Get a Balance Transfer Recession Business Credit Card

The economy is changing. But you can still get a balance transfer recession business credit card.

You Can Get a Balance Transfer Recession Business Credit Card Today

Do you need a balance transfer recession business credit card? For that and any other sort of reward, we’ve got you covered.

Per the SBA, small business credit card limits are a whopping 10 – 100 times that of consumer cards!

This shows you can get a lot more money with small business credit. And it also shows you can have personal credit cards at retailers. So you would now have an additional card at the same stores for your company.

And you will not need collateral, cash flow, or financial data in order to get small business credit.

Credit Card Benefits

Perks vary. So, make sure to choose the benefit you prefer from this array of alternatives. Because you may find something you like even better than a balance transfer recession business credit card.

Get a Reliable Low APR/Balance Transfer Recession Business Credit Card for Lavish Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Check out the Capital One® Spark® Miles for Business. It has an introductory yearly fee of $0 for the first year, which after that rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is fantastic for travel if your expenses don’t fall under basic bonus categories. You can get unlimited double miles on all purchases, without any limits. Get 5x miles on rental cars and hotels if you book with Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you just get it if you spend $4,500 in the initial 3 months from account opening. There is no foreign transaction fee. You will need a good to exceptional FICO score to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For a fantastic sign-up offer and bonus categories, take a look at the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 towards travel rewards if you redeem via Chase Ultimate Rewards.

Get 3 points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel via Chase Ultimate Rewards. You will need a great to superb FICO score to qualify.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, take a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the initial 9 billing cycles. Afterwards, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make at least $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Get unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.

Also get 3 points per every dollar spent when you book your travel (car, hotel, airline) via the Bank of America® Travel Center. There is no limit to the number of points you can get and points don’t expire.

You will need outstanding credit to get this one (as in, 700s or better).

Find it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Have a look at the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need good to outstanding credit to get this card.

Points

You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the first 3 months. Get 6x the points for eligible purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and gas stations. And you can get 4x the points on wireless telephone services bought straight from American service providers and on American purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can get an additional free night after you spend $60,000 on your card in a calendar year.

You get Marriott Bonvoy Silver Elite status with your Card. Plus, spend $35,000 on eligible purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the next calendar year.

Also, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: https://creditcard.americanexpress.com/d/bonvoy-business/

Trustworthy Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee

Get a great alternative to a balance transfer recession business credit card.

Brex Card for Startups

Have a look at the Brex Card for Startups. It has no yearly fee.

You will not need to supply your Social Security number to apply. And you will not need to supply a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Likewise, there are some industries they will not work with, as well as others where they want more documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Likewise, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit scores (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

Secure Corporate Credit Cards for Fair Credit Scores

Grab another terrific alternative to a balance transfer recession business credit card.

Capital One® Spark® Classic for Business

Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, without any minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. Yet if you can pay in a timely manner, and in full, then it’s a bargain.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Establish business credit fast and beat the recession with our research-backed guide to 12 business credit cards and lines. Get a balance transfer recession business credit card now!

Flexible Financing Credit Cards – Check Out Your Alternatives!

The Plum Card® from American Express

Check out the Plum Card® from American Express. It has an introductory yearly fee of $0 for the first year. Afterwards, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need excellent to superb credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

Outstanding Company Credit Cards with No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial twelve months. Afterwards, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need outstanding credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

Establish business credit fast and beat the recession with our research-backed guide to 12 business credit cards and lines. Get a balance transfer recession business credit card now!

Company Credit Cards with a 0% Introductory APR – Pay Nothing!

Blue Business® Plus Credit Card from American Express

Have a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the first 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on day to day company purchases like office supplies or client dinners for the initial $50,000 spent per year. Get 1 point per dollar afterwards.

You will need good to exceptional credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also have a look at the American Express® Blue Business Cash Card. Keep in mind: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. Yet its rewards are in cash instead of points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. Then get 1%.

It has no annual fee. There is a 0% introductory APR for the initial twelve months. After that, the APR is a variable 14.74 – 20.74%.

You will need great to exceptional credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/

Establish business credit fast and beat the recession with our research-backed guide to 12 business credit cards and lines. Get a balance transfer recession business credit card now!

The Perfect Balance Transfer Recession Business Credit Card for You

Your absolute best balance transfer recession business credit card will hinge on your credit history and scores.

Only you can choose which features you want and need. So make sure to do your homework. What is excellent for you could be disastrous for another person.

And, as always, make sure to establish credit in the recommended order for the best, fastest benefits.

The economy will change again, and you will be able to get a balance transfer recession business credit card even more easily.

The post Get a Balance Transfer Recession Business Credit Card appeared first on Credit Suite.

Get a Business Credit Report in a Recession

Get a business credit report in a recession and stay on top of your scores.

Here’s How to Get a Business Credit Report in a Recession

You got this: we show you exactly how to get your business credit report in a recession.

Get a Business Credit Report in a Recession: Recession Funding

In a recession, inevitably banks and other credit issuers get more conservative. So it pays to get your business credit report in a recession so you can pounce on any mistakes immediately.

Your best bet as a company owner is to stay on top of every business credit report from PAYDEX, Equifax, and Experian.

There are three big credit reporting agencies for companies and you really should check all three of them frequently. This is because they use moderately different yardsticks. Hence moving the needle for one can move the needle for both of the others. Although maybe not as much.

Do not permit your business credit scores slide, as you have to catch any mistakes as fast as you can. Plus, you need to identify anything which is dragging your scores down. And then take remedial measures. You can get a business credit report in a recession easily and stay on top of all three scores by following a few straightforward steps.

Get a Business Credit Report in a Recession: D&B (PAYDEX) Business Credit Report

Dun & Bradstreet’s PAYDEX score of your company can end up being one of the primary reasons that your business receives credit in any manner.

A Dun & Bradstreet Report (also known as a D&B Report) is a database-generated report. The business services giant produces such a report in order to assist its clients in making decisions regarding new credit applications.

The primary reason for a client using this kind of a report is to engage in credit risk monitoring of vendors, suppliers, and business partners. This helps companies make informed business credit determinations and avoid bad debt.

Dun & Bradstreet takes several factors into account in generating such a report. These include a predictor of payment delinquency; how financially stressed a company is compared to comparable businesses; an evaluation of supplier risk; credit limit recommendation; D&B rating; and PAYDEX score. Let’s consider all these factors in turn.

Delinquency Predictor

Dun & Bradstreet uses predictive models to ascertain how likely a company is to be late with its payments. Predictive scoring is a means of using historical information to attempt to predict future outcomes. It entails identifying the risks inherent in a future decision. It does this by examining the relationship between historical information and the future event.

This represents an objective and statistically derived counterpart to subjective and intuitive assessments. Such scoring allows a business to rank and order accounts based upon the probability of an event occurring, such as delinquent payments. However, note that Predictive Scoring only represents a statistical probability, and not a guarantee.

