Tag: Check

How to Leverage Ubersuggest SEO Reports to Keep Your Strategy in Check

There are no two ways about it: SEO works. It’s one of the main tools I used to build this site, and I’ve seen it work for hundreds of clients around the globe.

However, SEO is complicated. It requires data insights, analytics, tracking, and constant upkeep. While there are plenty of SEO tools on the market, many of them are expensive and hard to use.

This is why I created Ubersuggest—to help marketers and business owners get access to the SEO insights they need to drive massive amounts of traffic and increase revenue.

Why Should You Use Ubersuggest SEO Reports to Support Your Digital Marketing and Content Strategy

Ubersuggest’s SEO reports provide a massive amount of insights into the overall health of your website, including SEO opportunities, backlinks, content ideas, and a whole lot more. Why should you use it?

If your SEO is lacking, you risk losing traffic to your competition. Consider these statistics:

If you want traffic to your website, you need to be on top of your SEO game—and Ubersuggest can help. More than 50,000 users, from small businesses to enterprise companies, currently use Ubersuggest.

Why do they love it? Here are a few reasons:

  • Ubersuggest is 70 percent cheaper than alternative SEO tools.
  • It’s easy to use, and we provide tons of support to make sure you can make the most of it.
  • We keep adding features, which means you’ll always have access to the tools you need to drive traffic and improve your SEO.
  • Gain access to tools, worksheets, and templates to increase the ROI of all your digital marketing efforts.

If you’re just getting started in SEO, I highly recommend watching the video below to understand the basics. Keep reading if you want to learn how SEO reports from Ubersuggest can help increase your SEO ROI.

Ubersuggest is a full-featured SEO tool that offers tons of SEO reports and tools to help your site succeed. Here are seven ways Ubersuggest will help you stay on top of your SEO game.

1. Use Ubersuggest SEO Reports to Identify Top SEO Opportunities

The first five organic results account for 67.60 percent of all the clicks, while results ranking 6 to 10 account for only 3.73 percent of clicks. This means if you want traffic, you need to find and leverage SEO opportunities.

Ubersuggest makes this process simple with our Top SEO Opportunities report. Here’s how to access it:

Sign in to Ubersuggest, then look at the Top SEO Opportunities in your dashboard. This list serves as a checklist to improve your current SEO strategy. The list will automatically update as you make changes and as new opportunities arise. For example, if a competitor starts to gain traffic with one of your core keywords, we’ll let you know.

Check it at least once a week, and try to tackle at least one suggestion a week from the list to keep your momentum going.

Ubersuggest SEO report tool for SEO opportunities

This report doesn’t just tell you what’s wrong—it also tells you how to fix it. Take a look at the screenshot above. If you click “Optimize for Keyword,” Ubersuggest will tell you what topics to cover and even provide a basic outline you can use to create the high-quality content Google loves.

It’s kinda like having your own personal SEO consultant keeping an eye on your website 24/7.

2. Use Ubersuggest to Perform Monthly SEO Audits

SEO audits should be performed regularly to ensure your website stays in good SEO standing. Most businesses, however, only perform an SEO audit two to four times a year.

It’s easy to understand why SEO audits are time-consuming and difficult, especially if the process is unfamiliar.

SEO audits don’t have to be a pain. With Ubersuggest, you can easily perform an SEO audit in just a few minutes. Here’s how:

  • Log into your Ubersuggest dashboard.
  • Click on the “Site Audit” button in the left sidebar.
  • Enter your website URL.

That’s all you have to do. Ubersuggest will crawl your website and deliver a detailed SEO audit. If you have a large site, this could take a few minutes, so be patient.

Ubersuggest shows your on-page SEO score, organic traffic, number of backlinks, organic keywords you are ranking for, insights into load time, and SEO issues.

Ubersuggest SEO report tools for an SEO audit

This is a great place to go to understand the current state of your website. You will get a detailed SEO overview of your website, as it stands today, so you can understand your technical strengths and weaknesses.

You can use this information to prioritize what’s most important and create monthly to-dos to tackle.

If you decide to hire someone to help with your website, just hand over the prioritized list to them each month. We tell you what changes will make the most impact on your website and how difficult the updates are, so you can decide what to tackle yourself and what to outsource.

3. Use Ubersuggest SEO to Find Profitable Keywords and Track Your Progress

Keywords are the backbone of a solid SEO strategy. However, finding the right keywords can be a challenge. Just because a keyword has a high search volume, for example, doesn’t mean it will drive traffic to your website.

You should perform keyword research on at least a monthly basis. The good news is that Ubersuggest can do it for you.

Use the Keyword Overview report to understand search volume trends, SEO, and paid difficulty, plus the average CPC for your targeted keywords.

This will help you find other keyword ideas that might be easier to rank for within the Overview report (think lower volume, lower-paid and SEO difficulty, lower CPC.)

Note, these change with seasonality for a lot of companies, so check this at least once a month.

Ubersuggest SEO report tools keyword overview

You’ll also see a table of Keyword Ideas. Keep special note of the keywords that have a low SEO difficulty, as these are generally easier to rank for. If you don’t currently have content covering that topic, now is the time. Just make sure those terms are relevant to your customers.

Ubersuggest SEO report tool for keyword ideas

You can also see what keywords drive traffic to your competitors’ websites with the Keywords by Traffic report. I recommend checking this monthly to see how keyword trends change for them as well.

Track how you perform for your targeted keywords with the Rank Tracking report. It’s best to have at least 30-50 keywords saved in any given month and to check weekly to ensure you aren’t losing ground with keywords you’ve worked hard to rank for.

Ubersuggest SEO report tool for keyword position

You’ll also see which keywords you are ranking well for. If you’ve recently updated content, earned new backlinks, or made other changes, this data will tell you it’s working. (And that you might want to use those same strategies on other pages.)

4. Use Ubersuggest SEO to Discover New Content Ideas as Your Company Grows

Every day, more than 6 million blog posts are published on the internet. That makes finding new content ideas a challenge. If it feels like every topic has already been covered, you’re not alone.

Finding new content ideas is challenging, but Ubersuggest can make it a lot easier.

Use the Content Ideas report to discover what types of blogs are popular on the internet. Get inspiration from the list and choose topics you’re comfortable writing about that you may have a different angle to talk about.

This report also helps you to stay away from writing about a topic that others have already covered and are ranking well for, which makes them harder to compete with.

Ubersuggest SEO report tool for content ideas

Don’t ignore topics that have already been covered. Instead, look for ways to create better or more in-depth content. For example, you could:

  • Write a longer post that covers a topic in more depth.
  • Share insights or case studies that show how to implement a strategy.
  • Consider other content formats, such as videos, infographics, or white papers.

The list of ideas in this report is ever-changing, giving you endless ideas to work from.

5. Use Ubersuggest SEO to Identify Backlink Opportunities

According to research by Backlinko, the number of domains linking to a page has the highest correlation to Google ranking. In fact, the number one result in Google has an average of 3.8 times more backlinks than those in positions 2 through 10.

One of the best ways to improve your SEO is to increase your backlinks—the right way. Buying links, trading links, and other black hat strategies won’t deliver the results you want. Instead, I recommend using the Ubersuggest Backlinks report to see how your competitors are performing and find opportunities for your own site.

