Provided help when needed and became a great solution. His company was able to continue to succeed. We are glad he didn’t miss this opportunity. Congratulations on your success! Click Here to see how much funding you can get for your business. The post Recently funded… $16,000.00 in Nevada with Unsecured business cards! appeared first … Continue reading Recently funded… $16,000.00 in Nevada with Unsecured business cards!
Tag: Business
Crush Your Overwhelming Business Workload and More –10 Brilliant Business Tips of the Week
The Hottest and Most Brilliant Business Tips for YOU – Smash an Overwhelming Business Workload and More
Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! Your overwhelming business workload doesn’t stand a chance.
Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.
And these brilliant business tips are all here for free! So settle in and scoop up these tantalizing goodies before your competition does!
We’re back after a few weeks out and ready to dig into some amazing business tips… Ready?
#10. Ladies – Make the Halo Connection
Our first jaw-dropping tip is all about how women can find angel investors. Succeed as Your Own Boss says there are a lot of options for female founders/entrepreneurs. You just need to know where to look.
We were particularly interested in this one because we’ve looked into whether women entrepreneurs can change a sexist system, when 98% of VC funding goes to men.
Hit the Gas With an Accelerator
We were impressed at the depth of information available in this article, when it came to startup accelerators. Do they work? They can – and the article lays out exactly how to find a good one.
So we highly recommend reading the entire article.
More ideas included crowdfunding and finding grants. These kind of are angel investors and kind of aren’t. So essentially this bypasses the issue, replacing it with a different method. Certainly, this is a method that can work.
One tip at the end was a tad off-topic, we felt, but still helpful. That is, to certify as a female-owned business for corporate and government contracts. With limited competition, the idea is you could simply earn the funding you’d want from angel investors. It’s certainly worth a shot, if your company could get these kinds of contracts.
#9. Social Media + Google = How to Rank Better Through Social
The next awesome tip is about how social media can help your content rank better on Google. The Self-Employed notes there are great ways that social can help. Note: we found the best copy of the infographic here.
One quick caveat – this infographic needs to be updated! It still refers to Google+, which is no more. But apart from that, the information is sound.
Your best (or at least better) positioning on SERP (the search engine results page) can, in part, depend on your network. And what better way to develop a network than on social? Americans are more loyal to brands they follow on social media.
So if you’ve been hesitating before jumping into Twitter and Facebook (at minimum), now’s the time to leap.
If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Even your overwhelming business workload doesn’t stand a chance.
#8. Satisfy Your Link-Building Ambitions
Our following life-changing tip concerns how to build links. Under 30 CEO lays it all out for us. This strategy is still alive and well in 2019!
So, how do you do it?
Start with pulling down the low-hanging fruit. As in, is your business on major directories? That’s places like Google My Business or Yahoo. You want to be found, eh?
So, by the way, if your business fits well with Yelp, then you had better be there. Because they may very well already have a listing for you. And if you haven’t been contributing to it, then you have no guarantees that anything on the listing is at all favorable to your business.
And our fave – create great content! Hey, we kinda like doing that. Quality over quantity counts.
What a concept.
#7. We’re Working So Hard, Even Our Intelligence is Competitive
For our next sensational tip, we looked at some great competitive intelligence tools. SEM Rush says that one of the keys to success is to understand how your competition is doing. This makes a great deal of sense.
Let them make the mistakes, and suffer the consequences. You’ll be too busy reaping the rewards of their successes.
At least, that’s the theory.
Specific Intelligence
There are a ton of ways to measure how a company is doing. This long, comprehensive list was a lot easier to tackle because it was split up intelligently.
It’s more than the general competitive landscape or market trends or following any news stories about the competition. Although those are also on the list.
Did you know you can check how shoppers are doing on a competitor’s website, to see where in the sales funnel they are? Or you can check out how a website was put together, and know when it was changed? You can look up digital, video, or email marketing strategies.
And you can follow price changes, too. Or look up how a competitor’s apps are doing.
The most interesting (er, invasive) bit of information involved how much a company is paying for cloud infrastructure. Pretty wild.
#6. E-Commerce UX Best Practices to Kick Your Sales into High Gear
This tip is so smart, and it works! Opt In Monster tells us that user experience can really make or break online sales.
How many times have you gone to a website to do something or other and been stymied by lousy web design? Slow websites, confusing layouts, and parts which don’t work are all reasons why customers get frustrated. Frustrated customers abandon their shopping carts.
These are things you can fix!
So what are you waiting for?
#5. Tackle Your Overwhelming Business Workload the Smart Way
Grab this mind-blowing tip while it’s hot!
If you’ve got an overwhelming business workload, then this one’s for you.
Startup Professionals (quoting the fantastic Martin Zwilling) says organization is your best friend.
The truth is, these are fabulous tips for any sort of overwhelming to-do list. That can be your chores, or even planning a wedding.
Kill the Phantoms in Your Overwhelming Business Workload
We really loved this tip. The idea is, essentially, do you have stuff sitting on your to-do list (or in a to-do pile) which you’re just plain avoiding? We all know about those.
It’s the client you can’t stand – but they pay on time and give you a lot of business, so you’re stuck. Or it may be the project which you’re not 100% certain needs to happen. So you’re pushing back. Yeah, that’s kinda passive-aggressive.
It all boils down to one thing. You’re probably never going to do these things unless things change rather dramatically. They are contributing to an overwhelming business workload, potentially forever. Ugh.
Or Maybe You Can Rehab the Phantoms
For the client you don’t like, can you delegate some of the responsibility to someone else? Of course you can’t do this every single time (at least, you probably can’t). But you may be able to hand over some of the more basic work to another. Do you have to be the person who makes appointments with this person?
You might not have to be. And you can also try differing forms of communication. Email is good because you can communicate at any time of the day or night. Phone calls are good because you can get an idea of tone. In-person meetings are good because they’re a better way to understand the nuances of what someone is saying.
