Rewards For Women Obtaining Business Loans Making functioning funding, service finance funding, as well as various other financing offered to ladies is a lot more essential in today’s expanding small company sectors. Extra ladies are ending up being local business owner, as well as the outcome is an expanding requirement for bank loan from financial …
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Are Unicorns Real? The Myth of Start Up Business Loans for Women
The True Story of Start Up Business Loans for Women and More Resources for Female Business Owners Studies show that forty percent of new entrepreneurs in the United States are women. In addition, the number of businesses owned by women is growing at twice the rate of those owned by men, according to Kauffman. We … Continue reading Are Unicorns Real? The Myth of Start Up Business Loans for Women
Are Unicorns Real? The Myth of Start Up Business Loans for Women
The True Story of Start Up Business Loans for Women and More Resources for Female Business Owners
Studies show that forty percent of new entrepreneurs in the United States are women. In addition, the number of businesses owned by women is growing at twice the rate of those owned by men, according to Kauffman. We dive deep into start up business loans for women.
You might think this means that there are more start up business loans for women. That isn’t the case however. In fact, according to research done by Fundera, 3 out of 4 female business owners do not even apply for business loans. Those that do are asking for less money. About $35,000 less to be exact.
Even more discouraging is this. While about half of all business owners who apply for loans are approved, only 30% of women business owners get approval. This is from a study that Dun & Bradstreet did with Pepperdine University researchers.
- It is more likely that businesses owned by women will report a high credit risk. Studies show 41% of women-owned businesses report a medium to high credit risk. Only 33% of male-owned businesses report the same.
- Women-owned businesses rely heavily on SBA products and credit cards. This means they are utilizing less equity and fewer types of debt than male owned firms.
- Business owned by women are more often mismatched with funding sources. This causes them to experience funding gaps persistently, even if they have lower credit risk.
Learn business loan secrets with our free, sure-fire guide.
Start Up Business Loans for Women: Where Should Women Business Owners Look for Loans?
The truth is, unicorns do not exist. Neither to business loans specifically for women. Despite the unsavory statistics, women can get regular business loans, and there are ways to increase your chances.
A lot of the variables are outside of the borrower’s control. However, we can help you find the best places to look and the most likely sources of funding to help ensure your business does not become a statistic.
According to a survey by the Federal Reserve Bank, businesses owned by females are more likely to gain approval for loans at small banks. In fact, 67% are approved at small banks. This compares to only 50% at large banks. Those that have loans with smaller banks also note a higher satisfaction level.
What’s that mean practically? It’s probably best for women business owners to stick to smaller banks. There are more ways to increase your chances of success in finding funding however.
Use All Available Resources
These are things that every small business owner should do to increase their chances of loan approval, but female business owners should be especially prudent. There are a host of resources out there geared toward helping women business owners get the funding they need to start and run a successful business.
Small Business Administration
While the SBA exists for all small business owners, their Office of Women’s Business Ownership exists to help women business owners specifically. According to SBA.gov, “The Office of Women’s Business Ownership’s mission is to enable and empower women entrepreneurs through advocacy, outreach, education and support.”
They work with firms to ensure the best resources are available to women entrepreneurs at all stages. Whether starting a business, applying for a business loan, improving an already established business, or looking for government contracts, their mission is to support female business owners. If that’s you, this is definitely a good starting place.
National Women’s Business Council
The NWBC is a federal advisory council. It serves as a source of advice to the government on women’s business issues. Its mission is to encourage initiatives, programs, and policies to support women in business at all stages. This includes start up all the way through growth, expansion, and significance.
Other Resources for Female Business Owners
In addition to those agencies listed above, these organizations offer research and support to women owned business in many ways.
According to their website, the AWBC operates a network of women’s business centers that, “help women succeed in business by providing training, mentoring, business development, and financing opportunities to over 145,000 women entrepreneurs each year.”
The NAWBO offers national events, training opportunities, and other resources for female business owners across the country.
NAFE offers training opportunities, events, and other resources to help women in business succeed.
“SCORE is the nation’s largest network of volunteer, expert business mentors, with more than 10,000 volunteers in 300 chapters.” Get matched with a mentor or take a workshop to help you learn what you need to know to achieve business success.
What Does this Have to Do with Start Up Business Loans for Women?
Here’s the thing. Since we have established that unicorns and specific start up business loans for women are both myths, we know female business owners will always have to compete with male business owners for loans. The more support and education you have behind you, the better.
Use these resources for support and education, but also to help you find other sources of funding besides start up business loans for women. There are grant resources available through various local industries and businesses as well as certain corporations and professional organizations. These agencies can help you find those funding sources. They can also help you prepare for the application process.
Learn business loan secrets with our free, sure-fire guide.
How to Get Start Up Business Loans for Women
Now, as for traditional business loans, the best thing to do is be prepared. Most lenders need to see the following:
- Business Financial Statements or tax returns for the past 3 years
- Personal Tax returns for the past 3 years
- A professional business plan
- They will run a credit check, and the minimum credit score varies by lender.
- Other information at the discretion of the lender
- Always inquire about the application process on the front end so you can have any additional materials prepared.
The more of this you have prepped and ready to go, the faster and smoother the process should run. This information is what is required of a typical, traditional lender. There are non-traditional lenders that may require more, or less, information. You would be hard pressed to find a traditional loan that does not require a personal credit check, but there are other options.
Business Credit
If you are looking for start up business loans for women, you must need business funding. There are options for funding that rely on your business credit rather than your personal credit. What is business credit? It is exactly like your personal credit, except it is based only on the credit history of your business. This means that it is not affected by your personal credit history. Also, your personal history is not affected by anything that is on your business credit.
This is good for many reasons. First, you can access funding for your business despite a poor credit history. That is an obvious benefit. What some do not realize is, even if you pay on time, using your personal credit for business transactions can be detrimental.
That is because business transactions are, by nature, large. Personal credit limits are typically much lower than business credit limits. Because of this, business transactions can max out personal credit quickly. Consistently carrying balances near your limit negatively affects your debt to credit ratio. That, in turn, lowers your credit score even if you are making consistent on-time payments.
How to Get Business Credit
Every business needs business credit, even if you intend to apply for traditional loans. Sometimes lenders will look at business credit along with personal credit if it is available. However, it also opens up doors to other options if the traditional route isn’t going to work for some reason. If you have good business credit, your business is fundable.
The first step in establishing business credit is to ensure your business is recognizable as an entity separate from you personally. It has to stand on its own. This means that you must incorporate rather than operate as a sole proprietorship or partnership. You can organize as an s-corp. LLC, or full-fledged corporation. They each have their own benefits and costs, but for the purposes of establishing business credit they function equally.
The Rest of the Business Credit Story
Aside from incorporating, you will need to take a few other steps to lay the foundation for business credit.
- Obtain a separate business address and phone number. Make sure the phone number is through a toll-free exchange. List both in the directories under the business name.
- Get an EIN. This is an identifying number for your business so you do not have to associate it with your Social Security Number. Get one for free at gov.