Links to both your and your competitors’ websites change regularly (for some, it’s happening daily). Head to the Backlinks Opportunities report often to see who’s linking to your competitors but not to you, then reach out to those companies with similar (not the same) content and ask them to link back to you.

Ubersuggest SEO reports for backlinks

Not sure what to say? Here’s a link to backlinks email outreach ideas and templates

Once you’ve gained some momentum, check your Backlinks Overview report at least monthly and pay special attention to the Backlinks Overtime report. This will show your backlinks growth and understand how many new websites are linking to you each month (and how many you’ve lost).

Ubersuggest SEO reports for backlinks over time

This can also help you find other websites similar to the ones linking to you already, and you can reach out to the ones who stopped linking to you to understand why.

6. Use Ubersuggest SEO for Weekly Check-ins for the Biggest Impact

Google’s algorithm uses more than 200 factors to determine which website to rank for a specific search, and those factors are constantly changing. This means the most effective SEO strategies are constantly changing, too.

So how do you keep up? By using Ubersuggest to get weekly notifications about the health of your site’s SEO.

Turn on weekly notifications here to get a quick view of the following:

  • Rank Tracking Alerts: Get email and in-app notifications about important rankings gained and lost, new positions conquered and lost.
  • Site Audit Alerts: Get email and in-app notifications of new SEO issues and errors found on your website, as well as on-page improvements that can increase your rankings.
  • Keyword Opportunities Alerts: Get email and in-app notifications about keywords that are rising in popularity and when it’s the perfect opportunity to invest more time and effort into ranking for these keywords.
Ubersuggest SEO reports for weekly alerts

Successful SEO is an ongoing process, but that doesn’t mean you have to spend hours every week digging into analytics. These SEO ranking reports allow you to keep an eye out for issues while you stay focused on your long-term goals.

7. Use Ubersuggest Support for Personalized Assistance

We’ve covered how to use Ubersuggest to pull the best SEO reports you need to track your performance. What happens if you have a question or aren’t sure what a suggestion means? The Ubersuggest team is here to help.

In fact, there are five ways to get additional SEO support from Ubersuggest, including:

  • Coaching Call: If you get stuck with anything, Ubersuggest offers monthly coaching calls where you can call in and get your questions answered by one of their SEO experts. Register here.
  • SEO Unlocked 8-week Free, self-paced course: My course covers everything you need to know about SEO, from what SEO is to performing keyword research and optimizing your website.
  • Customer Support: Have issues with Ubersuggest or aren’t sure where to find something? Submit a ticket and my team will get back to you ASAP.
  • Knowledge Base: This post covers the SEO reports in Ubersuggest, but there are even more features to love. Search in the Knowledge Base here to learn more.
  • Chat: Want immediate help? You can ask a question in the chat box at the bottom right of any page in Ubersuggest.

SEO Reports Frequently Asked Questions

What should an SEO report include?

A good SEO report should include overall traffic, keyword ranking, a list of backlinks, time on site and bounce rate, top traffic by page, keyword search volume, competitor data, SEO tasks to complete, and an overview of the entire SEO report.

What does a good SEO report look like?

A good SEO report should provide the data and insights you need to improve your ranking in search engines. Ideally, it should cover overall traffic, keyword ranking, backlinks, traffic per page, and SEO errors. The format should be easy to use and understand. With Ubersuggest, you can view all this data in the dashboard or screenshot the charts and embed them in a Google Slides presentation.

How do you read SEO reports?

It depends on the report you’re viewing and what type of data you need. I recommend starting with the overview of the SEO ranking report, then drilling down into specific areas based on your goals and needs. For example, if your overall traffic is dropping, the SEO errors are a good place to start as there might be an issue impacting your entire website.

How do you create an SEO report?

The best way to create an SEO ranking report is to sign up for Ubersuggest, add your website, and use the SEO report tools to pull the data you need to drive traffic. Alternatively, you can dig into Google Search Console and Google Analytics to pull the relevant data. However, those tools often don’t provide the level of detail or recommendations you need to drive SEO success.

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Conclusion: Get the Best SEO Reports from Ubersuggest

The cost of SEO varies based on the size of your site and your goals. However, the average small business can expect to pay between $750 and $2,000 per month for ongoing SEO support or up to $35,000 for one-time projects.

Despite the importance of SEO, those rates can be difficult for many businesses to manage. Luckily, Ubersuggest’s SEO Reports can provide visibility into your SEO for just a few dollars a month, and you won’t have to sacrifice results.

If you’d rather have an SEO expert do the work for you, we’re happy to help. Reach out to my team, and let’s talk about your SEO goals.

Have you used Ubersuggest’s SEO reports? What is your favorite feature?

Surprise! Someone Decided to Check Your Business Credit

No one wants a surprise when they apply for a loan, whether it’s a personal loan or a business loan. Rather, the hope is that the process is smooth and ends with approval of funds. However, if you aren’t aware, a surprise is exactly what you might get when you apply for a loan and the lender decides to check your business credit.

Expect Lenders to Check Your Business Credit

Sadly, they don’t have to tell you they are going to do it either.  So, the safest bet is to just assume they will. The Fair Credit Reporting Act protects you from this type of surprise when it comes to personal credit. Yet, it only applies to personal credit. In contrast, anyone can look at business credit reports.

In fact, it’s almost always part of the underwriting process for business loans. Frankly, it’s just one of the many ways lenders mitigate their risk and determine the creditworthiness of the business.

What Are Lenders Looking For When They Check Your Business Credit?

First, they need to see that your business is separate from you, the owner. Of course, they want to see that it can and will pay its obligations as well. Business credit reports are like a lender’s dirty little secret. They are made for bankers, not consumers.  Actually, many business owners don’t even know they exist. Yet, credit providers want to know it all, and they will look everywhere they can think of to find all the information they can.

Impact on Funding

Unfortunately, some lenders will deny funding if you do not have business credit. To them, that makes it look like business isn’t legitimate. In contrast, a business credit profile helps build trust.

Also, even if a lack of business credit does not affect approval, it may affect how much you get. Furthermore, it can affect terms and rates.

What Can You Do?

At a minimum, you need to be sure your business has a Fundable™ Foundation. This includes:

  • Separate contact information
  • EIN
  • Business bank account
  • And more!

In addition, you’ll need to build business credit. To start, work with vendors that will report positive payment history after you build your Fundable™Foundation.

Credit Suite Business Credit Builder

The thing is, vendors that report are hard to find. Thankfully, as part of the Business Credit Builder, we offer an up to date list of vendors we know report. It is unfortunate, but not all of them do.  Also, it can be hard to figure out who does. As a result, the list saves time.

Check Your Business Credit Report Yourself

If you want to avoid surprises, this is vital. I menan, you need to know what lenders will see on your reports. In fact, the Business Credit Builder program can help with this as well. As part of the program, you can get copies of the reports you need. Even better, an expert business credit specialist will go over them with you. They can help you understand where you are, guide you as to how to proceed.

Now, another option is stand alone monitoring. Of course, you can do this with each agency directly. But, with us you can monitor multiple business credit reports at a fraction of the cost.

Honestly, monitoring your business credit is the only way to know who’s reporting and when you can apply for more accounts.