For the project where you’re not sure if it needs to happen, why not talk to the project’s manager? If the project’s own advocate can’t clearly articulate why the project needs to happen, then maybe it doesn’t. Maybe your instincts are right.
The Triple Tip – Write Tasks Down, Cross Them Off When Done, and Reprioritize Constantly
These three tips go together. Personally, your intrepid blog writer can’t get through most days without a to-do list. Welcome to your fifties, the decade of, “Why did I come in this room, again?”
But in all seriousness, lists help. When your brain isn’t juggling your to-do list on top of everything else, then you’re freed to, you know, actually work on tackling the times on it.
Crossing off the done items from a to-do list is satisfying! And it also serves as a visual reminder of how much you’ve already accomplished. Because let’s face it, sometimes the only pat on the back we’re going to get during any given day will be self-administered.
And reprioritizing should be a no-brainer. Sometimes that task which seemed oh so urgent last night isn’t as on fire in the light of day. Or the reverse is true. The main thing is to not be married to the order.
Personal Pro Tip
When it comes to prioritizing, two things which help a lot, I’ve found, are to locate whatever you can delegate and whatever you can do fast. Sometimes those are the same thing. Either way, the faster you delegate, the more time the other person has to work on the task you’ve delegated to them. As for the fast stuff, reward yourself with one (only one!) of those tasks to start.
You’ll be happy to see a task is already crossed off. But then, yeah, you’d better start on something substantial, particularly if it’s a priority. There’s a different degree of satisfaction from getting through something big. And, you’ll be handling the hardest stuff when you’re less tired.
If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Even your overwhelming business workload doesn’t stand a chance.
#4. Life Preservers for Failing Teams
Check out this spectacular tip, all about how managers can rescue failing teams. Proof Hub notes that a lot of team failures come from the top down, although not all of them. There can be problematic people in a group – what sports people call a ‘locker room cancer’. Or there can even be an all-out conflict between team members.
But teams can also do poorly if they feel underappreciated, or if they feel there’s no way for them to professionally develop. Another problem is teams which just plain don’t have the right training, or enough training.
We were particularly happy that two of the tips were to build rapport and to ask the team what they think is happening. After all, they’ve been there.
Managerial Styles
Essentially, this the persuader method in action. The manager is asking for input, and is listening. And they can be persuaded to act one way or another.
Personal tip from me – as a manager, I look at my experiences as an employee for guidance. The better managers communicated more, and were a lot more likely to say please and thank you. That was even for the smallest of favors. It was even just on the heels of a previous please and thank you.
As a result, I don’t let a meeting go by without telling the people who work with me that I appreciate them. Because I know what it’s like to not be appreciated, and I don’t want the people who work with me to ever feel that way, if I have anything to say about it.
#3. Hack Your Way to Better Productivity
It’s not your imagination: this winning tip can make you more productive. Young Upstarts tells us there are some helpful, and often inexpensive hacks to tackling your overwhelming business workload and becoming more productive.
Our favorite tip was to delegate. Oh God, yes!
You don’t have to do everything. Seriously.
#2. Keep Your Client Relationships Close
Our second to last unbeatable tip can give you a new perspective on avoiding losing your largest accounts. Sales Hacker reveals all about maintaining and nurturing client relationships.
The reality is, you should be doing this with all of your clients. But we all know there are just so many hours in a day. So, you need to prioritize your bigger clients. Otherwise, you’d end up with even more of an overwhelming business workload.
The gist of the article is to make listening a big part of your relations with your biggest clients. Ask them – what can I do differently? And then, you know, actually listen to what they say. Be empathetic. Again, listen.
After all, if your biggest clients don’t think you care about their problems, then they’ll find someone who does.
Ouch.
#1. The Holidays Are Coming – Ready or Not (We Prefer Ready)
We saved the best for last. For our favorite remarkable tip, we focused on getting ready for the holidays. Yes, that! They’ll be here before you think. Kabbage says there are ways to get organized in anticipation of what is often the busiest time of the year for online retail sales.
We particularly liked the idea of taking the time now to fix issues on your website. It’s a good time to attack any issues such as slow loading times.
We also liked the first order of business, which is to get input from the employees. After all, they’re at the front lines.
One thing to add from us – now’s a really, really good time to get a handle on what everyone in your organization does. Get procedures in writing. Cross-train more employees so if that one vital person decides they want to take December off (there are people with that much accumulated vacation time), your business won’t fall apart.
The list even goes into decorating, assuming you have a brick and mortar establishment as well.
But from me – for the love of all things holiday – please don’t put up Xmas lights this week.
It’s still September.
So which one of our brilliant business tips was your favorite? And which one will you be implementing now?
If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Even your overwhelming business workload doesn’t stand a chance.
https://www.youtube.com/watch?v=tuM4Kolf26g
The post Crush Your Overwhelming Business Workload and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.
Recently funded… $16,000.00 in Nevada with Unsecured business cards!
Provided help when needed and became a great solution.
His company was able to continue to succeed. We are glad he didn’t miss this opportunity.
Congratulations on your success!
Click Here to see how much funding you can get for your business.
The post Recently funded… $16,000.00 in Nevada with Unsecured business cards! appeared first on ROI Credit Builders.
FINALLY! Understand Your Business Credit Score!
What Does Your Business Credit Card Score Mean, and Where Does it Come From?
Imagine you are in a foreign country and have no understanding of the local language. Of course, you need the basic things such as food, water, and shelter just to survive. The problem is, you cannot ask anyone where to find them. Consequently, each time you try to get these things for yourself the door is shut in your face. You cannot explain yourself in order to get what you need, because you do not speak the language. Even if they did try to help you, you would have no clue what they were talking about. You wouldn’t understand. This what it is like when you do not understand your business credit card score.
Similarly, you need funding for your business to survive. A bad business credit card score can keep you from getting it. If you do not understand your score however, you cannot help yourself. For this reason, you need to know what the score means, what it says about your business, and how it is calculated. Once you understand these things, you can get to work correcting whatever barrier is in the way.