- Apply for a DUNS number from Dun & Bradstreet. It’s free on their website, but beware. They will try to sell you a bunch of stuff you don’t need. Put on your blinders and power through. All you need is the number and it is free.
- Open a dedicated business checking account. Take care to run all business transactions through this account.
- Set up a professional website and dedicated business email address. The email address should have the same URL as the website and should not be from a free email service. Gmail and Yahoo will not work here.
What’s Next?
Once you have the foundation for business credit, you can start building. This is done in layers, or tiers. For example, the first tier is the vendor credit tier. This is the starting point because they will extend net 30 terms on invoices without a credit check. Then they will report your payments to the business credit agencies. This is how you begin to build business credit without involving your personal credit. By applying with your EIN rather than your social security number, you keep your personal name out of the equation altogether.
Who is in the vendor credit tier? There are dozens of vendors that will work with you in this tier. Some of the easiest to get started with include Quill, Uline, and Grainger. They each offer products that pretty much any business can use on a regular basis, so it’s simple to open an account and begin doing business with them.
After you have 5 or so accounts reporting from the vendor credit tier, you can apply for business credit cards from the retail credit tier. These are store cards from retailers such as Best Buy, Amazon, and Office Depot.
Learn business loan secrets with our free, sure-fire guide.
Get 10 or more of these reporting and you can apply to cards in the fleet credit tier. Cards from companies like Fuelman and Shell are in this tier. They can be used for automobile maintenance and gasoline purchases.
After that comes the cash credit tier. Once you have enough accounts reporting on time payments from these three tiers, you can apply for general business cards from companies like MasterCard, Visa, and American Express. At this point, your business credit is pretty well established, and it is not attached to your personal credit in any way.
Other Options for Established Businesses
If you have accounts receivable, you can consider invoice factoring. This is a way of selling your open invoices for less than cash value, but you get the cash immediately. If you have credit card sales, there is the option of a merchant cash advance. With this option, you receive a cash advance for your average daily credit card sales. Payments are typically deducted from future credit card sales on a daily, weekly, or monthly basis.
While neither of these options are ideal, they are valid and can be exactly the push you need to get your business through a tough spot.
A Final Word About Start Up Business Loans for Women
So that’s it then. Unicorns do not exist, and neither do specific start up business loans for women. There are grants that are geared specifically toward women entrepreneurs, but for the most part funding is non-gender specific. The challenges faced by female business owners can only be mitigated by solid preparation and education.
Having a solid business credit score is essential also. This will open up a world of funding options that would not be available otherwise. Business credit cards and products from non-traditional lenders are a valid option if you find yourself facing issues with start up business loans for women. That’s the important thing to remember. Just because unicorns do not exist doesn’t mean dreams do not come true. There are plenty of other options, and a white horse is almost a good as a unicorn. Business credit can be your white horse.
The post Are Unicorns Real? The Myth of Start Up Business Loans for Women appeared first on Credit Suite.
Get Business Credit Cards with EIN Only
The Absolute Best Business Credit Cards with EIN Only
We checked out a number of business credit cards with EIN only, and did the research for you. So here are our top picks.
Per the SBA, small business credit card limits are a whopping 10 – 100 times that of personal credit cards!
This reveals you can get a lot more money with small business credit. And it also means you can have personal credit cards at retailers. So you would now have an extra card at the same stores for your company.
And you will not need collateral, cash flow, or financial data in order to get business credit.
Business Credit Cards with EIN Only: Benefits
Benefits vary. So, make sure to choose the benefit you would prefer from this array of alternatives.
Business Credit Cards with EIN Only for Credit Building
Discover it® Student Cash Back
Make sure to take a look at the Discover it® Student Cash Back card. It has no annual fee. The card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.
One one-of-a-kind feature is that it offers an incentive for scholars to maintain good grades with a $20 statement credit. If scholars earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit each year for up to five years.
Details
Use this credit card to build personal credit. While this is a personal credit card versus a business card, for new credit users, their FICO scores will be important. And this credit card offers an excellent way to raise FICO while also getting rewards.
You can earn 5% cash back at different places each quarter like grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.
In the initial year, all cash back rewards are matched 100%.
Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is greater. And although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Business Credit Cards with EIN Only for Average Credit
Capital One® Spark® Classic for Business
For average credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. The card gets 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/
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Ironclad Secured Business Credit Cards with EIN Only
Wells Fargo Business Secured Credit Card
Check out the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is meant to help cardholders establish or rebuild their credit.
Pick this credit card if you want to get 1.5% per dollar in purchases with no limits or get one point for every dollar in purchases. You also earn 1,000 bonus points 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 card for balance transfers.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Business Credit Cards with EIN Only – 0% APR – Pay Absolutely Nothing!
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 annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Thereafter, 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 also get trip cancellation coverage, trip delay reimbursement and other benefits.
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
Have a look at the JetBlue Plus Card for one more offer of a 0% introductory APR
Get six points/dollar on JetBlue purchases, two points/dollar at dining establishments and grocery stores. And get one point/dollar on all other purchases.
Details
Spend $1,000 in the initial 90 days and pay the annual fee, and get 40,000 bonus points. New cardholders receive a 12 month, 0% introductory APR on balance transfers made in 45 days of account opening.
Thereafter, 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/
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 get 2% back on online purchases.
So, this includes retailers and subscription services such as 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 a minimum of $500 in the first 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 certain events and offers. Uber expects most of these offers to 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, accrue 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 need to fill your gas tank in some way. Why not do so with the Costco Anywhere Visa® Business Card by Citi?
This credit card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, earn 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.
Note: the $0 yearly 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 available 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
Look at the Ink Business Cash ℠ Credit Card. Companies can get cash back with each purchase. Spend $3,000 in the initial 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. Afterwards, the APR is a 15.24 – 21.24% variable.
The card features 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 credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is more. 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.
Get 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases get 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial 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. On top of that, get early check-in and late checkout. And get an auto rental collision damage waiver.
Plus, 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
Starwood Preferred Guest® Business Credit Card from American Express
Another choice is the Starwood Preferred Guest Business Credit Card from American Express.
This credit 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, US filling stations, and on US purchases for shipping.
Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get 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 yearly 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 with EIN Only 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 earn 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. Also, automatically earn unlimited 1% cash back on all other purchases.
You will earn an unlimited dollar-for-dollar match of all the cash back you have earned 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 with EIN Only for Cash Back
SimplyCash Plus Business Credit Card from American Express
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 initial 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 numerous 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 purchased from US service providers. But this pertains to the initial $50,000 of yearly spending. Then, you earn 1% cash back.
You also earn 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 get 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 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. And then 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 within 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/
Business Credit Cards with EIN Only for Luxurious Travel Points
Capital One® Spark® Miles for Business
Be sure to check out the Capital One® Spark® Miles for Business card. With this card, you can get 2 miles per dollar on all purchases. When you spend $4,500 within the first 3 months of opening an account, you can earn 50,000 miles. So, that is worth $500 in travel.
Benefits for cardholders include an auto rental collision damage waiver, and purchase security. And they also include extended warranty coverage. And you get travel and emergency assistance services.