PAYDEX Score

A PAYDEX Score is Dun & Bradstreet’s proprietary dollar-weighted numerical indicator of how a firm has paid its bills over the past year. The score is based upon trade experiences reported to Dun & Bradstreet by various vendors. In addition, the D&B PAYDEX Score ranges from 1 to 100; higher scores indicate a better payment performance.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Monitoring PAYDEX

D & B offers Credit Signal, which is a means to keep track of your credit score by having the business credit report come immediately to you, for a cost. You may discover the expense is well worth it in order to avoid the frustrations that can emerge from letting this score slip. And you will not need to produce and handle the organizing and reminders you might need to stay up to date with if you don’t use it.

Alternatives to Credit Signal

Don’t wish to make use of Credit Signal? Not a problem, as you can obtain your PAYDEX report through D & B and, if need be, you can get in touch with their Customer Service department (this department exists as a section of Dun & Bradstreet itself).

In addition, in order to review your PAYDEX report, check out what D & B provides, which is a specimen report and even some higher level tips in the way to analyze it.

D&B Data

Any report is only as good as the data it comes from. Dun & Bradstreet’s database contains over 250 million firms spanning the globe, which includes around 120 million active companies and about 130 million businesses which are out of business but kept for historical purposes.

D&B constantly gathers data and works to improve its analyses to ensure the greatest degree of accuracy possible.

Get a Business Credit Report in a Recession: Equifax Business Credit Report

Equifax, one of the large credit reporting bureaus, furnishes a risk monitoring service which is more convenient as it allows for a business credit report to come directly to you.

If you don’t want to purchase continuing reports, you can instead order your company’s Equifax report.

Additionally, if you have to question your small business’s Equifax report, you can do so by following the information on their website.

You can learn how to go over your Equifax report by checking out a specimen of their reports.

Improve Your Equifax Report

Now that you know what enters into it, you can see that some of the more crucial pieces of information Equifax looks into are public records, credit usage, and how you take care of your financial and nonfinancial accounts.

Start getting rid of your debts as quickly as possible and not going delinquent. And keep your credit utilization within reason. Less than 30% of your overall available credit is best. And start staying away from overdue payments. Then you should have the ability to build up your Equifax score.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Get a Business Credit Report in a Recession: Experian Business Credit Report

Experian, one more big credit reporting firm, also offers a way having their business credit report sent to you for a fee. As a result you can keep an eye on your Experian small business credit score here and the setup is simple.

However, if you prefer to not get continuing reports (and pay for them), then you can order a single Experian report for your firm on their site.

Business Credit Report Score Improvement Tips

Experian provides a handy list of ways to improve your own, specific report.

You can get your company’s real Experian report and can dispute any errors on your company’s Experian report by following the directions on their website.

Now that you know what goes into it, you can see what some of the more important pieces of data Experian looks into are. These include payment history and credit utilization. And they also include the amount of time in business. Or at least they show the amount of time your company has had an Experian listing.

Beyond anything else, improving your payment history will increase your Experian credit scores.

Keep your credit utilization within reason. So this is because less than 30% of your total available credit is best. Clear your debts as quickly as you are able to. And don’t go delinquent. Also, avoid any late payments. Then, you should be able to improve your Experian score over time.

Likewise, if there are any problems or matters of contention, you can question any errors on your business’s Experian report if you follow the directions on their web site.

Find out about assessing your Experian report by assessing a sample Experian company credit report.

Get a Business Credit Report in a Recession: Monitoring Any Business Credit Report For Less

Know what is happening with your credit. Make sure it is being reported and deal with any errors ASAP. Get in the habit of taking a look at credit reports. Dig into the details, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Record

Update the details if there are inaccuracies or the data is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

Get a Business Credit Report in a Recession: Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any problems in your records. Mistakes in your credit report(s) can be fixed. But the CRAs typically want you to dispute in a particular way.

Get your business’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report mistakes generally means you send a paper letter with duplicates of any evidence of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always send copies and keep the original copies.

Fixing credit report errors also means you specifically itemize any charges you dispute. Make your dispute letter as crystal clear as possible. Be specific about the issues with your report. Use certified mail so that you will have proof that you mailed in your dispute.

Dispute your or your small business’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute errors on your or your business’s Experian report by following the instructions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service contact number is here: www.dandb.com/glossary/paydex.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN. Get money even in a recession!

Get a Business Credit Report in a Recession: Takeaways for How to Get a Business Credit Report

At times, it pays to hand over a few dollars to ensure you get a business credit report in a recession consistently. It’s a lot less troublesome than to have to remember to do this.

And you’ll probably look at these reports more thoroughly, as they come at a price tag.

Continue track and make use of the tools that these credit reporting companies provide, and make your life simpler. After all; you’ve already got enough on your plate.

Because of recent data breaches, there are even more reasons to assess your business and personal credit reports and be vigilant about any errors you find. In a recession, you need the highest business credit scores you can get. When you get a business credit report in a recession, you’re doing just that.

The post Get a Business Credit Report in a Recession appeared first on Credit Suite.

Grants for Small Business Startup: Will It Be Enough?

Do you know how to find grants for small business startup? There are a number of grant programs out there for those wanting to start a business. Even those already operating but still in the startup phase can benefit. However, grants for small business startup are highly competitive. Funds are often limited. It’s rare to get enough from a grant to fund an entire startup without needing other options.

There are Grants for Small Business Startup, But You Need More

What are options other than grants that offer free money? I mean, that’s the best thing about a grant. You do not have to pay the money back. Also, bad credit doesn’t matter when it comes to grants. There are not a lot of other options that great. However, there are a few.

Why Use Grants for Small Business Startup

The truth is, grants for small business startup are rarely enough. You are going to need more funding. That said, you definitely should apply for any grants you might qualify to get. Just be careful. Be sure you meet the eligibility requirements before you begin the application process.

The process of applying for grants can be tedious and lengthy. That isn’t always the case, of course, but you don’t want to spend a lot of time on something you have no chance of getting. By being intentional and finding the opportunities you can actually take advantage of, you increase your chances of approval and decrease your chances of wasting time.

Any amount you receive, even if it is a few hundred dollars, can help reduce the amount of debt you have to take on. Also, winning a grant can help your business look more viable to lenders.

So, which grants do you qualify for? It depends. Many grants are designed specifically for a certain type of business or business owner. Some are not. Here are a few possibilities to help get you started, along with some resources to do your own research.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Grants for Small Business Startup: Available for All

There are grants options that can work well for anyone.

FedEx Small Business Grant

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.

NASE Growth Grants

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. They can be utilized for marketing, advertising, expansion, and even to hire employees. These grants are open to everyone. However, you do have to be an NASE member to apply. Membership fees vary based on the membership level chosen.