Where Does Your Business Credit Card Score Come from and What Does it Mean?
The truth is, it depends. As you likely know, there are various agencies that report personal credit scores. Likewise, there are several that report business credit scores as well. Most noteworthy are Dun & Bradstreet, Experian, Equifax, and CreditSafe. There are a few smaller, lesser known business CRAs. Certainly however, these are by far the largest and most commonly used by lenders.
That’s the easy part. Where your business credit card score comes from and what it means is a little more complicated. First of all, there are a ton of different scores. Also, different CRAs gather their information and calculate their scores differently. As a result, seeing your business credit card score can be very difficult. Understanding it can be even harder. Below, we break down what each score means and where the information comes from for each of the major credit reporting agencies.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Business Credit Card Score from Dun & Bradstreet
Dun & Bradstreet offers several different types of business credit reports. In fact, there are six different reporting options in all. They all offer different information related to credit worthiness. The result is, it takes all of them to get the whole picture.
The report lenders use most is likely the PAYDEX. This is probably because it is the easiest to understand, due to it being the most like the consumer FICO score. It measures how quickly a customer makes payments and ranges from 1 to 100. Scores of 70 or higher are acceptable. For reference, a score of 100 shows payments are made in advance. A score of 1 indicates that they are 120, or more, late.
The other Dun & Bradstreet Credit Reports include:
● Dun and Bradstreet Delinquency Predictor Score
The delinquency predictor score measures how likely it is that the company will not pay,
will be late paying, or will fall into bankruptcy. On a scale of 1 to 5, a 2 is good.
● Financial Stress Score
The financial stress score measures pressure on the balance sheet. Therefore, it shows how likely the company is to shut down within a year. These scores range from 5 to 1. A score of 2 is good.
● Supplier Evaluation Risk Rating
This rating ranks the odds of a company surviving 12 months. The minimum score is a 9 and the
maximum is 1. A good score is 5.
● Credit Limit Recommendation
The credit limit recommendation reflects a business’s borrowing capacity. Even more, it is a
recommendation for how much debt a company can handle. Typically, creditors use this to
determine how much credit to extend.
● D&B Credit Rating
This one ranks overall business risk on a scale of one to four. A score of 2 is good. The rating is
given in conjunction with letters, the combination of which indicate a company’s net worth.
Even if there isn’t enough information on a business to assign a regular rating, Dun and Bradstreet will assign what they call a Credit Appraisal Score. Due to the lack of information, this is based on number of employees. Alternatively, they may offer a rating based on what data is actually available.
Business Credit Card Score from Experian Commercial
Experian uses what it calls Intelliscore as its credit ranking. There are more than 800 different factors that they use to predict a company’s credit risk. With Intelliscore, a score of 76 or higher indicates a low risk of default or late payment. If a score falls between 51 to 75, it indicates a low to medium risk. Scores from 26 to 50 are medium risk. Finally, from 25 down to 1 is medium high to high risk.
Experian offers a number of other scores also.
● Intelliscore Plus
This is a highly predictive percentile score that indicates the likelihood that a business will go seriously delinquent, or have a major financial issue such as a bankruptcy within the next year.
Intelliscore Plus uses more factors to determine the score than the original Intelliscore. While payment history still accounts for 5 to 10%, current payment status, trade balances, and percent of accounts delinquent make up 50 to 60% of the score. Credit utilization, company profile, age of the business, industry risk, and public records account for the rest. Public records include:
- liens
- judgements
- collections
- bankruptcies
- other derogatory items
Data comes from suppliers, lenders, legal filings, collection agencies, credit card companies, and of course public records.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
● The Experian Financial Stability Risk Score (FSR)
FSR predicts the potential of a business going bankrupt or defaulting on its obligations. The score identifies the highest risk businesses by making use of payment and public records. These records include high utilization of credit lines, severely delinquent payments, tax liens, judgments, collection accounts, risk industries, length of time in business, etc.
● Experian’s Blended Score
This is a one-page report that provides a summary of the business and its owner. A combined business-owner credit scoring model is more comprehensive than a business or consumer only model. Blended scores have been found to outperform consumer or business alone by 10 – 20%.
Equifax Business
Equifax gets its business credit data in ways similar to D&B and Experian. Like D&B, they also have a sharing agreement with the Small Business Finance Exchange. In addition, they get Net 30 type industry trade credit information from a wide variety of suppliers that provide products and services to businesses on an invoice basis.
They combine financial data with industry trade data, and they add in utility and telephone payment data. They also use public records information.
Equifax Business credit scores include:
● The Small Business Credit Risk Score for Suppliers
It is scored on a scale of 1 to 100, with 90+ indicating that a business has paid its obligations as agreed. An 80 to 89 means they are 1 to 30 days past due, 60 to 79 indicates they are 31-60 days overdue, and a score of 40 to 59 is 61 to 90 days past the payment date. In the same way, It just goes down further from this point.
● Business Failure Risk Score
This score indicates the chance of a company paying its bills late on the following scale:
- 497 – 816: 25% or less chance of payment being late
- 452 – 496: 26 – 50% chance of late payment
- 415 – 451: 51 – 74% chance of late payments
- 101 – 414: 75 – 100% chance of late payments
● Public Records Report
The purpose of this report is to list bankruptcies, judgments, and liens along with the amount, date of the most recent filing, and how they were satisfied.
● Credit Usage Report
This is a pie chart that shows your company’s credit usage. It gives a visual of what percent of your available credit you are using. That is known as your credit utilization ratio, and it has a pretty big impact on your overall credit score.
● Credit Report Summary
The summary report shows the number of your business’s credit accounts, as well as the date each one became active. It also lists any amounts past due, along with your most severe status of the past 24 months.
The highest amount of credit extended, the median balance, and the average open balance are included as well.
Additionally, the report lists recent activity such as number of new accounts opened recently, delinquent accounts, number of updated accounts, and inquiries.