Cardholders will pay $0 introductory for first year. But they will pay $95 after that for the annual fee.
There is no 0% APR for purchases or balance transfers with this card. The APR is 18.74% (variable).
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/
The Business Platinum® Card from American Express OPEN
Check out the Business Platinum® Card from American Express OPEN if you’re comfortable with an exorbitant yearly fee. This card gets 5 points per dollar on flights and prepaid hotels booked on the American Express Travel website.
It also earns 2 points per dollar on travel purchases booked on the American Express Travel website.
Furthermore, it earns 1.5 points per dollar on purchases of $5,000 or more. So, this is with up to one million additional points per calendar year. All other eligible purchases get one point per dollar.
Details
With this card’s welcome offer, you can earn 50,000 bonus points when you spend $10,000. And get another 25,000 points when you spend an additional $10,000 in that same period.
Cardholder benefits include global lounge access and a $200 airline fee credit. And you get a fee credit for Global Entry or TSA Precheck.
Benefits also include complimentary Wi-Fi hotspot internet access, privileges including early check-in and daily breakfast at participating hotels and resorts. Plus, the card offers travel accident insurance and roadside assistance.
This card does not offer bonus point earnings in other categories like gas, office supplies or advertising. Additionally, all of these benefits do not come cheap. Note: the card has an annual fee of $450!
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Chase Sapphire Reserve®
For travel points, take a look at the Chase Sapphire Reserve® credit card. You can earn 3 points/dollar on travel and dining at restaurants and 1 point/dollar on other purchases.
Spend $4,000 in the first 3 months, and you will get 50,000 bonus points. This card provides a $300 annual travel credit. And you get airport lounge access, perks at luxury hotels and resorts including upgrades.
It also offers a fee credit for Global Entry or TSA Precheck, early check-in and late checkout. And it provides trip cancellation and interruption insurance, an auto rental collision damage waiver.
Details
Plus lost luggage reimbursement, trip delay reimbursement, and purchase protection. Finally, it also has return protection and extended warranty protection.
This credit card also offers cardholders a 25% higher points value when redeemed for travel through Chase Ultimate Rewards. With this card, points are worth 50% more when redeemed for travel through Chase Ultimate Rewards.
The biggest issues are the yearly fee of $450 and $75 for every authorized user. Another factor to consider should be that the card has a 17.99 – 24.99% variable APR.
So, consider this one carefully and be sure to read the fine print.
Get it here: https://www.chase.com/card-benefits/sapphirereserve/travel
IHG ® Rewards Club Premier Credit Card
Have a look at the IHG ® Rewards Club Premier Credit Card. it gets hotel rewards worldwide. For every dollar spent at participating IHG hotels, earn 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants.
Plus all other purchases earn one point. New cardholders can get an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.
Details
This card offers a free one-night hotel stay each year. Plus there is a wide array of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.
The biggest issue is that the card does not have a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the yearly fee is $89.
Get it here: https://creditcards.chase.com/a1/ihg/premiernaep
Marriott Rewards® Premier Plus Credit Card
This card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.
Spend $3,000 in the first three months from account opening and get two free night awards (each worth up to 35,000 points).
Cardholders get access to perks including a free one-night stay every year after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.
Details
Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. In addition there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.
Spend $35,000 each account year, and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.
There is an annual fee of $95. The APR is a 17.99 – 24.99% variable.
Get it here: https://creditcards.chase.com/marriott/apply
Business Credit Cards with EIN Only for Jackpot Rewards
Chase Sapphire Preferred® Card
Take a look at the Chase Sapphire Preferred® Card for travel points.
You can earn two points to the dollar spent on travel and dining at restaurants. And you can earn one point per dollar on all other purchases. Points can be traded in 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 get an unlimited two points per dollar for travel and dining at restaurants. And after that 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 credit 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
Get 80,000 bonus points when you spend $5,000 in the first 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 earn 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. Earn 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. Also, get 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 credit 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. Earn 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.
If you spend $40,000 on eligible purchases with the card within a calendar year, you can earn Hilton Honors Diamond status. So this is 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 extremely 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 with EIN Only for You
So your absolute best business credit cards hinge on your credit history and scores.
Only you can select which features you want and need. So make sure to do your homework. What is outstanding for you could be catastrophic for other people.
And, as always, make certain to build credit in the recommended order for the best, fastest benefits.
The post Get Business Credit Cards with EIN Only appeared first on Credit Suite.
The Art and Science of Social Storytelling –10 Brilliant Business Tips of the Week
The Hottest and Most Brilliant Business Tips for YOU – Start Social Storytelling 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! Wow your customers and prospects with social storytelling, and more.
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!
#10. Don’t Forget the Videos!
Our first jaw-dropping tip is all about adding videos to your marketing strategy. The Self-Employed says video is compelling and persuasive and boy do we ever agree!
One of our favorite points in this article is all about retention of information. It seems we remember about 95% of what we view. And about 10% of what we read. Sorry, books.
This means it makes a ton of sense to add video to your bag of tricks. Video is a particularly persuasive marketing tool on mobile.
This article also has a ton of excellent tips for how to best optimize your video. After all, YouTube is the second-largest search engine, second only to Google. It makes sense to do everything in your power to make your video content discoverable.
We recommend reading the entire article. Yes, it’s that good.
#9. Set Up Your Field Sales Team for Success
The next awesome tip is about aligning the planets for your field sales team so they’ll be more successful. Open View Partners notes face to face requests are some 34 times more effective than emails. So send your sales team into the field. But don’t send them without preparation.
Their two great tips were to arm your sales people with data. And give them good mobile tools. Don’t make them squint at too-tiny screens.
Pro tip – this works in a lot of other areas. The asking in person bit, that is. So if you ever have to argue a mistake on a bill, go to the place where the bill came from, if you can. Be nice, of course. Don’t look like some loon who they’re only too eager to call the cops on.
Be there, and be reasonable. You will be hard to say no to.
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! Learn the art and science of social storytelling.
#8. Get More Social Media Sales
Our following life-changing tip concerns selling on social media. LinkedIn points out it’s a great source for B2B social media leads – to the tune of 80%!
As we have seen elsewhere, one terrific strategy is to showcase your expertise. In all seriousness, who wants to read about someone who’s fumbling along? Of course, they can have compelling stories. But anyone without expertise needs a ‘happy ending’ of gaining expertise. Without that, they don’t belong in the B2B marketing space, now, do they?
But we also liked the idea to help the overwhelmed decision makers among us. When there are 111 choices out there, so many of us are tempted to close our eyes and point. Guiding such people is another form of value. In truth, it’s a lot like the strategy to showcase expertise.
Helping people. Whooda thunk?
#7. Give Your Email Marketing a Boost
For our next sensational tip, we looked at best practices for email marketing. Sumo lays it all out for us. Our fave tip was to clean house! For so many email marketers, their lists have black hole-style addresses. These are people who never respond. But the email may or may not bounce. If you have an email address you only use for one thing, then you know what we mean.