USDA Value Added Producer Grant

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. They are 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:

Cooperative
Farmer
Rancher
an independent agricultural producer
or an agricultural producer group

Grants for Small Business Startup: Minority Business Owners

Here are some minority grant options to consider. There are certainly others out there. However, they are not always well advertised. This means you need to be sure to do your own research.

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans. They offer assistance in the application process in addition to funds.

Not only that, but there are a wide range of opportunities from the First Nations Development Institute. New ones initiate as old ones retire. There is a mailing list you can join to receive information about new opportunities as they become available.

National Black MBA Association Scale-Up Pitch Challenge

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.

Grants for Women Business Owners

For female business owners, there are several grant opportunities. These are just a few.

Eileen Fisher Women Owned Business Grants

The clothing brand Eileen Fisher awards $100,000 per year to 10 women-owned businesses. To qualify, a woman must have at least 51% ownership, and the business must be in operation for at least three years. Also, it must bring in less than $1 million per year in revenue and have a focus on environmental or social change.

Amber Grant

The Amber Grant awards $500 to $1,000 per month to a woman-owned business. One of the recipients also receives an additional $10,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee.

#GIRLBOSS Foundation Grant

Specifically for woman-owned businesses in fashion, music, and art, the #GIRLBOSS small business grant awards $15,000. They also offer exposure via the Girlboss website and social media platforms. Judges rate those applying on creativity, business savvy, planning, innovation in the field, need, and where they plan to work.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Cartier Women’s Initiative Award

The Cartier Women’s Initiative Award is $100,000 for first place and $30,000 for second place. They award the grant to 18 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information.

All of the finalists get to attend the INSEAD Social Entrepreneurship 6-Day Executive Program (ISEP). They will also have the opportunity to participate in workshops on entrepreneurship and business coaching seminars, as well as be exposed to networking opportunities.

Grants for Small Business Startup: Other Grant Resources

Of course, new grant opportunities open all the time. During the COVID-19 pandemic, many local agencies have stepped up to help small businesses, including offering grant opportunities. Sometimes, more funding becomes available allowing for new grants to open. Here are some resources to help you find more grants for small business startup.

Local Small Business Development Centers
Grant.gov
GrantWatch.com

Other Debt Free Options

Of course, debt free is best, so you are probably wondering if there are other options, besides grants for small business startup, that will help you fund your business debt-free. Yes, there are. However, much like grants, they are a long shot and do not always fund your business completely.

The two main options you have are crowdfunding for startups and angel investors. Crowdfunding basically involves convincing several micro-investors to fund your business a few dollars at the time. If you have a successful crowdfunding campaign it can be very effective. Also, it’s not as easy as it sounds.

Angel investors are not a new idea. If you can find one, you are golden. These are just one or two, or a small group, of investors that invest large sums. They usually do so in return for equity in your business, meaning they want some of the future profits. That means it’s not totally free money, but it is money for your business that you can get without being tied down by debt. Anyone can be an angel investor, even your mom!

An Awesome Non-Grant Option

Now, the truth is, it is virtually impossible to start a business debt-free. Financing in some form is almost always necessary. What you need is the most effective and flexible option for financing with the lowest interest rates.

If you have top notch personal credit, that is probably going to be a traditional business loan. However, many capable business owners do not have the personal credit score necessary. Not only that, but you don’t want your personal credit to bear the brunt of your business debt. You need business credit as well. There is a debt option that you can access with a lower personal credit score than what is required by traditional lenders. Furthermore, it will help you build business credit at the same time.

Credit Line Hybrid

A credit line hybrid is essentially an unsecured line of credit. It allows you to fund your business without putting up collateral, and you only pay back what you use. The funds can be used for many things, including startup costs.

It’s super easy to qualify. You need a personal credit score of at least 680, which is lower than what is required by many banks. Additionally, you can’t have any liens, judgments, bankruptcies or late payments. Also, in the past 6 months you should have less than 4 credit inquiries. You should have less than a 45% balance on all business and personal credit cards as well. It’s also preferred that you have established business credit in addition to personal credit.

Here is the beauty of it. If you do not meet all of the requirements, it’s okay. You can take on a credit partner that meets each of these requirements. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

Benefits to Using a Credit Line Hybrid with Grants for Small Business Startup

There are many benefits to using a credit line hybrid. First, it is unsecured, meaning you do not have to have any collateral to put up. Next, this is no-doc funding. That means you do not have to provide any bank statements or financials.

In addition, typical approval is up to 5x that of the highest credit limit on the personal credit report. Often, you can get interest rates as low as 0% for the first few months. This allows you to put that savings back into your business.

With the approval for multiple credit cards, competition is created. This makes it easier to get interest rates lowered and limits raised every few months. The process is generally quick, especially with a qualified expert to walk you through it. Also, you can build fast business credit because some of the accounts involved report to the business credit reporting agencies.

SBA Loans

While federal grant money is preferred, other types of federal funding are available. This is another option for startup funding when grants for small business startup are not enough. The Small Business Administration offers federally guaranteed loan programs that can help fund a business at any stage. The applications are processed and funds disbursed through traditional lenders. However, the requirements are easier for many businesses to meet. This is because of the government guarantee that they have.

You can find a lender that offers SBA loan programs using the lender match tool. Here are just a few of the programs they offer. Which one may be right for your business will depend on a number of variables.

7(a) Loans

The minimum credit score to qualify for this one is 680, just like the credit line hybrid. There is a down payment requirement of at least 10% if you are using the funds for the purchase of a business, commercial real estate, or equipment. The minimum time in business is 2 years, but if you are a startup, business experience equivalent to two years will fill the requirement.

504 Loans

Funds from 504 loans can buy machinery, facilities, or land. Generally, these are used for expansion. They work especially well for commercial real estate purchases.

They require a minimum credit score of 680 as well, and they are collateralized by the asset being financed. There is also a down payment requirement of 10%, which can increase to 15% for a new business.

There is also a requirement you be in business at least 2 years, or that management has equivalent experience if the business is a startup.

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Microloans

These loans work well for starting a business, purchasing equipment, buying inventory, or for working capital. Community based non-profits administer microloan programs as intermediaries, with financing coming directly from the Small Business Administration.

The minimum credit score is 640, and the collateral and down payment requirements vary by lender.

The thing to remember about all loans and lenders, including those related to the Small Business Administration, is that details such as interest rates, terms, and eligibility requirements can change frequently. Be sure to check with individual lenders for the more up-to-date information.

Grants for Small Business Startup: Are They Worth the Time and Energy?

If you find one for which you meet all the eligibility requirements, yes, absolutely it is worth it. Any amount you get that reduces the amount of debt you need to fund your business is worth it. That said, remember it is unlikely you will get out of having to use financing at all. So, be sure to find the type of financing that will work best for you. The credit line hybrid will work for almost anyone, and has many benefits, including helping to build business credit!