● Financial Account Highlights
This report shows details for the past 36 months, including credit accounts and leases. It lists the status, open and close dates, and original and current credit limits. It also shows any past due amount for each. In addition, the payment amount and frequency for each account, as well as its security status can be seen.
Business Credit Card Score: Credit Safe
CreditSafe does not gather its own information like the other CRAs. Rather, they offer reporting options based on data from Dun & Bradstreet. Since they compile the data and report it in different ways, these scores still offer information that may be used differently than what is found on a Dun & Bradstreet report. They offer 3 packages: Standard, Plus, and Premier. The problem is, they do not list their prices on the website. You have to request a quote to determine what your pricing would be, as they allow you to purchase individual products as well.
Their main score, the CreditSafe rating, works on a scale of 1-100. It predicts the likelihood that payment performance will become 90 plus days past due within the next 12 months, or that the business will go bankrupt. They offer a variety of other scores and reports that provide a ton of additional information.
● International Score
This score is derived from the Creditsafe rating. It compares credit risk between companies in different countries.
● Credit Limit
The Creditsafe recommended credit limit uses information from the business payment records and those of similar companies to calculate a dollar amount recommendation for the maximum amount of credit a company should receive at one time.
● Days Beyond Terms (DBT)
Compares how many days late a business pays its bills in comparison to other companies in the industry.
● Derogatory Legal
This is a report on the number and value of tax liens and judgements that have been filed in the past 6 years and 9 months. It also includes bankruptcies filed in the last 9 years and 9 months.
● Payment Trend
A report designed to highlight, at a glance, substantial changes in how a company is paying its bills.
● Business Spend Trend
Let’s you know whether the total annual business spending is going up or down when compared to the previous year.
Subscription packages come in levels, and the prices are dependent completely on your business’s individual needs. You have to speak to a consultant to get a quote.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Finally! You Understand Your Business Credit Card Score… Now How Can You See It?
Just understanding your business credit card score is not enough. You need to know what you can do about it if it isn’t helping you get funding. That’s where monitoring comes in. Unfortunately, you cannot get a free copy of your business credit reports like you can with your personal credit reports. It costs money to see your business credit card score.
For example, the big three charge closet to $50 or more for each report:
- Dun & Bradstreet reports range in price from $61 to $229 per report.
- Experian reports are $49.95 per report.
- Equifax is $99.95 per report.
CreditSafe doesn’t even tell you a price until you talk to one of their agents. They will quote you a price after discussing your needs with you. So it’s a subscription type package that you pay monthly.
You can monitor your credit with D&B, Experian, and CreditSafe at a fraction of these costs by going to https://www.creditsuite.com/monitoring/.
What Can You Do About Bad Business Credit?
First off, if your business credit card score is bad because of mistakes, you can dispute them. In this way, you can have the mistakes taken off. Do this in writing to the credit reporting agency. In addition, you will need to include backup documentation that supports your point. Do not send originals however. Rather, send copies.
In contrast, if your credit is bad and there are no mistakes, start now making payments on time. Furthermore, if you have accounts that do not report to the credit agencies, such as telephone or utility accounts, ask them to report your on-time payments. If you pay rent, ask your landlord to report your rent payments. In addition, work with starter vendors that will offer net 30 invoices without a credit check and that will report your payments. Go here to find a few to start with.
Above all, pay your bills on time. This is the number one way to increase your business credit score.
Knowledge is Power
Once you understand your business credit card score, you can start to figure out what you can do about it. So knowing is half the battle. The other half is getting the problem areas corrected. Once you do, your business can get the funding it needs to grow and thrive.
The post FINALLY! Understand Your Business Credit Score! appeared first on Credit Suite.
Attention All Residential Real Estate Agents Learn All About Business Credit Cards for Startups
Just Getting Your Residential Real Estate Business Off the Ground? Then You Need Get Business Credit Cards for Startups
We looked at a bunch of business credit cards for startups, and did the research for you. A residential real estate agency will need any number of goods and services to get off the ground. So here are our preferences.
Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal credit cards!
This shows you can get a lot more money with business credit. And it also means you can have personal credit cards at retail stores. So you would now have an added card at the same retail stores for your company.
And you will not need collateral, cash flow, or financial data in order to get business credit.
Credit Card Benefits
Benefits can differ. So, make sure to select the perk you like from this choice of alternative business credit cards for startups.
Business Credit Cards for Startups with Average Credit
Capital One® Spark® Classic for Business
For average credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.
With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.
But REMEMBER: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Business Credit Cards for Startups for Low APR/Balance Transfers
Discover it® Cash Back
Check out the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.
After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based upon the Prime Rate.
Details
You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. In addition, automatically get unlimited 1% cash back on all other purchases.
You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Business Credit Cards for Startups with No Annual Fee
Uber Visa Card
Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.
The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And earn 2% back on online purchases.
So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.
By spending at least $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 per year are eligible to receive a $50 credit toward online subscription services.
Details
If you pay your cellphone bill with this card, you are insured up to $600 for cellphone damage or theft.
Cardholders are eligible for exclusive access to specific events and offers. Uber anticipates most of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.
But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.
Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accumulate at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.
Get it here: https://www.uber.com/c/uber-credit-card/
Costco Anywhere Visa® Business Card by Citi
Not taking Uber? Then you’ll want to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?
This credit card earns cash back with every purchase. Get 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.
Note: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.
Also, there is no sign-up bonus offered with this card.
Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card
Ink Business Cash℠ Credit Card
Have a look at the Ink Business Cash ℠ Credit Card. Businesses can get cash back with each purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.
There is a $0 yearly fee with a 0% introductory APR for 12 months on purchases and balance transfers. Thereafter, the APR is a 15.24 – 21.24% variable.
The credit card includes travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.
Details
Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.
Note: this card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.
Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash
United MileagePlus Explorer Business Card
Get a good look at the United MileagePlus Explorer Business Card.
Earn 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening.
Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.