Build a Business Credit Portfolio

A business credit portfolio is a cash flow pool of sorts. It includes all the different types of credit accounts you have. So, it is the total of all:

  • Vendor credit
  • Business credit cards
  • And business loans

In the end, a strong business credit portfolio allows you to even out cash flow, leverage business credit for growth, and keep going during tough times.

Don’t Neglect Personal Credit

Business credit doesn’t take personal credit out of the picture. Remember, lenders will look at everything. Personal credit can impact business credit.

Experian and FICO SBSS use personal credit in their business credit score calculation, and most traditional lenders will check both anyway. Still, if you have good business credit, they may not put as much weight on personal credit.

Be Prepared for Lenders to Check Your Business Credit

Lenders will likely check your business credit. Consequently, all you can do is be sure it is as strong as possible. Let us help. Find out more about building business credit now.

The post Surprise! Someone Decided to Check Your Business Credit appeared first on Credit Suite.

Check Out These Tier 4 Business Credit Vendors That Can Help Strengthen Your Business Credit Score

At Credit Suite, we talk about building business credit by working through the vendor credit tiers. These tiers are how we classify vendors based on their ease of credit approval. Tier 1 vendors are likely to extend net terms based on meeting some basic Fundability guidelines. Meanwhile, Tier 4 vendors are likely to require a strong PAYDEX, among other things.

Are Tier 4 Business Credit Vendors Really Necessary?

First, not all vendors fall into tiers. Tiered vendors report payments to at least one business credit reporting agency. Vendors that do not report do not fall into a tier.  However, don’t discount them. They can still be very useful to your business.

Vendor credit as a whole is important to building a strong business credit portfolio. Still, we get questions from potential clients wondering if it is necessary to work the tiers in order.  Furthermore, is it necessary to have accounts from all the tiers?  Can you just get accounts in Tiers 1 and 2 and then stop?

It seems to some that if you have enough accounts in Tier 1 and Tier 2 to qualify for Tier 3 vendors, that should be enough. Enough for what though? Yes, you may have a decent business credit score at this point, but these accounts are not going to be enough to properly fund your business.  After all, that is the point of a strong business credit score. The goal is to qualify for as much funding as possible to run and grow your business.

Do You Have to Work Through the Business Credit Tiers in Order?

There are those out there that hold the idea that there is no need to work through the tiers. Some business owners will tell you they were able to skip straight to Tier 4 without applying for credit from vendors in tiers 1-3 first. Honestly, it’s possible.

If you have a large amount of income or want to use a personal guarantee, and if you have a long time in business, you MAY be able to get credit from Tier 4 vendors and even credit cards, without working through the other tiers.

So What’s the Point?

The whole point of the Credit Suite vendor tiers is to help our customers mix-up the “secret sauce” of business credit. Building business credit this way allows you to limit using a personal guarantee and protect your consumer credit.

It also allows for you to build your business credit portfolio and your business credit score at the same time. Even better, this way allows your business to scale and grow faster, because you can use the funding for things you need while you are building business credit.  Vendor accounts can help with a number of expenses including marketing, inventory, supplies, and more.

You do not have to incur large amounts of personal loans from the beginning.  There is no need to wait until you reach a certain point to start utilizing credit in the name of your business. Rather, you can work on building business credit and use business credit from the beginning. As you do so responsibly, you will begin to qualify for vendors that offer more money and better terms, hence the other tiers.

By continuing on with Tier 4 business credit vendors, you will have more access to what you need to run your business, expand your business credit portfolio, and continue building your business credit.

Tier 4 Business Credit Vendors

These vendors require a strong business credit score for approval, but they also report payment history to the business credit reporting agencies. Here are a few examples.

Ally Car Financing Through Credit Suite

Ally provides personal financing, but they will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only.  They  will report to Experian and Equifax.

Ally offers a Commercial Line of Credit. To qualify, you need:

  • To be an entity in good standing with the Secretary of State
  • An EIN
  • A business address- matching everywhere
  • A D-U-N-S number
  • All business licenses (if applicable)
  • A business bank account
  • Bank reference
  • Fleet financing references

If a personal guarantee is used Ally will not report to the personal credit bureaus unless the account defaults.

You can also get a lease or a loan through Ally.

To qualify, you need:

  • To be an entity in good standing with the Secretary of State
  • An EIN
  • A business address- matching everywhere
  • A D-U-N-S number
  • All business licenses (if applicable)
  • A business bank account

There is no minimum time in business requirement.

You can only apply in person, and the dealer will let you know if you are approved or if a Personal Guarantee (PG) is necessary.

Brex

Brex is a business money management system that integrates with your accounting software. It allows you to track expenses and, depending on the level of service you choose, can also help with paying bills and controlling spending.

The easiest way to use Brex for both managing finances and building business credit is to open a Brex Cash account. Brex is not a bank, but rather a banking alternative. They do have a partnership with the FDIC, so your funds are secure,

They have a couple of options, but the one that falls into Tier 4 is similar to a traditional business credit card when it comes to limits. Instead of checking your personal credit score, they base approval and credit limits on business financial information.  This may include available cash, spending patterns, and more.

If you qualify for this card, your entire balance will be paid monthly.  This makes it more like net financing, as you cannot carry a balance. Brex requires an average bank balance of $1M to qualify for net 30 terms.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial vehicle financing options. These include loans, lines, and leases to actual business entities. You can get a loan or a lease.

They may ask for a Personal Guarantee (PG) if you are not approved on the merit of your application. Ford will report to D&B, Experian, and Equifax. To qualify, you need:

  • To be an entity in good standing with Secretary of State
  • An EIN
  • A business address- matching everywhere
  • A D-U-N-S number
  • All needed business license(s)
  • A business bank account
  • Strong business credit history
  • A good Experian business credit score

Frost Bank Business Rewards Credit Card

Frost bank requires $5M annual revenue to avoid PG. Also, you have to apply in person. If you apply online a PG may be required regardless. They only offer financing to current customers, and there is no minimum time in business requirement.

Don’t Stop Building Business Credit

Business credit is something you continue to build upon and improve, not a path to a final destination. This is much like a business itself, and the two go hand in hand of course. You want your business to continue to grow and thrive indefinitely, and tier 4 business credit vendors can help with that.

The post Check Out These Tier 4 Business Credit Vendors That Can Help Strengthen Your Business Credit Score appeared first on Credit Suite.

How to Check Credit Reports for Your Business

Do You Know How to Check Credit Reports for Your Business?

If you’re a business owner, chances are it’s been on your to-do list for quite a while: check credit reports. But do you know how to do this fast?

Business owners are always short on time. Find out here how to check credit reports with efficiency.

You Need to Check Credit Reports as a Part of Building and Maintaining Business Credit

Business credit is credit which is in a business’s name. It is does not tie to owner creditworthiness. Instead, business credit scores depend on how well a company can pay its bills. Hence consumer and business credit scores can vary.

Credit Reporting Agencies

There are three large business CRAs:

  • Dun & Bradstreet
  • Experian and
  • Equifax

There is also the FICO SBSS business score and CreditSafe. But today, we will focus on the big three’s reports.