Let’s say you have 1,000 bad email addresses, and you send two messages per week. Then in month, you’re sending 8,000 emails to the void. Pay a penny per email? Then you’re wasting a good $1,000 per year on the dead weight.
And there’s another thing, which the article didn’t get into. There are any number of email service providers which will ding your company if you get too many bounces. After all, bounces clog up their servers and make everything go slower.
So clean house and send re-engagement emails to stale subscribers on a regular basis. Maybe once a quarter? No response? Then sayonara; it’s been nice knowing you.
#6. Improve Your Emails
This tip is so cool, and it works! Science of People has us covered. Speaking of emailing, this article hit home in all sorts of unexpected ways.
Two tips which stood out to us were to not bury the lede (yes, that’s the spelling: you could look it up), and to not ramble on and on. Oh boy, do we love those!
But the one tip which we suspect will save both working relationships and social ones was #6. Add the address last.
This is vital. Trust us.
And check out their bonus. Someone should sew it on a sampler and hang it on a wall!
#5. Specialize in Social Storytelling
Grab this mind-blowing tip while it’s hot!
It’s time to wow your customers and prospects with social storytelling. Sales Hacker says it’s a way to buck the automation trend. That is, we still don’t have AI which can write a story and keep it compelling.
So, that reminds your intrepid blog post writer of a tale. See, social storytelling is everywhere! In fact it’s here most Fridays.
Social Storytelling and the Author
Now, I can’t honestly recall if I have mentioned this before. But I am an author. You know, published and everything. But of course life wasn’t always this way.
Good writing comes with training. And some of my best education came in, of all places, high school.
My 12th grade English teacher was big on creative writing. So she gave us the formula, which I will now pass onto you.
Characters. Conflict. Crisis. Change.
That is, your story must have all four. The setting, by the way, is a form of character. And conflict can also be seen as purpose or the desired end result.
Think of your favorite stories. In The Wizard of Oz, the characters are obvious, including the title character. The conflict (desired end result) is to get Dorothy back home to Kansas. The crisis is when the team has to battle the Wicked Witch of the West. And the change is Dorothy gets to go home. While at the same time, her companions realize they had the power within them all along.
Bringing it All Back to Social Storytelling
So there’s a point to this little side junket. It’s like the tips in the article. We are talking about super-short social storytelling. As in, 20 to 30 seconds. How do you make a compelling character? Give him or her a struggle. What’s an interesting conflict or desired outcome or purpose? Something like what your customers and prospects want. What about the crisis? Where are things coming to head. When does it become do or die? And what’s the change? Where’s the happy ending?
For example – in your social storytelling, you might have a customer who’s tried everything but not been able to succeed. They want to, of course. And then things turn dire. They may realize they’re not getting any younger. Or a new baby or a house or the like means financial needs are more pressing. They need to succeed yesterday. The change, as you may have guessed, is how your product or service gets them there.
Human beings are storytellers. Social storytelling probably goes back to when we lived in caves and were first developing language. Homer told the stories of the Iliad and the Odyssey to his fellow Greeks, many of whom could neither read nor write.
Social storytelling is in our DNA. And it is powerful.
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! Learn the art and science of social storytelling.
#4. Social Storytelling and Social Proof in Email Marketing
Check out this spectacular tip. It’s all about using social proof in your email marketing campaigns. Sleek Note says there are lots of compelling ways to use social proof in email marketing.
We loved their examples of showing authority. You can earn it, with great reviews from your customers. Or you can borrow it, through an association with another company or organization. You can polish it up with celebrity endorsements. And you can make it newsworthy with media endorsements.
But what if you have none of these? Then it’s time to build your brand and encourage reviews, to start. Why not show a short (yes, short, as in no more than three questions) survey upon checkout? Give away a small token of your appreciation for filling it out. Maybe a 10% discount on their next shopping trip?
Then you’ll start to get some social proof.
#3. Get Down on One Knee
It’s not your imagination: this winning tip can increase engagement on Facebook. BuzzSumo gives us the lowdown. They have four daily tasks to help you increase engagement.
We were so happy that these are all data-type tasks! One was to figure out when’s the best time to post on FB. Companies and their customers differ; this is not ‘one size fits all’. Your prospects might check FB at lunch. Or the morning or the evening could be their time to socialize online.
The weekend might be the right time. You’ll never know unless you keep tabs.
And you’ll also never know which content does best unless you measure. That’s their second task. What content works? What falls flat?
Do more of the former, and less of the latter.
We also loved the third task, to schedule your FB posts for the week. This is with a tool like Hootsuite or Buffer. After all, if your customers are on Facebook at 3 AM on a Tuesday, you have every right to want to sleep then!
Their fourth task was more measuring. Check your content and see if it works. For the second task, you’re looking at individual content. Here, you’re looking at the bigger picture. If quizzes do better than slideshows, then guess what you should post more often?
#2. Grow Network, Grow!
Our second to last unbeatable tip can give you a new perspective on how to grow your network. Entrepreneur notes we don’t start networking by sending strangers random calls. We don’t press our business cards into the hands of everyone on the bus.
At least, your intrepid blog writer hasn’t done that. In a while.
(Note: that was a joke)
So start with the people you know. Classmates. Friends. Neighbors. Colleagues, both current and past. Family. They know you! And they know you’re dependable, smart, etc.
And then the second tip makes even more sense – help others before you get them to help you. Yes, you’re creating an expectation of a quid pro quo. You’re also, you know, doing the right thing.
For the third tip, we encourage you to read this article in its entirety!
#1. Stand Out in an Overcrowded Voice-Assisted World
We saved the best for last. For our favorite remarkable tip, we focused on standing out as a brand while your customers and prospects shop with voice assistants. You know, Siri and Alexa and the like. The Harvard Business Review says there are a few strategies which should work.
Consider that this hasn’t quite happened yet. So the HBR could change their minds later. But there was one tip which made a lot of sense to us. And it can work, in some ways, even for other types of marketing and sales.
It’s to bundle the stuff you sell. Or, at least, to suggest the similar stuff. So if you sell, say, dog treats, there’s a good chance your customers will also take an interest in dog toys. They called this affinities. Then they took this from beyond the realm of Amazon’s recommendation engine.
That is, they suggest putting together different types of customers. And cater to their particular affinities. Your young mom groceries customers might be more interested in convenience. But your hipsters who want to cook something new.
Yet again, there’s a suggestion to treat customers like individuals. You know, like people.
What a concept.
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! Learn the art and science of social storytelling.
The post The Art and Science of Social Storytelling –10 Brilliant Business Tips of the Week appeared first on Credit Suite.
A Smart Business Women’s Guide to Small Business Loans: Stock Up on Tools to Help Find Loans for Women to Start Business
A Comprehensive Guide for How to Get Loans for Women to Start Business
Research shows that forty percent of brand-new business owners in the United States are ladies. Furthermore, the variety of businesses owned by women is growing at twice the rate of those possessed by males, according to Kauffman. You may assume this indicates that there are more loans for women to start business. That isn’t the situation however.