Details
Also, get two United Club passes annually. And get hotel and resort perks including upgrades. Additionally, get early check-in and late checkout. And get an auto rental collision damage waiver.
And also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.
After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.
Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Starwood Preferred Guest® Business Credit Card from American Express
Another possibility is the Starwood Preferred Guest Business Credit Card from American Express.
This card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.
And get four points per dollar at American restaurants, American filling stations, and on American purchases for shipping.
Also, get four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, earn two points per dollar.
Details
Get 75,000 bonus points when you spend $3,000 in the first three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.
Plus you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.
The most significant issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 after that. Plus there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR
Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card
Business Credit Cards for Startups for Cash Back
SimplyCash Plus Business Credit Card from American Express
Take a look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases So this is for the first 15 months an account is open.
But when the introductory period runs out, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.
Details
This credit card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.
Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from American providers. But this pertains to the initial $50,000 of yearly spending. Then, you earn 1% cash back.
You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you earn 1% cash back.
Cash-back bonuses are automatically credited to the customer’s billing statement.
Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.
And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Capital One® Quicksilver® Card
Take a look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 yearly fee.
New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that.
A cash bonus of $150 is on offer for those who make at the very least $500 in purchases in 3 months of account opening.
Details
Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.
This card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.
Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Business Credit Cards for Startups with 0% APR – Pay Zero!
Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no yearly fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR
Earn 3 points/dollar spent when you book travel with the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points will never expire.
Details
There is a 25,000-point sign-up bonus when you spend $1,000 within the first 60 days of opening the account. Cardholders get travel accident insurance, and lost luggage reimbursement.
They additionally get trip cancellation coverage, trip delay reimbursement and other advantages.
There is no introductory rate for balance transfers. Also, bonus categories are limited.
Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/
JetBlue Plus Card
Take a look at the JetBlue Plus Card for yet another offer of a 0% introductory APR
Earn six points/dollar on JetBlue purchases, two points/dollar at restaurants and grocery stores. And get one point/dollar on all other purchases.
Details
Spend $1,000 in the initial 90 days and pay the yearly fee, and earn 40,000 bonus points. New cardholders receive a 12 month, 0% initial APR on balance transfers made in 45 days of account opening.
After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based upon creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.
There is a $99 annual fee for this card.
Get it here: https://cards.barclaycardus.com/cards/jetblue-card/
Business Credit Cards for Startups: Secured Credit Cards
Wells Fargo Business Secured Credit Card
Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per credit card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000). And it is designed to help cardholders build or rebuild their credit.
Pick this card if you want to earn 1.5% per dollar in purchases without any limits or earn one point for every dollar in purchases. You also get 1,000 bonus points. So this is for every month your company makes $1,000 in purchases on the card.
Details
Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.
APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Business Credit Cards for Startups for Jackpot Rewards
Chase Sapphire Preferred® Card
Take a look at the Chase Sapphire Preferred® Card for travel points.
You can earn two points per dollar spent on travel and dining at restaurants. And you can earn one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel.
The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.
When you spend $4,000 in the initial 3 months from account opening, you will earn 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.
Details
You can earn an unlimited two points per dollar for travel and dining at restaurants. And then earn one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So these include British Airways, Southwest Airlines, United, and Marriott.
There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.
Get it here: https://creditcards.chase.com/rewards-credit-cards/chase-sapphire-preferred
Ink Business Preferred ℠ Credit Card
Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.
This is a Visa card.
Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.
Details
Earn 80,000 bonus points when you spend $5,000 in the initial 3 months from account opening. There is an annual fee of $95. You can add employee credit cards at no additional cost.
This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases get an unlimited flat rate of one point per dollar. And there is no introductory APR
Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Hilton Honors American Express Ascend Card
Take a look at the Hilton Honors American Express Ascend Card, which earns hotel rewards points. Get up to 12 points per dollar of eligible purchases at participating Hilton hotels or resorts.
Automatically get Hilton Honors Gold status. And this includes room upgrades when available, a 5th night free when you book a rewards stay of 5 nights or more.
And get free internet access and late checkout. It also includes a 25% bonus on base points earned with Hilton Honors.
This card has a variable purchase APR of 17.74 – 26.74%. There is an annual fee of $95.
Details
Cardholders can get a 125,000-point welcome offer after making $2,000 in eligible purchases in 3 months from account opening. Get a free weekend night award after making $15,000 in eligible purchases on your card in a calendar year.
Benefits include purchase protection. And there is extended warranty coverage. They also include car rental loss and damage insurance and travel accident insurance.
Spend $40,000 on eligible purchases with the card within a calendar year. Then you can earn Hilton Honors Diamond status through the end of the next calendar year. This status includes all of the benefits of Gold status.
It also includes a 50% bonus on base points earned with Hilton Honors. And get exclusive floor lounge access at select properties. But that is terribly high spending required for elite status. Only you can decide if that’s worth it.
Get it here: https://www.americanexpress.com/us/credit-cards/card/hilton-honors-ascend/
The Perfect Business Credit Cards for Startups for You
Your absolute best business credit cards for startups will hinge on your credit history and scores. For a residential real estate agency, some of the more important perks you need are probably deals on gas and other vehicle maintenance. And everyone can use low rates.
But 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 others.
And, as always, make sure to build credit in the recommended order for the best, fastest benefits.
The post Attention All Residential Real Estate Agents Learn All About Business Credit Cards for Startups appeared first on Credit Suite.
A Recently funded client… $19,000.00 in Unsecured business cards in St. Charles, MO.
A Recently funded client… $19,000.00 in Unsecured business cards in St. Charles, MO.
Easy Business Credit – Use it 5 Ways
Easy Business Credit is Possible, Fast Business Credit is Not
Business credit is credit in the name of your business, not your own name. It is not connected to the business owner’s personal credit. Because of this, a business owner’s business and consumer credit scores can be very different. There are many benefits to building business credit. Because business credit is distinct from the consumer, it helps to secure an entrepreneur’s personal assets in case of a lawsuit or business insolvency. It is easy to get business credit, but it is not fast.