The post Grants for Small Business Startup: Will It Be Enough? appeared first on Credit Suite.

How to Find Funding for Your Business as an Immigrant Entrepreneur

Immigrants face adversity in many areas. As an immigrant entrepreneur, one area may be that you struggle to find funding for your business. However, you do have options. Here’s what you need to know. As an Immigrant Entrepreneur, You Need Funding Options that Work There are some special things to think about when it comes … Continue reading How to Find Funding for Your Business as an Immigrant Entrepreneur

How to Find Funding for Your Business as an Immigrant Entrepreneur

As an Immigrant Entrepreneur, You Need Funding Options that Work

There are some special things to think about when it comes to funding a business as an immigrant entrepreneur. For example, loans may require you have a Social Security number. The good news is, qualifying for permanent residency means you can apply for a Social Security number.

Another issue is the potential for a language barrier. Also, a lack of business credit or time in business can be a huge barrier to getting the business funding you need. This is because it affects fundability.

Immigrant Entrepreneur: Fundability

Fundability is the ability of your business to get funding. It is the same whether you are from this country originally or not. Still, building fundability could be a little more difficult for non-citizens.

The foundation of fundability is in how your business is set up. This is a first step you can take that should not be affected too much by immigrant status. Your business has to be set up to be a fundable entity separate from you, the owner. Here’s how you start.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Contact Information

The first step is to get your business its own contact information. This should include phone number, address, and email address. That doesn’t mean you have to get a separate phone line. You don’t even need a separate location. You can run your business from wherever you want.

In fact, you can get a business phone number and fax number that will work over the internet instead of phone lines. In addition, you can use a virtual office for a business address.

EIN

You also need an EIN for your business. This is an identifying number for your business that works like a Social Security Number works for individuals. The process for getting an EIN is a little different for immigrant entrepreneurs. Specifically those without a Social Security Number or an Individual Taxpayer Identification Number. You cannot apply online. Instead, you have to fill out IRS Form SS-4. You can do so by phone, fax, or mail. This step is essential. Furthermore, the entire process can take some time. Do it sooner rather than later.

Incorporate

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.

Business Bank Account

You need a dedicated business bank account. There are a few reasons for this. When you apply for funding as an immigrant entrepreneur, this will make your business look more like one that is standing on its own. It separates your business from you, the owner.

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.

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run. If it doesn’t, warning bells are going to start ringing. Do the research 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.

Website

These days, you do not exist if you do not have a website. However, if it appears to be unprofessional it will not bode well for you with consumers or potential lenders. Take the time and money necessary to have your website professionally designed and ensure it works well. Your business email should have the same URL as your business website.

Of course, much more goes into fundability. This is just the beginning. However, setting your business up to be fundable on the front end will give it the best possible start. It will make finding business funding a smoother process in the long-term.

Credit History

For loans, consistent, positive personal credit history is important. If you do not have that, you will likely need a cosigner.

However, business credit building is not dependent on citizenship or residency. Starter vendors that you can use to start the process aren’t looking for Social Security numbers. This means, you can get your business credit profile started as an immigrant entrepreneur without a ton of hassle. That is, if you set up your business in the way described above.

How Do You Build a Business Credit History as an Immigrant Entrepreneur?

The first step is to get a D-U-N-S number. Then, you have to get accounts that will report to the business credit reporting agencies. These are the same steps that apply to all entrepreneurs, not just immigrants.

D-U-N-S Number

The D-U-N-S number is what D&B uses to get your company into their system. A D-U-N-S number plus payment experiences leads to a PAYDEX score. Of course, any employees of an American business must have authorization to work there. That means either citizenship or having an immigration status allowing a person to work.

Starter Vendors

These are companies that will extend net terms on invoices without a credit check. They typically have other eligibility requirements to help reduce risk on their end. These may include a number of things. For example:

A minimum average balance in a dedicated business bank account
A minimum amount of time in business
Minimum annual revenue

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Many require some combination of these and others.

These types of vendors will issue invoices with net 30, net 60, or net 90 terms. That just means you have either 30, 60, or 90 days to pay the balance. Once you do, these starter vendors will report your payment to the business credit reporting agencies. That includes Dun & Bradstreet, Experian, and Equifax. Most accounts either report to one or two of these agencies. The more of these types of accounts you can get reporting, the faster your business credit will grow. Then, you will be able to apply for more traditional business accounts. Store cards, fleet cards, and just regular business credit cards will all become options open to your business.

Immigrant Entrepreneur: Find the Funds

Once your business is set up to be fundable, and you have your D-U-N-S number, you can start to get funding. There are a few options. The ones that will work best in the beginning, before you have established business credit, are the ones that do not require a credit check. These include venture capital, angel investors, and crowdfunding.

Venture Capital and Angel Investments

If you do not mind giving up some of the equity in your businesses, venture capital could be an option. Venture capitalists are usually looking for exceptional companies. If your business is truly innovative you can try to get funds from Unshackled Ventures or One Way Ventures.

Angel investing can be formal, using and organizations set up specifically for that purpose. Alternatively, it can be informal funding from family and friends. Gust.com can be a great place to look for this type of financing as an immigrant entrepreneur.

Crowdfunding

Crowdfunding can be another good way to get funding. Remember, it’s not a guarantee however. Kickstarter allows permanent residents of several countries to run campaigns on its platform. They tend to be countries in North America, Europe, and Oceania. In Asia, currently the only eligible countries are Japan, Hong Kong, and Singapore.

Indiegogo is another option. The list of eligible countries is similar, but they also have an option for China. If your business is creative, consider Patreon. It’s unclear where they stand on citizenship, so you’ll have to directly contact someone there to get the word on your eligibility.

There are two different types of crowdfunding, equity crowdfunding and rewards-based crowdfunding. For equity crowdfunding, you will be offering equity in your business in return for funds. With rewards -based crowdfunding, you offer some other type of incentive. It could be anything from a sample product to a thank you card.

Immigrant Entrepreneur: Alternative Financing

Of course, there is no guarantee you will be able to meet all of your financial needs through crowdfunding, venture capital, angel investors, or any combination of those options. It is highly likely you will need something else. Traditional loans may be hard early on, especially if your credit isn’t great. Yet, there are other options.

Credit Line Hybrid

A credit line hybrid allows you to fund your business without putting up collateral, and you only pay back what you use.

You do need decent personal credit. However, it doesn’t have to be as high as a traditional lender would require. It should be at least 680. You can’t have any liens, judgments, bankruptcies or late payments either. Furthermore, in the past 6 months you should have less than 4 credit inquiries. You should have less than a 45% balance on all business and personal credit cards. It’s best if you have established business credit and personal credit.