As a matter of fact, according to research done by Fundera, 3 out of 4 female local business owners do not even apply for company financing. Those that do are requesting much less than their male counterparts.
Are There Business Loans Just for Women?
Not really. There are not a lot of specific business loans for women to start business. There are, however, a ton of resources to help women find loans. Organizations exists that work toward helping women business owners access all their resources and find the funding they need. Also, some loans work better for women business owners than others, and these organizations can help you find the best ones for you.
According to a survey by the Reserve bank, women owned businesses have better chances of getting funding at smaller banks. As a matter of fact, 67% of loans for women to start business are authorized at smaller financial institutions. This compares to only 50% at large banks. Those that have loans with smaller banks are generally more satisfied with the service they receive.
What’s that mean? It’s probably best for female local business owners to stick to smaller, community banks. There are other options though.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Pack Your Tool Bag
The key is to have a stock of tools you can use to help you find loans for women to start business. These are sources and resources that every small company proprietor needs in their arsenal to enhance their chances of funding approval, especially women. Some are even designed specifically to help women, though not all offer funding. Those that do not, however, definitely know how to help you find and get the funding your need.
The Everyday Essential: Small Business Administration
While the SBA exists for all small company owners, their Office of Women’s Business Ownership exists to help women local business owner particularly. According to SBA.gov, The Office of Women’s Business Ownership’s is here to enable and empower business owners that are women via advocacy, outreach, and education as well as assistance.
They work with firms to make sure the best resources are available to women business owners at all stages. Whether starting a business, looking for a company financing, enhancing a currently developed business, or trying to find government agreements, their mission is to support the female company owner. If that’s you, go here first.
National Female’s Service Council
The NWBC is a federal advising council. It works as a resource of guidance to the government on women’s organization problems. The objective is to encourage campaigns, programs, and policies to sustain females in service at all phases, from startup to growth, and hopefully to expansion and sustainability.
Other Tools to Consider
Along with those firms listed above, these agencies provide support to women owned businesses.
The AWBC runs a network of business centers geared toward women. These centers labor to help women succeed by offering training, business development, financing, and mentoring opportunities.
This organization, also known as NAFE, sponsors events, provides training, and offers other resources to help female business owners achieve success.
The NAWBO works across the country to offer training, events, and other resources to women owned businesses nationwide.
With more than 300 chapters and 10,000 volunteers, this is the country’s largest network of expert business mentors that volunteer their time. They match female business owners with mentors, or they can participate in a workshop to help them learn what they need to know to be successful.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
But What About the Loans for Women to Start Business?
Most females carry a bag of some sort, and women business owners need a bag of tricks and tools to help them get the funding they need. It’s not all black and white, and if the statistics listed earlier are any indication, it isn’t always fair either. At some point, all businesses need financing, and these tools are designed to help level the playing field with it comes to getting loans for women to start business.
Make use of these resources for assistance and education, and get prepared for what the lenders will want to see.
What Other Tricks Do You Need in Your Bag to Get a Business Loan?
Now, as for traditional business finance, the best thing to do is be prepared. A lot of loan providers need to see the following:
– Company financial statements or income tax return for the past 3 years.
– Personal Income tax return for the past 3 years.
– A professional business strategy.
– They will certainly run a credit history check, and though 680 is standard, minimal credit rating varies by lender.
– Various other info at the discretion of the lender.
– Constantly ask about the application process on the front end so you can have any type of extra documents prepared.
The more of this you have prepped to go, the faster and smoother the process should run. This info is typical of what a standard loan provider may ask for. There are non-traditional lenders that may call for more, or less, info. You would certainly be hard pushed to find a typical lender that does not need a personal credit history check, but there are other choices.
The Secret Weapon: Business Credit
Business credit is a vital secret weapon to have in your bag of tools. There are choices for funding that count on your business credit rating as opposed to your individual credit score. What is a business credit score? It is like your personal credit, except it is based only on the credit history of your company. It is not influenced by your individual credit report. Also, your personal history is not impacted by anything that is reporting on your business credit history.
This is beneficial for a few reasons. First, you can access funding for your business despite an inadequate credit rating. That one is obvious. What some do not recognize is, even if you pay on time, utilizing your personal credit history for company purchases can be detrimental.
That is because organization transactions are, naturally, big. Individual credit limits are typically much lower than company credit limits. Due to this, business transactions can max out individual credit scores rapidly. Consistently bringing the balances close to your credit limits negatively impacts your debt- to- credit ratio. That, in turn, lowers your credit score even if you are making consistent, on-time payments.
How to Get Business Credit: The Secret to the Weapon
Business credit opens doors to various other choices if the conventional route isn’t working out for some reason. If you have a good company credit report, your business is fundable.
The very first step in developing a business credit report is to ensure your company is recognizable as an entity separate from yourself. It needs to stand on its very own. You have to incorporate instead of operating as a sole proprietorship or partnership. You can organize as an s-corp, LLC, or corporation. They each have their own advantages and costs, but for the purposes of establishing business credit, they work similarly.
Next, you will need to take a few other actions to lay the structure for a business credit rating.
– Obtain a separate company address and also telephone number. Ensure the contact number is via a toll-free exchange, and list both in the directories under the business name.
– Get an EIN. This is a number that identifies your business so you do not need to connect it with your Social Security Number. Obtain one completely free at IRS.gov.
– Get a DUNS number from Dun & Bradstreet. It’s cost-free on their web site, but beware. They will attempt to offer you a bunch of things you do not require. Put on your blinders and power through. All you need is the free number.
– Open a specialized company checking account. Take care to run all organization transactions through this account.
– Set up a professional web site and also committed business e-mail address. The email address needs to have the same URL as the website, and it must not be from a cost-free e-mail service. Gmail and Yahoo will not work right here.
Forging the Weapon
Once you have the foundation for a business credit report, you can begin forging your business credit score. This is performed in layers, or tiers. For example, the initial tier is the vendor credit tier. This is the beginning point because these vendors will extend net 30 terms without a credit score. Then, they will report your payments to the business credit reporting agencies. This is exactly how you start to construct a company credit score without involving your personal credit. By applying with your EIN as opposed to your social security number, you keep your personal name out of the formula entirely.
How do you find these starter vendors? There are loads of vendors that will work with you in this tier. A few of the easiest to get started with are here. They each offer products that pretty much any business can use on a regular basis, so it’s simple to open an account and begin doing business with them.
After you have 5 or so accounts reporting from the vendor credit tier, you can apply for business credit cards from the retail credit tier. These are store cards from retailers such as Best Buy, Amazon, and Office Depot.
Get 10 or more of these reporting and you can apply to cards in the fleet credit tier. Cards from companies like Fuelman and Shell are in this tier. They can be used for automobile maintenance and gasoline purchases.
After that comes the cash credit tier. Once you have enough accounts reporting on time payments from these three tiers, you can apply for general business cards from companies like MasterCard, Visa, and American Express. At this point, your business credit is pretty well established, and it is not attached to your personal credit in any way.
Wielding the Weapon
So, say you have used every tool in your box and you still come up short. What then? That’s when you whip out this secret weapon you forged known as business credit. If you have followed the steps properly and worked through all the tiers, you have business credit cards you can use to fund your business. You also now have other options.