Even start-ups can get easy business credit. This is important, because visiting a bank for a business loan can be a formula for disappointment if personal credit isn’t top notch. By building small business credit, you can have a plan for success that does not involve your personal credit score or liability.
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How to Get Easy Business Credit
As already stated, simple credit for a business doesn’t mean fast business credit. It also doesn’t mean you sit back and build it on autopilot. You cannot build business credit passively. You have to work at it, intentionally. Work doesn’t sound easy, I know, but the process really is uncomplicated.
The whole thing moves more quickly if you start by setting up your business to build business credit from the beginning. However, even if your business is already operating, you have to do that before you can start working on business credit. It will just be a slower process. Your business has to be established as an entity separate from yourself.
Establish Your Business as An Entity Separate from Yourself
This is the vital first step. If you do not do this, then everything you do to build business credit will only affect your personal credit score. You will still not have a separate business credit score. Here is how you start with easy business credit, and separate your business from yourself in the eyes of creditors and credit agencies.
Set Up Your Business for Building Credit
- Your business has to have its own phone number and address that is separate from your personal phone number and address. The phone number should be from a toll-free exchange. Be sure to list your business name with its own contact information in all of the directories, including 411.
- Formally incorporate your business with the IRS. You get to choose from a corporation, an S-corp, or an LLC. The one you choose will depend on the amount of protection you want and how much you want to spend.
- Get an EIN. This is an identifying number for your business that functions similarly to an SSN. Get an EIN for free at gov.
- You’ll need a D-U-N-S number to start building easy business credit. That’s another identifying number assigned by Dun & Bradstreet. They do not open a business credit file unless you have this As the largest and most commonly used business credit agency, you definitely need a file with them.
- Open a business bank account. Use it for all business expenses. You can pay yourself a salary out of it if you need to, but it has to be for business transactions only, and it must be opened in the name of the business using the business contact information.
- Make certain your business has a professional website. It is best to hire or barter with a professional for this. A poorly put together website can do a lot of damage, and having no website in this day and age is basically the same as not existing.
- Get a dedicated email address for your business that has the same URL as your website. A free service such as Yahoo or Gmail will not work.
How Can You Get Easy Business Credit When You Have None?
It probably seems unrealistic that simple corporate credit is even a thing. That’s because we all know that, with personal credit, it is hard to get credit without credit. When you apply for credit, the creditors want to see a good credit score before they give it. Why is the process different for a business? Because there is a secret. Lean in close so you can hear it. The secret is the vendor credit tier.
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You must start with trade vendors. There is no other door to simple company credit. You can’t start with retail credit cards or a business loan from your bank. If you do, you’ll get a rejection 100% of the time.
Vendor Credit Tier
Trade vendors are those vendors that offer tradelines and report payments to the business credit reporting agencies. This is what we call the vendor credit tier. They will often offer net 30, 60, or 90 terms on invoices without a credit check. It is not revolving credit.
Therefore, if you get approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, such as within 30 days on a Net 30 account.
Not every vendor can help like true starter starter vendors do. These are merchants that will grant an approval with very little effort. Also, you want them reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian. This is key, as if they are not reporting, the accounts are not helping you build.
You need 5 to 8 accounts reporting from this tier to move up to the next one, which is the retail credit tier. It takes a little time to reach this step, as some vendors may require a minimum amount of time in business or minimum annual revenue even if they do not require a credit check.
There are several such vendors out there, but as a general rule these are some of the easiest to get started with.
Uline Shipping Supplies
Uline Shipping Supplies offers shipping, packing, and industrial supplies, and they report to D&B.
They require a D-U-N-S number, so be sure you have that handled before you apply. They will also ask to see 2 references and a bank reference. In addition, they may require you to order a few things and pay for them before approving net 30 terms.
Quill
Quill works well for this purpose also. They sell office, packaging, and cleaning supplies, and they report to D&B and Experian.
Because Quill reports to two separate credit reporting bureaus, you get two credit experiences with them. Consequently, they should probably be your first stop so you can open a credit file with both Experian and Dun & Bradstreet from the beginning.
They will usually put you on a 90-day prepayment schedule, and if you order items each month for 3 months, they will go ahead and approve you for a Net 30 Account.
Grainger Industrial Supply
Grainger Industrial Supply is likewise a true starter vendor. They sell safety equipment, plumbing supplies, and more. They also report to D&B. You will need a business license, EIN, and a D-U-N-S number before they will approve you.
For under a $1000 credit limit they will approve nearly any person with a business license.
Retail Credit Tier
Once there are eight or more vendor trade accounts reporting to at least one of the CRAs, you can apply for credit in the retail credit tier. These include retail stores such as Walmart, Amazon, and Office Depot.
Another example is Lowe’s. They report to D&B, Equifax and Business Experian. They want to see a PAYDEX score, the main score from Dun & Bradstreet, of 78 or higher.
Fleet Credit Tier
After eight or more accounts are reporting your payments from the retail credit tier, you can apply for cards in the fleet credit tier. These are companies like BP and Fuelman. Use this credit to buy fuel or to repair and maintain vehicles.
An example of a company in this tier is Shell, which reports to D&B and Business Experian. They need to see a PAYDEX Score of 78 or more, and they require a 411-directory business phone listing as well.
Shell might claim they want a certain amount of time in business or revenue. The truth is though, they will still approve you without meeting those requirements if you have enough vendor accounts reporting before you apply.
Cash Credit Tier
If you handle the credit you get in these tiers responsibly, then the cash credit tier will be your next stop. This includes cards from Visa and MasterCard that are not related to a specific retail store. This is the top tier. If you make it here and handle the credit you have in this tier responsibly, you will have a strong biz credit score that will help you run and grow your business.
When applying credit in any of these tiers, be sure to use your EIN and not your SSN. Your SSN and birthdate should only be for identity verification purposes on these applications.
