt typically associated with growth. This, in turn, makes it easier to pay back any debt you do have to get in the process of starting and running a business, which will help to build fundability.
The only question now is, where do you get minority small business grants? Many private and government agencies offer them, including some corporations. Some are offered annually, while others are available for one time only. It would be impossible to list all available grants, but here are a few to start with. Remember to do your research, as all of them have different eligibility requirements and application processes.
If you qualify, there are many grant options available. There are not as many specifically for minorities, but there are some. Here is just a sample of what is out there.
With a mission to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans, this group is at the top of the list. They also offer assistance in the application process.
Not only that, but there are a wide range of other opportunities from the First Nations Development Institute. Get on the mailing list to receive information about new opportunities as they become available.
Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The associate states its purpose is to help newer businesses that have an African founder that maintains equal ownership.
A business must be a member of the NBMBAA to compete. There is a $10 monthly membership fee. After that, there is an online application. If chosen, you must submit a three-minute pitch. Then, finalists go on to compete at the NBMBAA annual conference.
There are grants options that can work well even though they are not exclusively for minorities. Some examples include the following.
This grant is the company’s way of working to strengthen small business innovation. There are 10 grants the company awards each year. They range from $15,000 to $50,000, and if you’re a minority owned business with a cutting-edge product, this could be the grant for you.
A business must use the FedEx website to submit entries. There are a few questions to answer about your business. In addition, there is a requirement for an elevator pitch about what makes your business special. Also, you have to explain how you would use the grant funds. A 90 second video submission is optional.
The National Association for the Self-Employed (NASE) has small business Growth Grants of up to $4,000. They are for micro-businesses, and proceeds can be used for a number of things including marketing, advertising, expansion, and even to hire employees. Anyone can apply, but you do have to be an NASE member. Membership fees vary based on the level of membership you choose.
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The USDA’s Value-Added Producer Grant (VAPG) program offers grants for small businesses. It includes minority owned business. Grants range up to $250,000. These grants are designed specifically to help agricultural producers with activities that add value to their products. As a result, grants are open to those in rural areas. They must be operating as one of the following:
While neither directly affects the other, the two do affect each other indirectly. Having a strong, fundable foundation can help the pendulum swing your way when it comes time to make a grant decision. By the same token, if you win a grant, the funds could help you build strong fundability if used properly. The two together make a winning team for your business.
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