You can use that business credit to help improve terms and interest rates on traditional loans. They may still look at business credit, but stellar business credit can only help, not hurt, when it comes to loans for women to start business.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
In addition, a strong business credit score can help you out when it comes to loans from non-traditional lenders. They can help you with approval and improve your terms and rates. Sometimes alternative lenders will even accept a business score in place of a personal credit score.
Wield Your Weapon Wisely
Even though loans for women to start business specifically are not really a thing, there are options to make the process easier women. A lot of resources are available to help women business owners be successful and find the funding they need. In addition, the challenges female business owners face can be mitigated by solid preparation and education.
Having a strong business credit score is important too. This will open up a world of funding options that would not be available otherwise. Business credit cards and products from non-traditional lenders are a valid option if you find yourself facing issues. Do not be afraid to jump into the fire and forge that business credit weapon. Once you have it, do not be afraid to use it. Not only can it tear down your funding foes, but it can also serve as a key to open the doors to the kingdom.
The post A Smart Business Women’s Guide to Small Business Loans: Stock Up on Tools to Help Find Loans for Women to Start Business appeared first on Credit Suite.
Beginning a New Business Requires More Than Just A Good Idea!
Beginning a New Business Requires More Than Just A Good Idea! You will certainly understand the relevance of unsafe begin up financing as soon as you’ve done this. Hardly ever does a person have the cost savings or individual sources to place a service strategy right into activity totally by themselves. Usually, also when one …
How to Set Up a New Business in Maine
Starting a Business in Maine
A new business in Maine is in reach. So have you been wondering: just how do I start a business in Maine? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in Maine during a recession?
New Business in Maine: Pros and Cons
Business Insider called Maine the second worst state to start a new business in, according to a 2016 article. And this is for the entire nation. There was a low density of startup companies and low productivity numbers. Its $37,958 GDP per capita is the seventh lowest in the country. Maine’s remoteness does not help, either.
Recent Confusing Metrics
In 2018, Forbes essentially agreed, placing Maine at a dismal 48th. But Fit Small Business, also in 2018, named Maine to its more or less covet-worthy 17th spot.
So what gives?
First of all, keep in mind that all three sites are using different methodologies.
So let’s start with the good news. Per Fit Small Business, Maine is number one for access to capital! Maine also scored well for quality of life and its labor market. It also did well for the costs of starting a business. But the state was below average for taxes, startup activity, and cost of living.
And now the bad news. Forbes places Maine at dead last when it comes to its regulatory environment. And Maine does poorly for growth prospects, business costs, and economic climate. It scored below average for quality of life and labor supply as well.
Why did Maine come out on both ends of the spectrum for quality of life? This can be a somewhat subjective measurement. Only you can decide if Maine’s remoteness and climate suit or stifle you. It would appear it’s not too expensive to start up a business. But it seems expensive to maintain one.
Labor market (per Fit Small Business) is a measure of location desirability and percent of people with bachelor’s degrees. So it would seem there aren’t too many people out there to hire (per Forbes). But those who are available are more likely to have bachelor degrees. This is useful when starting a more technical business. But keep in mind, there will be competition for these better-qualified job candidates.
New Business in Maine: Programs
Funding assistance is available to most sizes and kinds of Maine business. The state has several programs which offer what it calls “comprehensive incentives.” These programs include progressive tax reimbursement policies. They also include a nationally recognized “Community Development Block Grant” program. The program provides funds to projects like infrastructure development
Pine Tree Development Zone Program
The “Pine Tree Development Zone” (PTDZ) program offers eligible businesses the opportunity to virtually eliminate state taxes for up to ten years. The goal is to create quality jobs and support new or relocating Maine businesses.
Targeted industries include environmental tech, biotechnology, and composite materials. They also include precision manufacturing, information technology and financial services. Benefits from the PTDZ include insurance premium tax credits, and corporate income tax credits. They also include payroll and property tax credits, income tax reimbursement, etc.
Three Ring Binder Program
Maine’s “Three Ring Binder” is the state’s $32 million public and private collaboration. It is between Pioneer Broadband, Great Works Internet, and the University of Maine system. The idea is to create an open access fiber optic network. It is to extend into rural and disadvantaged areas of the state.
Maine right now is in first place for high speed broadband intensity. And it is seventh place for high speed broadband availability. Newly installed 1,100 miles of fiber optic cable should enhance the state’s health care system. It should also positively impact academia and small business.
Here is precisely how to start a new business in Maine.
Start a New Business in Maine – Maine New Business Secretary of State Requirements
Register a Business Name
The Maine government website says it is not necessary to register a trade name in Maine.
A Maine corporation must have a unique corporate name for the business. Before a business owner can file to incorporate, they should check to be sure that the name they want is not already in use by another corporation.
Search online records and government databases to find out if a name is already in use by another corporation. To search a database of Maine corporations, visit at the official website of the Maine Secretary of State.
While not necessary, a business owner can still apply to reserve the corporate name they want until they can file to incorporate. The application is online on the official website of the Maine Secretary of State. There is a $20.00 filing fee and the name that they have chosen will then be reserved for a period of 120 days.
Business Permits and Licenses
The Maine government website will be your best bet. It includes a list of licenses you might need.
Local Permits and Licenses
Check if there may be any local licensing or permit requirements.
For example, in Bangor, you will need to go to the Business Licenses page on the Bangor city website.
Start a New Business in Maine – Business Registration
Go to the Maine Bureau of Corporations, Elections and Commissions, by way of the Department of Secretary of State. They have the requisite forms.
Tax Registration
Go to the Maine Revenue Services to use their registration service.
Start a New Business in Maine – Virtual Offices
Alliance and Regus do not offer Maine virtual office space. DaVinci offers Portland virtual business office space. Opus has Waterville virtual business offices. An extensive search did not turn up any Maine virtual office addresses in Augusta, Bangor, or Caribou.
Therefore, business owners looking for virtual business offices in these metropolitan areas should connect with local business owners.
Or they can try computer user groups for leads in this area. Other options may include finding virtual business office space in nearby states. These are Massachusetts, New Hampshire, and Vermont.
Start a New Business in Maine – Establish Business Credit
Small business credit is credit in a company’s name. It doesn’t connect to an owner’s individual credit, not even if the owner is a sole proprietor and the only employee of the business.
Accordingly, a business owner’s business and consumer credit scores can be very different.
The Benefits
Because business credit is independent from personal, it helps to secure an entrepreneur’s personal assets, in case of court action or business bankruptcy.
Also, with two distinct credit scores, a business owner can get two separate cards from the same vendor. This effectively doubles buying power.
Another advantage is that even startup businesses can do this. Going to a bank for a business loan can be a formula for frustration. But building business credit, when done right, is a plan for success.
Consumer credit scores depend on payments but also various other elements like credit usage percentages.
But for small business credit, the scores really only hinge on whether a company pays its debts on a timely basis.
Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.