Easy Business Credit vs. Fast Business Credit
As you can see, the process of establishing and building business credit is not hard. It is actually pretty simple if you follow the steps in order. It’s a snowball effect that does not happen overnight though. As you get approval for more accounts, more accounts are reporting, and you will be approved for even more accounts. As positive payment history is recorded, your score will continue to build and grow stronger and stronger.
Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.
It is a process similar to building muscle. It’s easy in that all you have to do is eat right and work out. Results do not come quickly however. It definitely takes time to build company credit just like it does to build muscle. During the process, you also have to keep an eye on things, similar to stepping on the scale and measuring your waist.
Monitor Your Progress
You have to know what is happening with your credit. If you don’t, you will not really know how many accounts are being reported from each tier, and you will not know when the time is right to move on to the next tier. You also need to make sure to correct any inaccuracies ASAP. This is more difficult with corporation credit than with personal however, as there is no free annual report available for your biz credit like there is with your personal credit. Monitoring costs money.
We can help you monitor at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.
At D&B you can monitor at: www.dandb.com/credit-builder. At Experian, you can monitor your account at: www.smartbusinessreports.com/Landing/1217/. And at Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business. Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.
5 Ways You Can Use Business Credit to Improve Your Business
Once you have company credit, a world of opportunity is open to your business. There is so much you can do that is not possible without it. Here are 5 ways to use it to further the success of your business.
Take Advantage of Special Pricing
Often times you can find a great deal on goods and services if you purchase in bulk. A diner may be able to get a 10% discount on certain high use spices, or a retailer may be able to get a great deal on certain inventory items by purchasing more than the standard amount. The diner can save on expenses, and the retailer can cut the cost of goods sold. Both situations have the potential to increase the bottom line, but there is usually a significant cash outlay involved.
Bridge a Seasonal Cash Gap
Do you run a seasonal business? If you specialize in holiday items, toys, camping equipment, or any number of other things, your revenue may be higher during certain times of the year. This can make for some pretty tight off-season budgeting issues. Having strong business credit allows you to bridge those gaps with ease.
Earn Rewards
If you choose your cards carefully, you could make a substantial dent in expenses with credit card rewards. The key is to find the rewards that best fit your needs. If you earn cash back for certain expenditures or for spending at specific types of businesses, be sure those are things you spend on and places you spend at frequently enough to make a difference. It doesn’t do you any good to earn cash back at restaurants if you prefer to eat at home.
Repair and Replace Equipment
If you have strong company credit, there will be no reason to stress or even have to go through a loan process each time you need to repair or replace equipment. Need a new computer, printer, or industrial refrigerator. Your corporate credit cards can handle that, and you can take care of the problem right then, without depleting cash on hand.
Small Expansion or Maintenance Projects
If you need to replace a window, upgrade your air conditioner, or install new lighting, you can do so quickly and easily without the hassle of a new loan and without running your cash reserves too low.
Easy Business Credit Is Possible: Use it Wisely
Getting business credit isn’t hard, but there is a specific process that must be followed. Trying to do things out of order will result in denials every time. If you take the time and work the process however, you can have the company credit you need to handle whatever is thrown at you.
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5 Outstanding Business Loans for Women with Bad Credit
And Other Options for When Business Loans for Women with Bad Credit Aren’t Enough Bad credit can feel like a death sentence for your business. It can make it seem as though you have reached a dead end before you ever get started. This is especially true of women owned businesses as it is already … Continue reading 5 Outstanding Business Loans for Women with Bad Credit
5 Outstanding Business Loans for Women with Bad Credit
And Other Options for When Business Loans for Women with Bad Credit Aren’t Enough
Bad credit can feel like a death sentence for your business. It can make it seem as though you have reached a dead end before you ever get started. This is especially true of women owned businesses as it is already more difficult for females to get business funding. The truth is, there are ways to move past a bad credit hump. It takes getting creative with funding and a lot of hard work, but it is possible. Not only are there options like crowdfunding and grants that are not dependent on credit at all, but there are even business loans for women with bad credit.
Most lending institutions are not going to be looking to extend a business loan to those without a good credit score. This is because they genuinely have no clue if your company will be able to repay the loan.
Some non-traditional lenders, however, will take a look at other factors to help them determine risk, meaning even if you don’t have the best credit, you can still get a business loan. These factors may include length of time in business, annual revenue, or any number of things.
Others simply work on a different model than traditional lenders. Following are our top examples of each.
Top Outstanding Business Loans for Women with Bad Credit
Of course, this isn’t an exhaustive list, but it is a list of the 5 best loans for women with bad credit that we have found.
Business Loans for Women with Bad Credit: Lending Club
LendingClub functions as a peer-to-peer lender that offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loans funds to buy equipment, finance growth or expansion projects, consolidate other debt, hire new employees.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
One benefit LendingClub offers with their small business loans than many others do not is access to a client advisor. This is someone to help you figure out how to best use your business loan funds, as well as how to budget loan payments.
The minimum loan amount at LendingClub is $5,000 and the maximum is $300,000. You must have been in business for 12 months or more and have at least $50,000 in annual sales to qualify. There can be no tax liens or bankruptcies, and you must have at least 20% ownership. They will work with a credit score that is fair or higher. A fair credit score ranges from 620 to 659.
Business Loans for Women with Bad Credit: Lendio
Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan. They do the legwork by vetting a network of competing small business lenders. Funding is fast, sometimes in as little as 24 hours.
Potential borrowers submit one application and then see offers from lenders in the network. The minimum loan amount is $500 while the maximum is $5,000,000. The business must be U.S. or Canada based and must have a business bank account. The minimum personal credit score applicable is 560.
Business Loans for Women with Bad Credit: Blue Vine
BlueVine offers two options for small business financing. They include lines of credit and invoice factoring. They also offer the ability to talk with a financing advisor, and their application process takes place exclusively online. Their minimum loan amount is $5,000 and their maximum is $100,000. To be eligible you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.