If you do not meet the other requirements, it’s okay. You can take on a credit partner that does. Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

Benefits of a Credit Line Hybrid

Using a credit line hybrid has a lot of benefits. First, it is unsecured, meaning you do not have to have any collateral to put up. Next, the funding is “no-doc.” That means you don’t have to provide any bank statements or financials.

Not only that, but approval is typically up to 5x that of the highest credit limit on the personal credit report. Often, you can get interest rates as low as 0% for the first few months, allowing you to put the savings back into your business.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

The best part is you can use this type of financing to help build your business credit.

Alternative Lenders

There are some alternative lenders that work better for immigrant entrepreneurs than others. For example, Lending Club offers business loans and does not appear to check citizenship or status. There is also Stilt. They only offer personal loans. But, they specialize in immigrant borrowers and borrowers holding visas. Personal loans aren’t the best way to fund a business, but if you need to bridge a gap left from other funding types, it could work.

Minimal eligibility criteria for a Stilt loan is you must have a physical presence in the United States. You also have to have an American bank account in your name, with an American address. If you have already set your business up to be fundable, these things are taken care of. You do not have to have a Social Security number to qualify.

Immigrant Entrepreneurs: Grants

There are grants available to immigrant entrepreneurs. One great source to help find them is Grant Watch. It has a search section devoted strictly to immigrants.

Other good sources to try are the Office of Refugee Resettlement and the Wilson-Fish program.

The Wilson-Fish alternative model is currently only available in 12 states and one single county. They include:

Alabama
Alaska
Colorado
Idaho
Kentucky
Louisiana
Massachusetts
Nevada
North Dakota
South Dakota
Tennessee
Vermont
and San Diego County, CA

These programs concentrate on early employment and immigrant self-sufficiency.

Immigrants who are members of a minority have more options. This includes women and Latinx entrepreneurs. They can qualify for grants and loans from the Minority Business Development Agency. Grants.gov is also a good source.

There is Funding Available for Immigrant Entrepreneurs

As an immigrant entrepreneur, you have options. While there are definitely challenges that are unique to you when looking for business funding, there is hope. Anyone can build fundability and business credit, and once you have that, funding is a breeze. Until then, these options can help you get started.

The post How to Find Funding for Your Business as an Immigrant Entrepreneur appeared first on Credit Suite.

How to Use Crowdfunding to Start a Business in a Recession – Amazing!

The Fantastic Way to Use Crowdfunding to Start a Business in a Recession and Get the Financing You Need – Even if the Economy Tanks

Crowdfunding has become all the rage and it’s not surprising. It’s (generally) free money which you do not have to repay. And you can get these funds without needing to give up any ownership or control over your small business. Additionally it can help you to determine the popularity of an idea or a prototype or invention. Because there is no sense in continuing if there is no interest in your design. Still, a lot of entrepreneurs can use crowdfunding to start a business in a recession.

You will need to make a lot of choices before you even launch a startup crowdfunding campaign. And this goes double in an economic downturn.

Use Crowdfunding to Start a Business in a Recession: How Much?

Your very first decision should be: just how much do I need to crowdfund? If you need $1 million, you are going to need to crowdfund more than that. Why? Because that is how crowdfunding platforms make their money– they take a percentage of any money you can raise. Thus, you will need to take that into consideration. Crowdfunding percent charges vary from 4% to 10%.

Use Crowdfunding to Start a Business in a Recession

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Use Crowdfunding to Start a Business in a Recession: Will I Succeed?

Another decision has to do with how successful you think your campaign will be. If you are extremely confident that you will be 100% funded at the end of your campaign, then traditional funding is for you. If you are not sure, then try GoFundMe’s flexible funding.

With flexible funding, you, the campaign runner, can keep your donations even if your campaign falls short. However, for this benefit, you will have to pay a higher fee to GoFundMe. Other crowdfunding platforms like Kickstarter don’t offer this option.

Use Crowdfunding to Start a Business in a Recession: What Should I Offer for Perks?

Yes, you will have to offer perks to your donors. Perks can take many forms– buttons, tees, book marks – every one of those are possible tangible perks. Consider a perk format which can sync with your business. If you sell homemade jam, then perhaps create a unique flavor just for the campaign, and offer bigger and bigger-sized jars depending on donation amount.

If you are a horseback riding stable, offer a complimentary lesson or a postcard with a favorite horse’s image on it, or something like that. Does your startup flip houses? Then consider offering a coupon to a neighborhood home supply company (work with them beforehand, of course) or the like.

Pro Tip on Perks

Physical perks are a pain! A lot of people love them, and they will stand out. However, you also have to ship physical perks. International shipping is extremely expensive, even for small items. So if you offer physical perks, specify whether you will allow international donor addresses.

Even if everything has to be shipped in the US, you are still left with working with a data base of names and addresses (a few of which might have misprints or be incomplete) and usually a range of available perks. Did Jane want the stuffed teddy bear or the book mark? Did Alan want the pennant or the tee shirt? Do Jane and Alan live at the same address so perhaps you could mail their perks out together? What if a perk is lost or broken in the mail? And what if it injures someone?

Because of this, if you can do it, try for digital perks. For a house flipping startup, you might record video footage about home design or repair. For a pastry shop, you could offer downloads of recipes. And for a health club, maybe offer digital coupons for a free month of membership.

Use Crowdfunding to Start a Business in a Recession

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Use Crowdfunding to Start a Business in a Recession: Your Campaign

Your campaign’s success is far from assured. However, you can capitalize on a few proven approaches. First off consider these four feelings that you need to engender in donors. Use one or more of them as the focal point of your campaign as a starting point.

Urgency

The first two and last two days of a crowdfunding campaign are pretty much always the days with the biggest payoffs. Often, lengthening the campaign doesn’t make you significantly more money. So why not open a campaign for only a week? Don’t let donors feel they can contribute any old time they feel like it.

Scarcity

If you have thousands of something or other to supply as a perk, it will not be as desirable. If you only have a few copies of a specific perk, that will instill a feeling in some potential donors that they just have to have it. Do this with your larger donation levels only. Therefore, you might want to establish a perk/donation level system similar to this:

Donation Level	Number of Perks
Lowest	1,000
Second lowest	500 (reward also incorporates lowest level reward)
Second highest	50 (reward also includes two lower level rewards)
Highest	10 (reward also incorporates all other levels’ rewards)

Remember: a lot of variety in physical perks will make fulfillment a lot harder, so don’t work with greater than maybe five separate varieties of physical perks– and even that is pushing it.

Novelty

If you are offering the identical thing as a thousand other places, no one will want to make a donation. Your widget needs to be lighter, hotter, cheaper, or more resilient. Your food should be reduced in calories or higher in nutrition or better-tasting. Or your professional services need to be delivered better or quicker, by friendlier and more skilled employees. And it should come with a money back guarantee your competition does not provide.