The Process
Establishing company credit is a process, and it does not happen without effort. A small business will need to actively work to build company credit.
Nevertheless, it can be done easily and quickly, and it is much swifter than establishing personal credit scores.
Merchants are a big aspect of this process.
Accomplishing the steps out of order will lead to repetitive rejections. Nobody can start at the top with company credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.
Start a New Business in Maine – Small Business Fundability
A business needs to be fundable to lending institutions and vendors.
That’s why, a business will need a professional-looking web site and email address. And it needs to have website hosting from a vendor like GoDaddy.
And also, business phone and fax numbers must have a listing on ListYourself.net.
Additionally, the business phone number should be toll-free (800 exchange or comparable).
A company will also need a bank account devoted only to it, and it must have every one of the licenses essential for operating.
Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.
Dealing with the IRS
Visit the IRS web site and acquire an EIN for the company. They’re free. Select a business entity like corporation, LLC, etc.
A business can start off as a sole proprietor. But they will probably wish to change to a form of corporation or an LLC.
This is in order to limit risk. And it will optimize tax benefits.
A business entity will matter when it concerns taxes and liability in case of a lawsuit. A sole proprietorship means the business owner is it when it comes to liability and tax obligations. No one else is responsible.
Sole Proprietors Take Note
If you run a company as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.
If you do not, then your personal name is the same as the company name. Consequently, you can find yourself being personally liable for all company debts.
Plus, per the IRS, using this arrangement there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 chance for corporations! Steer clear of confusion and drastically reduce the chances of an Internal Revenue Service audit simultaneously.
Setting off the Business Credit Reporting Process
Begin at the D&B website and obtain a free D-U-N-S number. A D-U-N-S number is how D&B gets a business in their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.
Once in D&B’s system, search Equifax and Experian’s sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.
By doing this, Experian and Equifax will have something to report on.
Vendor Credit Tier
First you need to build trade lines that report. This is also referred to as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.
And with an established business credit profile and score you can start to obtain credit in the retail and cash credit tiers.
These varieties of accounts have the tendency to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.
But first of all, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are typically Net 30, versus revolving.
So, if you get an approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, like within 30 days on a Net 30 account.
Details
Net 30 accounts need to be paid in full within 30 days. 60 accounts need to be paid in full within 60 days. Compared to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.
To start your business credit profile the right way, you need to get approval for vendor accounts that report to the business credit reporting agencies. Once that’s done, you can then make use of the credit.
Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.
Vendor Credit Tier – It Makes Sense
Not every vendor can help in the same way true starter credit can. These are vendors that will grant an approval with very little effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.
You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to verify you are responsible and will pay on time.
Retail Credit Tier
Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are businesses which include Office Depot and Staples.
Just use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.
One example is Lowe’s. They report to D&B, Equifax and Business Experian. They want to see a D-U-N-S and a PAYDEX score of 78 or more.
Fleet Credit Tier
Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These are service providers like BP and Conoco. Use this credit to buy fuel, and to repair, and take care of vehicles. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the company’s EIN.
One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or more and a 411 business telephone listing.
Shell may claim they want a specific amount of time in business or profits. But if you already have adequate vendor accounts, that won’t be necessary. And you can still get approval.
Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.
Cash Credit Tier
Have you been responsibly managing the credit you’ve up to this point? Then progress to the cash credit tier. These are service providers like Visa and MasterCard. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.
One example is the Fuelman MasterCard. They report to D&B and Equifax Business. They want to see a PAYDEX Score of 78 or more. And they also want you to have 10 trade lines reporting on your D&B report.
Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).
In addition, they want you to have an established company.
These are service providers like Walmart and Dell, and also Home Depot, BP, and Racetrac. These are frequently MasterCard credit cards. If you have 14 trade accounts reporting, then these are feasible.
Start a New Business in Maine – Monitor Your Business Credit
Know what is happening with your credit. Make certain it is being reported and attend to any inaccuracies as soon as possible. Get in the practice of checking credit reports and digging into the details, and not just the scores.
We can help you monitor business credit at Experian and D&B for only $24/month. See: www.creditsuite.com/monitoring.
Update Your Data
Update the info if there are mistakes or the data is incomplete.
Start a New Business in Maine – Fix Your Business Credit
So, what’s all this monitoring for? It’s to dispute 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.
Disputes
Disputing credit report inaccuracies usually means you send a paper letter with duplicates of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and retain the original copies.
Fixing credit report errors also means you precisely detail any charges you challenge. Make your dispute letter as understandable as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.
A Word about Building Business Credit
Always use credit responsibly! Don’t borrow more than what you can pay back. Keep track of balances and deadlines for repayments. Paying promptly and in full will do more to raise business credit scores than almost anything else.
Establishing company credit pays off. Good business credit scores help a small business get loans. Your lender knows the business can pay its debts. They know the business is for real.
The small business’s EIN connects to high scores and credit issuers won’t feel the need to require a personal guarantee.
Business credit is an asset which can help your business for years to come.
Learn more here and get started toward opening a new business in Maine.
Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.
The post How to Set Up a New Business in Maine appeared first on Credit Suite.
Three Cheers for Creative Interactive Content –10 Brilliant Business Tips of the Week
The Hottest and Most Brilliant Business Tips for YOU – Make Awesome Creative Interactive Content 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! Creative interactive content is in your future!
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!
#10. Tricky Marketing
Our first jaw-dropping tip is all about tips and tricks for marketing your small business. Young Upstarts says there are a few inexpensive ways you can stand out and start to build customer loyalty.
Perhaps our favorite tip was the one about being seen. But what does that mean, anyway?
Be Seen – Be Present
It means, quite simply, to get out from behind your keyboard and go amongst the people. Now, this is probably something which is more likely to be important if yours is a local business. But it probably can’t hurt even if your business is more or less 100% online.
True story time.
The Event
So, did you know what your intrepid blog post writer is also a published author? Yeppers.
And there is a species of marketing which goes along with being an author. In fact, every author has to do something or other like this to market their book. Yes, even Stephen King and JK Rowling! Gone are the days of just letting a publisher’s publicity department do the work. Every author has to help sell their work these days. Bigger name authors go on talk shows; little indies might take out ads on Twitter or run groups on Facebook.
And a couple of years ago, this meant going to a local convention with an indie author friend. We rented a table together and we also ran a panel discussion. Lots of fun!
But beyond fun, it was also a chance to look at marketing. For we were far from the only vendors there. And many vendors were not authors.
One which stood out was a vendor which sold comic books online. Now, they didn’t have to go to the convention. They could have simply continued their advertising efforts online. But it was a golden opportunity. Their audience dovetailed rather well with the people going to the convention (yes, we’re geeks).
Presence was exceptionally valuable. And for this company, it also meant not having to depend on Google’s search algorithms. It meant they could just meet and greet people.
Did they add to their mailing list? Probably. And those people are warm if not hot prospects. Pretty good for a $75 table and about five hours out of two people’s lives.
#9. Finding Your Elusive First Customers
The next awesome tip is about zeroing in and finding your first customers. The SBA gives us the lowdown. Now, this is kind of similar to tip #10, but also not so much.