Check Credit Reports for Your Business

The business credit reporting agencies offer a variety of reports, at all sorts of price points. We recommend getting detailed reports. That way, you can spot errors before they get out of hand.

If a report with details isn’t in the budget right now, at least a shorter summary report will keep you in the loop. And it will keep in the habit of checking your credit reports. It’s more than a credit score check. Today, we’ll look at high level data. This is what you absolutely must know.

Dun & Bradstreet

There are over millions of companies around the world in D&B’s database. You need a D-U-N-S number to start building business credit. No D-U-N-S number? Then get one; they’re free. The main score is PAYDEX. But a business will not get a PAYDEX score, unless it has at least 3 trade lines reporting, and a D-U-N-S number. A business must have BOTH to get a D&B score or report.

Predictive Models and Scoring

D&B takes historical information to try and predict future outcomes. This is to identify the risks inherent in a future decision. They take objective and statistically derived data, rather than subjective and intuitive judgments. There are sample reports online available on the D&B website.

D&B Rating

This rating helps companies quickly assess a business’s size and composite credit appraisal. Dun & Bradstreet bases this rating on information in a company’s interim or fiscal balance sheet plus an overall evaluation of the firm’s creditworthiness. The scale runs 5A—HH. Rating Classifications show company size due to worth or equity. D&B assigns such a rating only if a company supplies a current financial statement.

The rating contains a Financial Strength Indicator. D&B calculates it using the Net Worth or Issued Capital of a company. Plus there’s a Composition Credit Appraisal. This number runs 1 through 4, and it reflects D&B’s overall rating of a business’s creditworthiness. The scores mean:

  • 1 – High
  • 2 – Good
  • 3 – Fair
  • 4 – Limited

A D&B rating might look like 3A4.

D&B PAYDEX

This part shows two gauges: an up to 24 month PAYDEX, and an up to 3 month PAYDEX. Hence you can see recent history and a firm’s performance over time.

Both gauges have the same scores:

  • 1 means greater than 120 days slow (in paying bills)
  • 50 means 30 days slow
  • 80 means prompt
  • 100 means anticipates

100 is the best PAYDEX score you can get. The PAYDEX score is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid the bills over the past year. It reflects how well a company pays its bills.

Financial Stress Score

This section shows a Financial Stress Class, and a Financial Stress Score Percentile. The Financial Stress Class runs 1—5, with 5 being the worst score.

Financial Stress Score Percentile

This is compares to other businesses. The percentile contains a Financial Stress National Percentile. The Financial Stress National Percentile reflects the relative ranking of a company among all scorable companies in D&B’s file. It also contains a Financial Stress Score. The report indicates the probability of failure with a particular score.

Financial Stress Score Percentile Comparison

The idea behind this score is to predict the chance that a business will fail over the next 12 months. The average probability of failure compares to other businesses in D&B’s database. The Financial Stress National Percentile reflects the relative ranking of a company among all scorable companies in D&B’s file. The Financial Stress Score offers a more precise measure of the level of risk than the Financial Stress Class and Percentile. It is meant for customers using a scorecard approach to determining overall business performance.

PAYDEX Yearly Trend

The PAYDEX Yearly Trend is a graph. It includes payment history in detail, with payment habits and a payment summary. It helps show if a business pays its bigger bills first or last

D&B Business Credit Monitoring

Pricing is current to September of 2021. You can use D&B Credit Monitor to check credit reports with D&B. It costs $39/month. View recent scores and ratings, and benchmark your business versus your industry. It also alerts you to special events like suits, liens, and judgments. And it includes dark web monitoring. This scans the dark web to help protect your business from potentially fraudulent activity.

Let’s take a look at Experian.

Experian

Experian has a massive consumer and commercial database that they use to gauge risk. 

“By combining personal and commercial credit information in one report, Experian provides a complete picture of the creditworthiness of small businesses.”

Their best known and most popular score is Intelliscore Plus℠, a percentile score.

Experian’s Intelliscore Plus℠

Business credit scores range 0—100. An Intelliscore Plus score of 0 represents a high risk. It reflects the percentage of businesses scoring higher or lower than the business under review.

Many large financial institutions around the world use it. So do more than half of the top 25 P&C insurers and most major telecommunications and utility firms. Industry leaders in transportation, manufacturing, and technology also use Intelliscore Plus as their main risk indicating model. It has more than 800 aggregates or factors affecting business credit scores. There are scores on millions of businesses in the Experian database.

What does Intelliscore Plus measure?

This is a highly predictive score. It provides a detailed and accurate reflection of a business’s risk. It blends commercial data and consumer data on the business owner or guarantor. Reports include information on trades, legal filings, and more.

The Experian Financial Stability Risk Score (FSR)

In an Experian business credit report, FSR predicts the potential of a business going bankrupt or defaulting on its obligations. The score identifies the highest risk businesses by making use of payment and public records which include:

  • Severely delinquent payments of 61+ and 91+ days
  • High utilization of credit lines
  • Tax liens
  • Judgments
  • Collection accounts
  • Industry risk
  • Short time in business, etc.

FSR shows a 1—100 percentile score, plus a 1—5 risk class. The risk class puts businesses into risk categories. The highest risk is in the lowest 10% of accounts. A score of 66—100 and a risk class of 1 means a low risk of default or bankruptcy. But a score of 1—3 and a risk class of 5 means a high risk of default or bankruptcy.

Experian Business Credit Monitoring

Experian offers monitoring services. Prices are current as of September 2021.

  • Business Credit Advantage: $189/year, monitor business credit for 1 year, alerts of changes
  • Business Credit Score Pro: $1995/year with trade details or $1495/year in summary form only, multiple business credit report access.
  • Profile Plus: $49.95 for a single report
  • Credit Score Report: $39.95 credit summary report with score.

Experian Subscription Plans: The Business Credit Advantage Subscription Plan

This is just one report including almost everything Experian offers. It includes:

  • Business Credit Score (Intelliscore)
  • Financial Stability Risk Rating
  • Collections and trade payment details

Experian Subscription Plans: The Business Credit Score Pro Subscription Plan

Get 30 reports per month but it’s not a free credit score. This does not include:

  • Alert Emails & Monitoring
  • Dispute Resolution Status Alerts
  • 3-Month Score Trend
  • Unlimited Access to Your Report
  • Business Identity Monitoring

Experian also offers an enhanced version of this plan. Get more information, including:

  • Trade payment detail
  • UCC detail
  • Inquiry detail

Currently costs $1,495 per year. So, it is far from being a free credit report!

Experian Reports: The Profile Plus Report

Check credit reports with everything in the Business Credit Score Pro Subscription Plan, plus (optional with the more expensive report):

  • Trade Payment Detail
  • Inquiry Detail
  • UCC Detail
  • Corporate Financial Information

Experian Reports: The Credit Score Report

Get everything in the Business Credit Score Pro Subscription Plan, but no optional sections. The credit score report is like a one-time version of the Business Credit Score Pro Subscription Plan. You can use it to decide if you want to subscribe to the more expensive plan.

Let’s turn to Equifax.

Equifax and Its Data

The company gets its data from a data sharing agreement with the Small Business Exchange. It gets net 30 type industry trade credit information from a wide variety of suppliers that provide products and services to businesses on an invoice basis. Equifax combines financial data with industry trade credit data, and adds utility and telephone data. It also adds public record information (bankruptcies, judgments, and tax liens).