Cool factor

Is your product a work of art? Is it a new, gadget-like innovation? Then it may have a coolness aspect which you can construct your campaign around. But don’t be discouraged if it isn’t! These days, some of the most unforgettable advertising campaigns are based around a product the majority of people found uninspiring not ten years ago– insurance.

Use Crowdfunding to Start a Business in a Recession: Crowdfunding Strategy

A few words on strategy:

Your Pitch Video Will Need to be Great

Use an expert to film it and develop the script. Are you unable to pay for experts? Then try schools, both pupils and educators. Your script doesn’t need to be verbatim but you should have points you wish to make and not babble. Write a script and stay with it. This is not the right time to ad-lib.

If You Have Tangible Evidence of Your Project, then Make Sure to Present it

Put it in your campaign video and on your campaign page. This means a picture of your health spa’s sign or a short video clip of your prototype robot. A number of people are naturally doubtful about crowdfunding. An image and a tangible thing will go a long way to assuring them that your project isn’t vaporware.

Manners Matter

Say please, thank you, and you’re welcome to everyone. Use these magic words in your pitch and in your communications with your donors, even in the cover letters you deliver with your perks (even internet perks can include a cover email message). You do not have to be servile, but you absolutely must be diplomatic.

In particular, be courteous when you want to use crowdfunding to start a business in a recession. After all, you have no idea what people may be going through.

Don’t be Greedy!

If you need $250,000 for your campaign, but you call for $1,000,000, that will not do anyone any good. You’ll just look like you want to leech off other peoples’ generosity. Instead, explain your expenses as plainly and transparently as possible.

And incidentally, if you misuse your funding, you may end up in an unpleasant meeting with your state’s attorney general. So be truthful!

Use Crowdfunding to Start a Business in a Recession

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Your Stretch Goals Should be a Combination of Readily Achievable and Pie in the Sky

If you are crowdfunding for $100,000, a reasonably easy to attain stretch goal is $125,000. Pie in the sky going to be more like $300,000.

Make it abundantly clear what you will do with any added money if you are fortunate enough to get it. Will you buy the property your startup is in? Employ five more people? Replace your old equipment? Launch a brand-new market on another continent? Let your donors know what you are pursuing, so they can dream with you.

Be Gracious if Your Campaign Fails

Even if you use GoFundMe’s flexible funding option, you still may not receive enough to make an appreciable dent in your funding requirements. If you wanted $100,000 and you just got $500, your best option is to simply give back the money.

If you nearly made it with $95,000, then thank everybody who donated. And see what you can possibly do, although there’s a deficiency. And let them know what you are doing! Maybe you’ll purchase your building next year, or hire four people rather than five.

Once more; give your donors a stake in and an inside look at your startup. This will enable them to feel invested. And they may just opt to make up the deficiency themselves. Even if your crowdfunding campaign concludes does not mean a donor cannot send a check or buy extra goods or services. If that comes about, then politeness is essential.

Start a Business in a Recession with Crowdfunding Credit Suite

Use Crowdfunding to Start a Business in a Recession

Line up the Most Significant and Most Dependable Donors You Can Before You Start

Tell your mother or your brother in law or your former high school soccer coach to postpone on handing over their $1,000 or $10,000 donation till you start your campaign.

And ask them (nicely!) to release their donation at a very precise time. Which time? The initial or final day of the campaign (split the funds as well as you can. If the split isn’t around half and half, then request the larger chunk of donations to come on the very last day of the campaign.

Make the most of the novelty factor of the first day of the campaign, or the urgency factor of the very last. Just like a busker with a couple of her own bucks in her hat, to motivate people to toss in a few bucks for a song, you want your biggest donors to demonstrate to other donors that they believe in you and in your project. And you also want them to suggest your other donors that they had best get in on investing in your startup before the opportunity ends.

Share Your Campaign on Social Media

And ask your family and friends to do so, too. Tweet the link. Incorporate it as a Facebook status. Make it a Tumblr post or a snap on Snapchat or create a blog post about it. Ask your network to publicize the link.

The most effective technique to get your network to help you out is by assisting them in return. If your relative’s rock band is on Facebook, share their page, or tweet about it.

Be a collaborative member of your own personal network. And then your contacts will be more likely to help you out when you ask.

And rerun these social media postings. Considering time zones and our all-too hectic lives, people may not see your message the first time around. Mix it up and deliver it at odd hours (you can oftentimes use scheduling software such as HootSuite for this), including what is the middle of the night where you live.

Use Crowdfunding to Start a Business in a Recession: Pay it Forward

Finally, if your small business crowdfunding campaign succeeds, think about donating a few dollars to others’ campaigns. Because your business goodwill and a good reputation are priceless. And you never know when the economic pendulum will swing the other way.

The post How to Use Crowdfunding to Start a Business in a Recession – Amazing! appeared first on Credit Suite.

Get Your Dun and Bradstreet Rating and More with D&B’s 5 Main Business Credit Scores

Do you want to know all about the Dun and Bradstreet Rating and all of their scores and reports? D&B is the oldest and largest credit reporting agency. But you will need a D-U-N-S number to start building business credit. What if you don’t have a D-U-N-S number? Then get one; they are free. Go to: dnb.com/duns-number/get-a-duns.html. So this number gets a business into their system.

What are D&B Reports All About?

To consider the scores, you need to look at D&B Reports. D&B offers database-generated reports. The business services giant produces such a report in order to help their clients decide whether a business is a good credit risk. Companies use the reports to make informed business credit decisions and avoid bad debt. So several factors enter into creating such a report.

In general when D&B does not have all of the data they need, they will indicate as much in their reports. But missing data does not necessarily mean a company is a poor credit risk. Instead, the risk is unknown.

This is true for the Dun and Bradstreet Rating and for any other D&B business credit score.

The main reason for a client using this kind of a report is to engage in credit risk monitoring of merchants, suppliers, and business partners. This helps companies make informed business credit determinations and steer clear of bad debt.

Dun & Bradstreet takes many factors into account in producing such a report. These include a predictor of payment delinquency; how financially stressed a company is compared to comparable businesses; an evaluation of supplier risk; credit limit recommendation; D&B rating; and PAYDEX score. So let’s consider all of these factors in turn.

Is D&B Data at All Accurate?

D&B Data is only as good as how complete it is. D&B constantly gathers data. So it works to improve its analyses to assure the greatest degree of accuracy possible. To ensure as accurate a report as possible, give D&B your company’s current financial statements.

What are Dun & Bradstreet Scores All About?

Now let’s look at Dun & Bradstreet Scores. D&B has five main scores. PAYDEX is maybe the best-known. The other four are the D&B Rating; Delinquency Predictor; Financial Stress Score; and the Supplier Evaluation Risk Rating. For a sample Business Information Report, go to products.dandb.com/download/2019_BIR-Snapshot-Report.pdf.