Business Loans for Women with Bad Credit: Kiva
Kiva has a unique lending model. They offer loans to businesses, but their platform is far different from than that of traditional or even other non-traditional lenders. It is sort of a cross between crowdfunding and lending. They offer loans with a 0% interest rate, so even though you have to pay it back, it is actually free money. In addition, they do not run a credit check at all. The only requirement is that you have to get at least 5 family members or friends to donate money for your business, and you have to give at least a $25 loan to another business on the platform yourself.
Business Loans for Women with Bad Credit: Grameen
Microloans are a great option when it comes to business loans for women with bad credit. Grameen is one of the few lenders that offers microloans specifically for women. The loan amounts range from $2,000 to $15,000, and they also offer financial training and support.
As a bonus, they report payments to Equifax and Experian. Consequently, these loans help borrowers build credit.
Other Options
Sometimes, even if you can find business loans for women with bad credit, it just isn’t enough. There are other options that can help you bridge the gap between what you are able to borrower and the amount of funds your business actually needs to survive.
Merchant Cash Advance
If you own an existing business that takes credit card payments, a merchant cash advance can be a legitimate option. It works like this. The lender takes a look at your daily credit card sales and extends a cash advance based on that average. While they may check your credit, it rarely makes a lot of difference because the security for the loan is payments from future credit card sales.
The main difference that a low credit score might make is related to terms and interest rate. For example, a low score could result in a higher interest rate, or in payment drafts from credit card sales bi-monthly rather than monthly. Sometimes with a merchant cash advance, payments drafts are weekly or even daily.
Grants
There are a number of grant opportunities available for women business owners as well. While they are all competitive programs, they are definitely worth applying for to help support and grow your business.
SBA Women’s Business Centers
In addition to helping with loans, the SBA Women’s Business Centers also help women entrepreneurs get access to funding. Some lend money or award grants directly, while others help connect women entrepreneurs with financial institutions.
Eileen Fisher Women-Owned Business Grant
The clothing brand Eileen Fisher hands out $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 acumen, planning, innovation in the field, financial need, and where they plan to work.
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 women entrepreneurs from around the world each year. Women business owners who are just getting started may qualify. Go here for the complete application information for this small business grant.
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, business coaching seminars, and be exposed to networking opportunities.
How to Keep Bad Credit from Being a Problem in the Future
If you are looking for business loans for women with bad credit, it is unlikely that you have a strong credit score. While this option will work for the present, it is important to ensure that going forward, bad credit is not an issue. There is no reason to stay stuck in a bad credit hole. There are ways to dig yourself out.
Credit Monitoring
Monitor your credit reports. Request a free personal credit report each year from Experian, Equifax, and Transunion. Look at what is being reported, and deal with any mistakes as soon as you can. You also need to keep an eye on your business credit. We can help you monitor that at Experian and Dun & Bradstreet, the two most common reporting agencies, for only $24/month. See: www.creditsuite.com/monitoring.
You can monitor your business credit at the reporting agencies directly, but it is more expensive to do so. For example, Experian and Equifax cost about $19.99 each, and D&B ranges from $49.99 to $99.99.
What’s are you looking for? You are looking for mistakes on your report. Errors on your personal credit report(s) can be corrected, but you have to dispute in a certain way. Generally, this means you mail a paper letter with copies of any proof of payment. These are documents like receipts and cancelled checks. Never send the originals. Always mail copies.
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Itemize any charges you challenge, and make your letter as clear as possible. Be specific about the concerns with your report, and use certified mail so that you will have proof that you mailed in your dispute.
Business credit disputes can be handled as follows.
Dispute your or your business’s Equifax report by following the directions here: www.equifax.com/small-business-faqs/#Dispute-FAQs
You can dispute inaccuracies on your or your company’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.
D&B’s PAYDEX Customer Service telephone number is here: www.dandb.com/glossary/paydex.
Fund Your Business Without Using Your Personal Credit Score
This is also an option for those seeking business loans for women with bad credit. You do not actually have to use your personal credit score at all. Your business can have a credit score all on its own. If you are not sure you have a business credit score, then you likely don’t. You kind of have to be intentional with how you set up your business for that to happen.
For example, you need and EIN, a D-U-N-S number, and a few other things before you can have business credit. Your business has to appear as a separate entity from yourself.
What Does Your Business Need to Be a Separate Entity?
- A professional-looking website and email address. The website address needs to be bought from a supplier such as GoDaddy. In addition, the email address needs to have the same URL. It shouldn’t be a from a free email platform like Yahoo or Gmail.
- A company telephone and fax numbers that is different from your personal numbers, and they need to have a listing on ListYourself.net.
- Additionally, the company phone number should be toll-free (800 exchange or comparable).
- A business bank account devoted strictly to the company is always a must.
- To be a formal corporation. This means organizing as an LLC, S-corp, or corporation. You cannot operate as a sole proprietorship or partnership and build business credit properly. Base the option you choose the level of protection and the tax benefits that you need. For company credit report purposes, they all work the same.
Once you have these things in play, any payments you make on accounts in your business name using your EIN will be reported to the business credit reporting agencies in your business name. This is how business credit starts to grow, and you can eventually leave your personal credit out of the mix.
You Have Options: Business Loans for Women with Bad Credit Really Do Exist
Business loans for women with bad credit are out there. We gave five outstanding places to get started. However, there is more to the business funding process than just finding a loan despite bad credit. You have to have a plan to overcome the bad credit in the long term.
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The best way to do that is to ensure you pay all accounts on time, consistently. In addition, work on building your business credit so that you do not have to depend on your personal credit for business funding.
Do not underestimate the importance of this. By using your business credit to fund your business, you keep large business expenses, or business issues, from affecting your personal credit score. This means despite what is going on business-wise, you can still maintain the credit you need to buy a home, a car, do home improvement, etc.
Consequently, if you run in to personal credit issues, your business credit can remain unaffected. This means your business can continue to run successfully despite a poor personal credit score.
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