Credit Risk Score

In an Equifax business credit report, the Credit Risk Score runs 101—992. Higher numbers are better. This section also shows key factors, which are positives and negatives about your business. Like how old your oldest account is, and if you have any charge-offs, and the size of your business.

Payment Index

This score runs 0—100. Higher numbers are better. It also shows Industry Median. 90+ means Paid as Agreed.

Business Failure Score

The next piece is on your Business Failure Score. This score runs 1000—1880. It has its own key factors, like recent balance information.

Equifax Business Credit Monitoring

Prices are current to September 2021. Check credit reports which include credit summary,  payment trends, and public records. The idea is to help you identify potential risk of late payments and business failure. Order a single Business Credit Report for $99.95. Or order a Business Credit Report multi-pack (5 for the price of 4) for $399.95.

Improving Your Business Credit Reports

Make sure vendors are reporting your payments. Always pay your bills on time. Pay them in full. Don’t close positive accounts. Try to avoid derogatories like liens.

Monitor Business Credit at D&B, Experian, and Equifax for Less

All these reports are expensive! You could spend HUNDREDS of dollars trying to keep up with reports from all three big business CRAs.

But did you know that you can get business credit monitoring for all three big business CRAs, and all in one place—for less? Credit Suite offers monitoring through its Business Finance Suite (through Nav). See what credit issuers and lenders see. So you can improve your scores and get the business credit and funding you need.

Check Credit Reports for Your Business: Takeaways

In general, the most important parts of any business credit report include:

  • Scores or graphs denoting risks of failure or nonpayment
  • Data on public records
  • Information on how quickly (or slowly) you pay your company’s bills

Improving reports means paying on time more than anything else. Reports can be expensive—we can help you monitor for less.

The post How to Check Credit Reports for Your Business appeared first on Credit Suite.

You Can Get a Fantastic Business Credit Card Bonus – Check Out Our Top Choices

Looking for a Business Credit Card Bonus?

There are a lot of business credit cards out there. Choices can come from well-known providers, and not so well-known ones. If you’re looking for a business credit card bonus, then you’ve come to the right place.

What Sort of a Business Credit Card Bonus is Available?

In general, bonuses will come in the form of either cash or points, sometimes travel points. Although we did find one where you can get a bonus in bitcoin! Virtually always, you will have to spend a minimum amount within a particular time frame before you can get the bonus. To find the best deal for you, check out the details closely.

Business Credit Card Bonus in Generous Points, Not Requiring a High Minimum Spend

We start with cards which give generous point bonuses but don’t require that you spend an arm and a leg in order to get them.

Bremer Bank Visa Smart Business Rewards

Check out the Bremer Bank Visa Smart Business Rewards card. Pay a $0 annual fee for the first twelve months, then $95 for the first year and every year after $95 for Account Owners, $0 for Authorized Employees. Get double points per dollar spent in your top two spend categories each month. And get one point monthly per dollar spent on other eligible purchases. Earn a 20,000 bonus reward points after you spend $500 in the first 90 days. Pay a 15.99-20.99% APR based on creditworthiness.

The bonus reward points offer is generous, and the minimum spend should be a snap for most businesses to meet. The annual fee for account owners is fairly high, but no annual fee for authorized employees means this card could be used successfully with a large number of employees.

Mechanics Bank Smart Business Rewards Visa

Consider the Mechanics Bank Smart Business Rewards Visa. Pay a $0 introductory annual fee for the first twelve months, then $95 for the first year and every year after $95 for Account Owners, $0 for Authorized Employees. Get double points per dollar spent in top two spend categories per month. And get 20,000 bonus rewards points if you spend $500 in the first 90 days. The APR for purchases and balance transfers is 15.99-20.99% based on creditworthiness. This is a very generous bonus for an incredibly low spend.

Business Credit Cards with the Most Generous Points Offers

You may have to spend more with these cards, but you’ll get even more points.

Union Bank Business Preferred Rewards Visa Credit Card

Check out the Union Bank Business Preferred Rewards Visa Credit Card. Get a 50,000 introductory reward points bonus when you spend $5,000 in the first three months. And get 5x points per dollar spent to $25,000 annually on select business expenses (office supplies, utility bills, telecom services), and one point per dollar spent above that. Enjoy double points for each dollar spent up to $25,000 annually on gas stations and restaurants and one point per dollar spent above that. Get one point per dollar spent on everything else.

Pay a 0% introductory APR for the first six months, then 11.99-20.99% variable APR. You pay no annual fee.

This card has a great introductory points offer and the amount you have to spend to get it isn’t bad.

Score the best business credit cards for your business.  Check out our professional research.

Bank of America Business Advantage Travel Rewards Credit Card Platinum + MasterCard

Get to know the Bank of America Business Advantage Travel Rewards Credit Card Platinum + MasterCard. There is a $0 annual fee. Get 30,000 bonus points when you make at least $3,000 in new net purchases that post to your account within the first 90 days. Earn 1.5 points per dollar spent. And get triple points per dollar spent on travel. There is a 0% introductory APR for the first nine billing cycles, then 12.24-22.24%. The bonus points offer is generous and the minimum spend is relatively easily attainable. If your business requires a lot of traveling, this is a good card.

Business Credit Card Bonus via Cash Back Offers and a Fairly Low Minimum Spend

If cash back offers are more your speed, consider these options.

Chase Bank Ink Business Unlimited®

Check out the Chase Bank Ink Business Unlimited® card. Get $750 bonus cash back if you spend $7,500 in the first 3 months after account opening. Pay no annual fee. Get 1.5% cash back unlimited. Pay a 0% APR on purchases for the first 12 months after account opening, then 13.24-19.24% based on creditworthiness. The balance transfer APR is 13.24-19.24% based on creditworthiness. If you have several computers or other expensive equipment to purchase, buy it quickly to take advantage of the cash back bonus.

US Bank Business Cash Rewards World Elite™ Mastercard®

Get to know the US Bank Business Cash Rewards World Elite™ Mastercard®. Earn to 3% cash back on eligible gas station, office supply store and cell phone/service provider net purchases. All other purchases earn 1% cash back. Purchases of gasoline greater than $200 will not be deemed to be a purchase of automotive gasoline, and as such will earn a reward of 1%.

Get $500 cash back if you spend $3,000 in the first 90 days from account opening

Earn a 25% annual bonus based on your prior year’s cash rewards, to $250. Pay no annual fee. And pay a 0% introductory APR for the first 12 billing cycles. After that, 13.99-22.99% based on creditworthiness.

Details

To hit the bonus limit, you would have to have spent over $33,000 in the previous year. But the initial spend requirement isn’t too bad, and you can certainly meet it by buying computers or the like. The APR after the introductory period is acceptable. If your credit is such that you qualify for the lower APR, this card could turn out to be a decent deal.

Secured Card Business Credit Card Bonus

If you want or need a secured credit card, here’s one with a business credit card bonus.

Wells Fargo Business Secured Credit Card

Get to know the Wells Fargo Business Secured Credit Card. A Wells Fargo business checking or savings account must be open before applying. Upon approval, your funds will be transferred from the deposit account to fund the credit line. Get a $500 to $25,000 credit line, based on the amount of funds deposited by you as security in a collateral account. Pay no annual fee. There is no foreign transaction fee.