So the main score is PAYDEX. However, a business will not get a PAYDEX score, unless it has at least 3 trade lines reporting, and a D-U-N-S number. A business must have BOTH to get a D&B score or report.

What is the PAYDEX Score?

Let’s focus on the PAYDEX Score. This is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid the bills over the past year. D&B bases this score on trade experiences reported by various vendors. The Score ranges from 1 to 100; higher scores mean a better payment performance. PAYDEX scores reflect how well a company pays its bills. Larger bills get more weight in the calculation.

What is the Dun and Bradstreet Rating?

Now let’s check out the Dun and Bradstreet Rating. Dun & Bradstreet bases the Dun and Bradstreet Rating on a company’s net worth based on financial statements, as well as the company’s overall condition.

So a Dun and Bradstreet Rating is meant to help businesses rapidly gauge a business’s size and composite credit appraisal. The Dun and Bradstreet Rating is based on information in a company’s interim or fiscal balance sheet, and also an overall evaluation of the firm’s creditworthiness.

If a company’s financial statements are not provided, the score is based on company size, industry, or other related factors. If a company does not provide info, D&B will base certain scores on other related information in their file.

A company will get a lower Dun and Bradstreet Rating if they do not provide any information. It is in every company’s best interests to provide as much info to Dun and Bradstreet as possible.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What is the D&B Delinquency Predictor?

So let’s consider the Delinquency Predictor. The Delinquency Predictor runs from 1 to 100. Higher scores are better. Dun & Bradstreet uses predictive models to determine how likely a company is to be late with its payments. Predictive scoring is a method of using historical information in order to try to predict future outcomes. It entails identifying the risks inherent in a future decision. It does this by examining the relationship between historical information and the future event.

That being said, note that predictive scoring only represents a statistical probability. So it is not a guarantee. The scoring system ranks and orders accounts based on the probability of late payments. However, a new company has no historical information, by definition.

The Delinquency Predictor looks at the proportion of slow payments in recent months; Proportion of past due balances to total amount owing; the higher risk industry based on delinquency rates for this industry; any increase in proportion of delinquent payments in recent payment experiences; and any evidence of open suits.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What is the Dun & Bradstreet Financial Stress Percentile?

Now let’s tackle the Financial Stress Percentile. The percentile runs from 1 to 100. 1 percentile is most likely to fail. The 100 percentile is least likely to fail. It is a comparison to other businesses.

The Financial Stress Percentile compares the company in question to other businesses in the same location, business sector, number of employees, or number of years in the business. Financial Stress Score Norms show an average score and percentile for all firms with similar demographic characteristics. These Norms can be used in order to benchmark where this particular business stands in relation to the norm for its peer group.

It is based on a much higher raw score, the Financial Stress Score. The Financial Stress Score runs from 1,001 to 1,875. A score of 1,001 represents the highest probability of business failure. So a figure of 1 shows the lowest probability of business failure.

How Does the Financial Stress Score Relate to the Financial Stress Percentile?

The Financial Stress Score is based on a low proportion of satisfactory payment experiences to total payment experiences, a high proportion of past due balances to total amount owing, any UCC Filings reported, and a high number of enquiries to D&B over last 12 months. So this score compares a company to similar businesses in the D&B database.

Dun & Bradstreet produces Financial Stress Scores to forecast the chance of business failure over the upcoming twelve months.

D&B defines business failure in several ways. One is as a business which gets legal relief from its creditors. Another is a firm which discontinues its business operations without paying off all of its creditors in full. Yet another is a business which voluntarily withdraws from its business operations thereby leaving unpaid obligations

Another way is a company which enters into receivership or reorganization. Or it can be a company which makes some kind of arrangement for the benefit of its creditors. And all of this is based on the information found inside D&B’s commercial database.

If your company has a lot of lawsuits and liens against it, those will negatively impact your financial stress score.

What is the Dun and Bradstreet Supplier Evaluation Risk Rating?

How about the Supplier Evaluation Risk (SER) Rating? So this is a scale of 1 to 9. 1 means a company is least likely to fail to pay its own suppliers. Whereas 9 is the opposite, showing highest likelihood.

The Supplier Evaluation Risk Rating forecasts how probable it is that a company will get legal relief from its creditors. Or it can show the chance a business will discontinue its operations without paying creditors in full over next twelve months. The SER rating comes from D&B’s Financial Stress Score. So the Financial Stress Score percentile serves as the basis for the SER Rating.

Factors affecting a Supplier Evaluation Risk Rating are a negative net worth, and the proportion of slow payment experiences to total number of payment experiences reported. So the factors also include if a business belongs to an industry with above average risk of ceasing operations or becoming inactive.

So it is not exactly the same as the Dun and Bradstreet Rating.

What is the D&B Maximum Credit Recommendation?

Consider the Maximum Credit Recommendation. So it includes recommended dollar guidelines. D&B performs an overall assessment of a business for the next 12 months. They also check the predicted risk of business discontinuation. Further, they look at the predicted risk of severely delinquent payments.

D&B bases its dollar guideline amounts on a historical analysis of overall business risk. A recommended limit is based on the probability of severe delinquency. But this recommendation is no guarantee that a business can cover the recommended amount.

More Information about D&B Business Information Reports

What else is in D&B Business Information Reports? In addition to the above scores, a D&B Business Information Report contains trade payments (summary and by industry). So it also has trade line specifics with dollar amounts and terms, and legal events. It also has company events (mainly concerning ownership and management). So it also has a company family tree showing ownership specifics.

A Business Information Report also contains a Risk Assessment summary. So this summary shows the Maximum credit recommendation; PAYDEX; Delinquency Predictor percentile; Financial Stress percentile; and the Supplier Evaluation risk.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Dun and Bradstreet Rating: Takeaways

Dun & Bradstreet collects objective data points on businesses and creates Business Information Reports from them. These reports outline five basic scores. So some of these are predictive scores. The more information D&B has, the more comprehensive the report is.

Finally, a Dun and Bradstreet Rating is only as good the information in its report.

Dun & Bradstreet’s database includes over millions of firms spanning the globe. So this includes millions of active companies and millions more companies which are out of business but kept for historical reasons.

D&B constantly gathers data and works to improve its analyses to ensure the greatest degree of accuracy possible. To ensure as accurate a report as possible, it quite literally pays to provide D & B with your business’s current financial statements. In that way, you will have a far more accurate Dun and Bradstreet Rating sand D & B report.

Because an accurate D&B report means you are far more likely to get business funding.

The post Get Your Dun and Bradstreet Rating and More with D&B’s 5 Main Business Credit Scores appeared first on Credit Suite.

Just what is Business Credit?

The post Just what is Business Credit? appeared first on ROI Credit Builders.

Just what is Business Credit?

The post Just what is Business Credit? appeared first on ROI Credit Builders.