See, they, too, suggest you be present. And they pulled a leaf right from my indie author marketing book (please put it back – don’t deface books! 
), to team up with someone with a complementary but not competitive product.
But they had one great tip which was different.
Make a List and Check it Twice
Oh, Santa. You could be a great marketer the other 11 months of the year.
It’s kind of true! But what do they mean by this?
For startup companies hunting for their first customers, scouring your network is a smart way to get started. Why? Because these people already know you. Even if you’re just Facebook pals from playing Words With Friends, you’re still more familiar than someone who they’ve never, ever interacted with.
Plus most people have an altruistic streak in them. Even when it can sometimes feel as if the world is collapsing, there are a lot of folks who truly enjoy helping others.
How do you ask? Be polite and direct. “Hi, I’m starting a business. Do you know someone who might be interested in ___? Thank you for any leads you may have, and for your time.”
One thing the article doesn’t say, but your intrepid blog writer will tell you – don’t expect perfect answers. And don’t expect everyone to answer. If you can get 25% of your network to reply, and have 75% of those replies be on point, then you’re hitting it out of the park.
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! Engage your customers and prospects with creative interactive content.
#8. Networking for Us Introverts
Our following life-changing tip concerns networking tips for those of us who don’t find networking quite so intuitive. Small Biz Trends notes there are a lot of options if you just can’t get the hang of what often looks like a lot of glad handing.
What impressed us the most is that the listed tips tackle certain introvert anxieties head-on.
For example, for people who fear being alone with no one to talk to – bring someone with you! And for those who fear being stuck with someone they have nothing in common with – connect online first! Plus for those who can’t figure out how to break the ice – wear or carry something which is a conversation starter.
This last one truly resonated with us. It’s easy to add an interesting pin to a lapel or carry a funky purse or wear a remarkable tie. Someone is bound to ask you about your NASA pin or your dolphin tie or your Victorian era reproduction purse.
Hey, it can’t hurt.
#7. Management Rescues for Overwhelmed Team Leaders
For our next sensational tip, we looked at helping out overwhelmed team leaders with management. Entrepreneur lays it all out for us.
#6. What’s a Venture Capitalist? Why Should They Matter to You?
A venture capitalist is essentially a professional investor in new businesses. Now, not every business will be able to get VC funding. They mainly just want to toss cash at truly groundbreaking products and services. Think of Uber and Twitter.
But keep in mind – VCs don’t give money out of the goodness of their hearts. They will want a substantial chunk of your business, and they are expecting you to deliver. But if you’ve got a business which is taking off, fast, and you can’t keep up, then your business and a venture capitalist could be a match made in funding heaven.
This tip is so interesting, and it works! The Self Employed says there are best practices in every area, and that includes pitch decks. A pitch deck is the slide show you use to try to convince the VC that they should invest in your business.
We really loved the tip about bringing two separate pitch decks. One is the teaser, for when the VC doesn’t have enough time to really get into things. The other is longer, for when the VC has time and you can get into the nitty gritty.
And consider this – how considerate are you if you ask the VC if they’ve got only a little or a lot of time? Without just launching into something long without asking, you’re telegraphing a lack of respect for the VC’s time and interest level.
Food for thought, eh?
#5. Amp Up the Engagement with Creative Interactive Content
Grab this mind-blowing tip while it’s hot!
Creative interactive content is where it’s at! Buzz Sumo tells us all about it.
Different Kinds of Creative Interactive Content
So you have undoubtedly seen most if not all of these. And the first and perhaps most prevalent one is … (drum roll please)
The mighty quiz!
If you’ve ever whiled away a few minutes to figure out which type of plum you are, then you’ve taken an online quiz. And while such a topic is utterly silly (for the record – your intrepid blog writer has never seen such a quiz although there is a fruit quiz – I’m a banana, apparently).
Quizzes are simple, and they are also kind of a sneaky way of getting information on people. After all, let’s say you sold women’s shoes. Then it would help to know who’s daring and who’s more sedate. That could change how you market to some people – the stilettos or the sneakers.
Figure it Out
We also loved the calculators. And, in fact, we’ve looked at online business calculators before.
The beauty of creative interactive content is that it’s not just helpful to your customers and prospects. It’s also helpful for keeping your website visitors on the page.
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! Engage your customers and prospects with creative interactive content.
#4. This is How We Get Skynet
Check out this spectacular tip, all about using artificial intelligence in your business. Quuu says there are some terrific ways to incorporate using AI. Now, we’ve heard of chat bots already (and we’ve even covered them).
But there was one area which we really loved.
AI Hiring
Here us out. Or, rather, hear Quuu out. There are any number of lower level tasks which run through the hiring process. Use AI to weed out candidates and to bring other candidates to the fore. You know, the folks with better qualifications.
AI can also bring analytics into the process – and you know how much we love analytics here! Imagine understanding why one version of an ad worked, and another didn’t. Or understanding how and why a few changed words cut down the number of applicants who aren’t good for the job. Because weeding through applicants who have no business being in the applicant pool is a waste of time!
But our favorite part had to do with bias. Using artificial intelligence in hiring can help combat conscious and unconscious biases, so you hire people because of their qualifications, not their looks.
#3. Get on the Training Train
It’s not your imagination: this winning tip can help you with employee training. Effortless HR tells us something which we wish was more intuitive. What’s that?
People have differing learning styles.
So for the people who do best with repeated phrases, big posters might not do the trick. And for folks who need to be hands-on, just showing them won’t help until they can do the work for themselves.
#2. Find Fresh New Vendors
Our second to last unbeatable tip can give you a new perspective on scouting for new vendors. Under 30 CEO points out working with vendors is vital to every business. And this is beyond the vendor credit tier.
Which vendor is the best one to handle your shipping needs? Or packaging? They aren’t all the same. So the article – which we highly recommend you read in its entirety – points out some considerations you may not have, well, considered.
Price, location, and product quality are pretty much a given when it comes to what to think about. But your packager – are they green? Do they offer bulk discounts? How big an order do you need to make before the discount kicks in? After all, a discount is meaningless if your business will never qualify for it.
#1. Create a Great Google Shopping Feed
We saved the best for last. For our favorite remarkable tip, we focused on success in the Google shopping feed. Founder U says there are a number of things to think about. By the way, the Google shopping feed is just another way to talk about the ads which come up when you search.
The article thoughtfully explains how to best write ad copy for the Google shopping feed. We loved their idea of thinking about a game of ‘I Spy’ when writing product copy. The other tip we loved was to use the most common name for what you’re talking about.
So it’s a movie, not a film. And it’s a shoe, not a brogan.
The entire article is so helpful we recommend reading it in its entirety. And get better placement and results!
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! Engage your customers and prospects with creative interactive content.
The post Three Cheers for Creative Interactive Content –10 Brilliant Business Tips of the Week appeared first on Credit Suite.
How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers
Long Haul Truckers: Here’s How to Build Business Credit Quickly Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly. Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies! … Continue reading How to Build Business Credit Quickly: Awesome Secrets for Long Haul Truckers