Get up to 10 employee cards. Pay prime + 11.90% APR on purchases. And pay prime + 20.74% APR on cash advances. Cash advance or balance transfer fees may apply.

Choose between Cash Back or Rewards Points

There is no annual rewards program fee. And there’s no required spending categories or caps. Earn 1.5% cash back for every $1 spent on net purchases. You get cash back automatically as a credit to your account or to your eligible checking or savings account each quarter.

If you choose rewards points, you will earn 1 point for every $1 spent on net purchases. Get 1,000 bonus points when your company spends $1,000 or more in any monthly billing period. Redeem points for gift cards, merchandise, airline tickets and more. Get a 10% points credit when you redeem points online. And you can earn extra bonus points or discounts from Earn More Mall® retailers.

Build Business Credit

Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange. Plus, payment and usage activity of the Wells Fargo Business Secured card is not reported to the consumer credit bureaus, therefore it will not help build or rebuild personal credit history.

Wells Fargo will periodically review your account and recent credit history for an opportunity to upgrade to an unsecured business credit card. You may become eligible with responsible use over time. Being able to upgrade to an unsecured business credit card also depends on your FICO score, payment history and ratio of credit card usage to credit limit.

Score the best business credit cards for your business.  Check out our professional research.

Credit Card with a Bitcoin Bonus

For the most out-there credit card signup bonus we found, check out how you can get bitcoin as a bonus.

BlockFi Bitcoin Rewards Credit Card from Visa (personal)

Check out the BlockFi Bitcoin Rewards Credit Card from Visa. But note this is a personal credit card, but any popular rewards or bonus program can eventually make its way into the business credit card world.

Earn an unlimited 1.5% back in bitcoin on every purchase. Pay no annual fee. There are no foreign transaction fees. Earn 2% back in bitcoin on every purchase over $50,000 of annual spend. And earn 3.5% back in bitcoin during your first 3 months of card ownership.

The introductory offer is capped at $100 dollars in bitcoin, which equals about $5,000 of spend to earn an extra $100 in bitcoin. You can earn crypto interest on bitcoin rewards. Get a 2% annual percentage yield bonus in bitcoin on stablecoin holdings, which is paid in bitcoin, up to $200. Get a trading bonus of 0.25% back in bitcoin on all eligible trades. And earn $30 in bitcoin for every client referral, on top of base.

Details

A soft credit pull happens before accepting the credit card offer. And a hard credit pull occurs when you’ve accepted your credit card offer. There is no information on when this card will actually be available. Until this card is available, it will be difficult to tell which individuals would most benefit from it. Backing from Visa is encouraging, but the hard credit pull is concerning.

Business Credit Card Bonus and Low APR

If you want to enjoy a low annual percentage rate in addition to a business credit card bonus, take a look at these choices.

PNC Bank Cash Rewards® Visa Signature® Business Credit Card

Take a look at the PNC Bank Cash Rewards® Visa Signature® Business Credit Card. Get $200 bonus if you spend $3,000 in the first 3 billing cycles after account opening. 1.5% cash back on net purchases, no cash back limits. Pay no annual fee. You pay a 0% APR for the first 9 billing cycles after account opening, then 10.99-19.99% variable APR, based on creditworthiness . With mostly lower interest rates and an easy to meet minimum spend, this card is great if you can’t or won’t spend so much in such a short amount of time after getting the card.

Alpine Bank Visa Platinum Rewards

Take a look at the Alpine Bank Visa Platinum Rewards card. You pay no annual fee, and get one point per dollar spent. Get bonus points: 5,000 for first $3,000 spent in first four billing cycles. The APR for purchases is Prime + 8.74-14.74%. And the APR is 21% for cash advances. There is a balance transfer APR of 10% or 3% of the amount of each transfer, whichever is greater. This is a good card for both APR and the amount you need to spend for a bonus is fairly low.

Score the best business credit cards for your business.  Check out our professional research.

Bank of Hope Business Rewards Visa® Credit Card

Business Credit Card Bonus Credit SuiteAnother choice is the Bank of Hope Business Rewards Visa® Credit Card. You pay no annual fee. There is a 3% balance transfer fee with a minimum of $5. Earn 5,000 bonus points after spending $1,000 in the first three months. And you can earn triple points on gas. Get double points on travel and dining. Earn one point per dollar on all other purchases.

There is a 0% introductory APR for nine months, then variable APR 12.49%, 16.49% or 20.49% based on creditworthiness after introductory period ends. It should be easy for most entrepreneurs to meet the minimum spend required for the points bonus. Triple points on gas are particularly helpful if yours is a business requiring a lot of time on the road (say, trucking). If your credit is good enough to get the lowest APR after the introductory period ends, this could be a great card for you.

Get a Business Credit Card Bonus: Takeaways

Always look for the biggest business credit card bonus you can get, with the lowest possible minimum spend. Plus make sure it’s a bonus you can use. Because if points expire before you get a chance to use them, it’s as if you never got the bonus in the first place.

The post You Can Get a Fantastic Business Credit Card Bonus – Check Out Our Top Choices appeared first on Credit Suite.

Startup Money for Business: Check Out Your Choices

How to Get Startup Money for Business

Are you looking for startup money for business? Starting a business can be an exhilarating experience. That is, except for the part about needing money. But your startup won’t survive for long without cash. If you’re not independently wealthy and can bootstrap your dream, what do you do?

The answer: think like a lender.

It may seem simplistic, but lenders just want two things: to make money off the loans they offer and be paid back by their borrowers. The first one is a result of their choices of loans to offer and terms. The second is in your hands.

The 3 Cs Capital Acquisition Formula

This is why lenders look at one of three things for loan approval: cashflow, collateral, or credit. The more of these “Cs” you have, the more funding options are available. For all the funding we cover in today’s post, we show you exactly what you need to have for approval.

But keep in mind, startups have it rough.

With very little time in business, they can’t prove that they’re getting steady cashflow. They just plain don’t have a big enough sample size. A short time in business is also seen as less stable, because about 1/5 of all new businesses fail in the first two years. So the first “C” is out.

But that’s okay. Because you’ve got access to two more.

Demolish your funding problems with 27 killer ways to get cash for your business.

Startup Money for Business: Using Collateral

Collateral is a great way to assure a lender that you’ll pay them back. And while your business might not have too much collateral yet, you probably have something you can pledge. It’s time to think outside the box.

401(k) Financing

This is not a loan. And you will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

According to the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, owns the trade or business. That is, not the individual. Hence, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is no more than a movement or change of custodian.

401(k) Financing: Terms and Qualifying

Low rates, often less than 5%. Your 401(k) must have more than $35,000 in it. You can usually get up to 100% of what’s “rollable” within your 401(k). The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently working. So it must be from older employment. You cannot be currently contributing to it.

IRA Financing

Don’t have a 401(k) that would work? Then try IRA financing. It’s a lot like 401(k) financing. In as little as 3 weeks you can invest a part of your retirement funds into your business. This gives you more control over the performance of your retirement plan assets. And it gives you the working capital you need for business growth.