Get Gas Cards for Small Business During the US Recession

The Very Best Gas Cards for Small Business During the US Recession

As the COVID-19 situation worsened, we took a look at a number of gas cards for small business and did the research for you. US recession or no US recession, you’ve got to fill your tank! So, here are our preferences.

Per the SBA, business credit card limits are a whopping 10 – 100 times that of personal credit cards! This demonstrates you can get a lot more money with small business credit.

Small business credit is independent of the economy. Coronavirus or not, these credit cards are out there – but be aware that, as the situation drags on, some of the requirements could change. Always be sure to check the links directly to be sure to get 100% up to date information straight from the source.

And you will not need collateral, cash flow, or financials in order to get business credit.

The Benefits of Gas Cards for Small Business

Benefits can vary. So, make sure to select the benefit you like from this choice of options.

Build Business Credit During the US Recession with Excellent Gas Cards Via Our Business Credit Builder

Our Business Credit Builder is full of amazing business credit cards and that includes gas cards!

76

So, check out this card from 76. It reports to Dun & Bradstreet, Experian, and Equifax.

To Qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address- matching everywhere.
D-U-N-S number
Licenses for your business (if applicable)
And a Company Bank account
If you’re not approved based on business credit history or been in business a 1 year, then a $500 deposit is needed or a Personal Guarantee (PG)

To Apply: Online or over the phone

Terms: Net 22

Get it here: 76fleet.com

Marathon

Check out this great card from Marathon. It reports to Dun & Bradstreet, Experian, and Equifax.

To Qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address- matching everywhere.
D-U-N-S number
Licenses for your business (if applicable)
Company Bank account
You can give a $500 deposit instead of using a personal guarantee if in business less than a year.

To Apply: Online

Terms: Net 22

Get it here: marathonbrand.com

Wex Fleet Card

And check out the Wex Fleet Card. It reports to Dun & Bradstreet, Experian, and Equifax.

To Qualify:

Entity in good standing with Secretary of State
EIN number with IRS
Business address- matching everywhere.
D-U-N-S number
Licenses for your business (if applicable)
Business Bank account
Business Phone Number Listed in 411
If you’re not approved based on business credit history or been in business a 1 year, then a $500 deposit is needed or a Personal Guarantee (PG)

To Apply: Online or over the phone

Get it here: onlineservices.secure.force.com/creditapplication/WexBOCA?pgm=WEXFleetUniversal&cc=BCOMPARE&lc=bcompare

Terms: Net 22 but can be extended to Net 30

Terrific Cards for Cash Back (A Supplement to Gas Cards in the US Recession)

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. After that, this card costs $95 per year. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first three months from account opening. Get unlimited 2% cash back. Redeem any time without minimums.

You will need good to superb credit to qualify.

Find it here: capitalone.com/small-business/credit-cards/spark-cash

Check out our Hybrid Credit Line funding. It’s a great complement to the best gas cards for small business during the US recession – and more!

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Check out the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for one year. After that the regular APR is a variable 14.49 – 22.49%.

Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.

You can download transactions| easily to Quicken, QuickBooks, and Excel. Keep in mind: you will need great to superb credit to get approval for this card.

discover.com/credit-cards/business

Bonus Categories

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash℠ Credit Card. It has no annual fee. There is a 0% introductory APR for the first 12 months. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the initial three months from account opening.

You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on web, cable and phone services each account anniversary year.

Get 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. There is no limit to the amount you can get.

You will need superb credit scores to qualify for this card.

Find it here: creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Have a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no yearly fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gasoline stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the first $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

You will need superb credit scores to qualify.

Find it here: promo.bankofamerica.com/smallbusinesscards2

We also found cards which give bonuses for auto rental, because you might not be driving your own car when on business.

Company Credit Cards for Travel Points (Another Addition to Gas Cards in the US Recession)

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

Have a look at the Capital One® Spark® Miles for Business. It has an introductory yearly fee of $0 for the first year, which then rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.

This card is excellent for travel if your expenses don’t fall into typical bonus categories. You can get unlimited double miles on all purchases, with no limits. Get 5x miles on rental cars and hotels if you book via Capital One Travel.

Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee. You will need a good to exceptional FICO score to qualify.

Find it here: capitalone.com/small-business/credit-cards/spark-miles

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

For an excellent sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.

Pay a yearly fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial three months after account opening. This works out to $1,250 towards travel rewards if you redeem with Chase Ultimate Rewards.

You can get 25% more in travel redemption when you redeem for travel using Chase Ultimate Rewards. You will need a good to superb FICO score to qualify.

Find it here: creditcards.chase.com/business-credit-cards/ink/business-preferred

No Yearly Fee

Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, take a look at this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the initial nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is no matter how much you spend.

Likewise earn 3 points per every dollar spent when you schedule your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.

You will need excellent credit scores to get this one (as in, 700s or better).

Find it here: bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

Have a look at the Marriott Bonvoy Business™ Card from American Express. It has an annual fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need great to superb credit scores to get this card.

Points

You can earn 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial three months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at US restaurants and filling stations. And you can get 4x the points on wireless telephone services bought directly from American service providers and on American purchases for shipping.

Get double points on all other eligible purchases.

Rewards

Also, you get a free night every year after your card anniversary. And you can get one more free night after you spend $60,000 on your card in a calendar year.

You get complimentary Marriott Bonvoy Silver Elite status with your Card. Plus, spend $35,000 on eligible purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the following calendar year.

Plus, each calendar year you can get credit for 15 nights towards the next level of Marriott Bonvoy Elite status.

Find it here: creditcard.americanexpress.com/d/bonvoy-business

Check out our Hybrid Credit Line funding. It’s a great complement to the best gas cards for small business during the US recession – and more!

Dependable Credit Cards for Fair to Poor Credit, Not Calling for a Personal Guarantee (get Rideshare Points – to Supplement Your Gas Cards)

Brex Card for Startups

Look into the Brex Card for Startups. It has no yearly fee.

You will not need to supply your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

However, they do not accept every industry.

Likewise, there are some industries they will not work with, and others where they want added paperwork. For a list, go here: brex.com/legal/prohibited_activities.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

So you can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have poor credit (even a 300 FICO) to qualify.

Find it here: brex.com/lp/startups-higher-limits

Check out our Hybrid Credit Line funding. It’s a great complement to the best gas cards for small business during the US recession – and more!

The Best Gas Cards for Small Business for You During the US Recession and Beyond

So your outright best gas cards for small business will always hinge on your credit history and scores.

Only you can pick which features you want and need. So make sure to do your homework. What is outstanding for you could be catastrophic for another person.

And, as always, make certain to establish business credit in the recommended order for the best, quickest benefits. The US recession won’t last forever. And with these credit cards and a good payment history, you can emerge from the US recession even better off than you were before.

The post Get Gas Cards for Small Business During the US Recession appeared first on Credit Suite.