IRA Financing: Terms and Qualifying

In general, you will work with a CPA. They will help you roll over a non-contributing and qualifying account. This allows for cash out of half, or $50,000, whichever is lower. If applicable, a CPA you work with will structure a self-directing IRA for the remaining funds.

Stocks Financing

Do you own stocks? Some lenders will make loans using securities as collateral. Securities-based lending provides ready access to capital. You can use this capital for almost any purpose, such as buying real estate or investing in a business. The only restrictions to this kind of lending are other securities-based transactions. For example, like buying shares or repaying a margin loan..

Stocks Financing: Terms and Qualifying

You continue to earn interest on stocks you pledge as collateral. Closing and funding takes less than 3 weeks. Rates can be as low as 1.6%. But you will have challenged personal credit.

Demolish your funding problems with 27 killer ways to get cash for your business.

Bonds Financing

Bonds will work just as well as stocks. Securities-based lending for bonds comes from large financial institutions and private banks. People tend to seek out these kinds of loans, if they want to make a large business acquisition. Another reason is if they want to execute large transactions like real estate purchases.

Lenders determine the value of the loan from an assessment of the borrower’s investment portfolio. In some cases, the issuer of the loan may determine eligibility based on the underlying asset. It can end up approving a loan based on a portfolio of US Treasury notes rather than stocks.

Bonds Financing: Terms and Qualifying

Most investment-grade corporate, treasury, municipal, and government agency bonds are good to use. You keep all the interest and appreciation from your securities. To qualify all the lender will want is a copy of your two most recent securities statements. If your stocks or bonds have a value over $25,000, you can get approval, even with severely challenged personal credit.

No Collateral to Get Startup Money for Business? Not to Worry

If you’ve got good personal credit, we can tie a direct line from it to good business credit. The good FICO score doesn’t have to be yours; it can be a credit partner’s.

Credit Line Hybrid

A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. You can get 0% business credit cards with stated income. Many of these report to business CRAs. You can build business credit at the same time. This will get you access to even more cash!

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). No financials are necessary. You can often get a loan of up to $150,000. Some cards may report on your personal credit.

Demolish your funding problems with 27 killer ways to get cash for your business.

Get Startup Money for Business by Building Business Credit

And keep in mind: our Credit Line Hybrid isn’t the only way to build business credit. Business credit is an asset, and lenders like to see that yours is good. But you’ve got to work at it.

Start with vendor accounts. Starting with vendor credit accounts is a proven way to start building business credit. But we don’t include vendors just because they report to the business credit reporting agencies. We include them and we talk about them because they have quality products that you can use, and fantastic customer service. They are more than a means to an end!

Vendor Credit

Starter vendors are open to working with most businesses, even startup ventures like yours! Make sure vendors report to the CRAs – not all do. Vendors report to the business CRAs within 60 days. They help you build your business credit profile and score.Startup Money for Business Credit Suite

Vendor Credit: Terms and Qualifying

Terms will vary depending on the vendor, but they tend to be Net 30. Some will not accept virtual offices. You will often need a D-U-N-S and an EIN at the very least. But you will not need collateral, good personal credit, or cash flow.

And continuing to grow your business credit portfolio means credit cards. Add payment experiences from at least three vendors. Once they report to business CRAs like Dun & Bradstreet, you start qualifying for store credit, and fleet credit, too. While your startup grows, so will your business credit.

Get Startup Money for Business: Takeaways

Startups have a few strikes against them when it comes to getting business financing. But you may have collateral right now, and can use it to get money. Good personal credit is another thing you can leverage. And it doesn’t even have to be your own good personal credit! And build business credit for the best chances for the most money. Contact us today for the details.

The post Startup Money for Business: Check Out Your Choices appeared first on Credit Suite.

Establish and Maintain Rock-Solid Business Credit When You Have No Business Credit. Check Out 3 Well-Known Starter Vendors for Business Credit That Will Happily Extend Credit to New and Established Businesses

Building The Perfect Business Credit Portfolio with Starter Vendors for Business Credit

A perfect business credit portfolio means working with starter vendors for business credit. Starting with vendor credit accounts is a proven way to start building business credit. But we don’t include vendors just because they report to the business credit reporting agencies. We include them and we talk about them because they have quality products that you can use, and great customer service. They are not just a means to an end!

Vendor Credit Cards

Vendor credit cards will kick off business credit building for your business. First, add payment experiences from three vendors. Then they must report to business CRAs like Dun & Bradstreet. And then you can start qualifying for store credit, and fleet credit as well. Make sure business credit cards don’t report on your personal credit.

Every step and every credit provider works to help your business. The idea is to help you qualify for business credit cards that you will actually use. This isn’t building for the sake of building, and it isn’t just to increase a number. These credit providers are going to have what your business needs to succeed.

Business Credit with Starter Vendors for Business Credit

Keep in mind, business credit is independent of personal. Applying for it won’t harm your personal credit scores. Building this asset can only help your business. You can help your future business right now.

Business credit doesn’t just happen. You have to actively build it. It all starts with starter vendors. They will approve your business for credit with little fuss.

Use your credit. Pay on time, just like you should with personal credit. These vendors will report to the business credit reporting agencies. And you’ll build a good business credit score.

How to Build Business Credit

Having an EIN doesn’t mean you have established credit. If you go to a bank to try and get bank credit cards using your EIN with no credit established, you’ll get denials. That is unless you have good personal credit and use it to get approvals while supplying your personal guarantee. But it doesn’t have to be that way.

You can’t start with high limits. First you must build starter trade lines that report (vendor credit). Then you’ll have an established credit profile. Then you’ll get a business credit score. With an established business credit profile and score you can start getting high credit limits.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines

What is Starter Vendor Credit?

These trade lines are creditors who will give you initial credit when you have none now. These vendors typically offer terms such as Net 30, instead of revolving. So if you get approval for $1,000 in vendor credit and use it all, you must pay that money back in a set term. That is, within 30 days on a Net 30 account. But there are some revolving accounts which we still consider to be starter vendors.

You must pay net 30 accounts in full within 30 days. And you must pay net 60 accounts in full within 60 days. Unlike with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you used.

Getting Started

To start your business credit profile the RIGHT way, get approval for vendor accounts that report to business CRAs. Once accomplished, you can then use the credit. Pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Once reported, then you have trade lines, an established credit profile, and an established credit score. Using a newly established business credit profile and score, you can then get approval for more credit under your EIN. For vendor credit, you can leave your SSN off the application. Then the credit issuer then pulls your EIN credit, sees a solid profile and score. They can then approve you for more credit.

Building Business Credit – What You Really Need to Know

Not ALL retailers will approve you just because of your credit profile and score. Some sources can also have a time in business requirement. You may need to be in business 1-3 years to get credit not requiring a personal guarantee. Some sources might require you meet certain revenue requirements for as well. But many starter vendors will approve you without these requirements.

But Keep in Mind

You won’t get a Visa or a MasterCard (bank credit cards) right away. And you need to have credit to get more credit. You need to start building trade lines to get the big payoff. Getting initial credit is the hardest part. Over 97% of trade vendors who issue credit don’t report it to the business reporting agencies. So, you MUST find sources which actually report. 

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

There are Benefits to Starter Vendors for Business Credit

Vendor credit is an important step in building business credit. Vendor credit is easier to get than retail or fleet credit. It can lead to more retail and fleet credit. Establishing credit will lead to lenders approving you.  And best of all, this process is PROVEN to work! Just like for all credit, be responsible and pay on time.

More Benefits of Starter Vendors for Business Credit

You MUST have 3 or more vendor accounts reporting to move onto retail credit, and more are even better. It will take 30-90 days for those accounts to report. It’s 60 days on average. Do NOT apply for retail credit without having 3 or more accounts first.

Getting Starter Vendors for Business Credit to Pull Credit Under your EIN

There is no Social Security requirement for starter vendor credit. This is unlike bank loans and bank cards. So leave the field blank. Don’t fill in any other number, as that’s a violation of two Federal laws. A blank field will force them to pull your business credit under your EIN. Also, if there is a credit check, then it is perfectly permissible to provide the company’s EIN. You can use an EIN, rather than your Social Security Number and date of birth.

Using Business Credit

Check out FOUR of our favorite starter vendors for business credit:

  • Grainger
  • Uline
  • Marathon
  • Supply Works

Grainger Industrial Supply

They sell hardware, power tools, pumps and more. They also do fleet maintenance

Grainger will report to Dun and Bradstreet. If a business doesn’t have established credit, they will want to see more documents. These include accounts payable, income statement, balance sheets, etc. Terms are Net 30, Net 45, Net 60, or Net 90.

Qualifying for Grainger Industrial Supply

You need:

  • Entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business License (if applicable)
  • Business Bank account
  • And your business must be registered to Secretary of State (SOS) for at least 60 days

Apply online or over the phone.

Uline 

They sell shipping, packing and industrial supplies. They report to Dun & Bradstreet and Experian. You MUST create an account with Uline before starting to build business credit with them. Terms are Net 30.

Qualifying for Uline 

You need:

  • Entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business License (if applicable)
  • Business Bank account
  • And a business phone number listed in 411
  • You must have a D&B PAYDEX score of 80 or better

Application may get approval for net 30 at time of order. Upon final review, Credit Department may change to a few prepaid orders, before granting Net 30.

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Marathon

Marathon Petroleum Company provides transportation fuels, asphalt, and specialty products throughout the United States. Their product line supports commercial, industrial, and retail operations. This card reports to Dun & Bradstreet and Experian. Before applying for more than one account with WEX Fleet cards, make sure to have enough time between applying. This is so they don’t red-flag your account for fraud.

Qualifying for Marathon

You need:

  • Entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address- matching everywhere.
  • D-U-N-S number
  • Business license (if applicable)
  • And a business bank account
  • Business phone number listed on 411

Your SSN is necessary for informational purposes. If concerned they will pull your personal credit talk to their credit department before applying. You can give a $500 deposit instead of using a personal guarantee, if in business less than a year. Apply online or over the phone. Terms are Net 15.

Supply Works

Supply Works is a part of Home Depot. They offer integrated facility maintenance supplies. But they will not accept virtual addresses. They will report to Experian. Terms are Net 30. Apply online or over the phone.

Qualifying for Supply Works

You need:

  • Entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business License (if applicable)
  • Business Bank account
  • Trade/Bank references
  • There is no minimal time in business requirement

Extra BONUS Vendor: Wex Fleet

They report to Experian and D&B. They offer universal fleet cards, heavy truck cards, and universally accepted business fleet cards. Their cards have features supporting a small business. This includes a rewards program. Before applying for more than one account with WEX Fleet cards, make sure to have enough time between applying. This is so they don’t red flag your account for fraud.

If you don’t get an approval on the basis of business credit history, or been in business 1 year, then a $500 deposit is necessary or a Personal Guarantee. You can apply online or over the phone. Terms are  Net 15 (Wex Fleet Card), Net 22, or revolving (Wex FlexCard).

Qualifying for Wex Fleet

You need:

  • Entity in good standing with Secretary of State
  • EIN number with IRS
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business License (if applicable)
  • Business Bank account
  • And a Business Phone Number Listed in 411

Starter Vendors for Business Credit: Takeaways

Starter vendors are a PROVEN way to get the business credit ball rolling. They will approve you with minimal fuss. Certain requirements repeat. These include needing to have EIN and D-U-N-S numbers. And having proper licensing (if your industry requires that). Hence getting those details squared away is a smart step to take first. Want more help with building business credit? Ask us how we can help you – including our access to literally HUNDREDS of vendors. Let’s take the next steps together

The post Establish and Maintain Rock-Solid Business Credit When You Have No Business Credit. Check Out 3 Well-Known Starter Vendors for Business Credit That Will Happily Extend Credit to New and Established Businesses appeared first on Credit Suite.

Check Out all the Grants for Black Business Owners Out There!

Business Grants for Black Business Owners and So Much More

Are you one of the millions of black business owners in the US? Or are you starting a business? Money is always going to be an issue. What if you could get what is essentially free money? That’s what grants are (for the most part).

Looking for Grants for Black Business Owners – and Other Options

How do you find the best options for you?  How do you know if you need to be looking for grants or business loans? We recommend that you explore every option. This is because it will probably take a combination of funding options to fully fund your business.

Funding and Grants for Black Business Owners

There are grants for black business owners, but not necessarily for them exclusively. Still, there are other funding choices out there. Loans, crowdfunding, and even angel investors are all viable options. More on those later.

Business Grants for Black Business Owners

The government and private organizations want to GIVE you money! They are highly competitive and rarely enough to fund a business on their own. Still, grants are a great way to supplement other business funding. Also, they are still worth the effort to apply. There really isn’t anything to lose except time – it’s free money. So here are a few you can start with.

The Minority Business Development Agency

The Minority Business Development Agency (MBDA) is operated by the US Department of Commerce. It is dedicated to helping minority-owned businesses access the resources they need to grow and succeed. The MBDA is for both men and women. Grant competitions are regularly changing.

Visit the MBDA’s website for information on all current opportunities. Currently, the MBDA helps its members apply for grants via Grants.gov. This involves help with how to apply for government grants. See also mbda.gov/grants.

Enterprising Women of Color Initiative

The MBDA oversees the Enterprising Women of Color (EWOC) Initiative. The initiative focuses on the fast-expanding minority women entrepreneur population as a revenue generators for families, communities, and the nation. Minority women are the fastest growing population of entrepreneurs. While many women are making tremendous strides in the business world, they still face obstacles as entrepreneurs.

MBDA serves as an advocate for women’s economic empowerment. They do so by supporting efforts to advance women’s equality and promote women economic advancement programming. The vision of EWOC is to ensure women worldwide to reach their economic potential. See also mbda.gov.

The Verizon Small Business Recovery Fund

The Verizon Small Business Recovery Fund is new. It was established in response to the COVID-19 pandemic. The fund offers $10,000 to successful applicants. The fund is specifically focused on providing grants to business owners of color, women-owned businesses, and other underrepresented entrepreneurs. See also lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge has cash prizes ranging from $1,000 to $50,000. The association states its purpose is to help newer businesses that have an African American ownership. This is a pitch competition for startup businesses. See also nbmbaa.org/scale-up-pitch-challenge.

Demolish your funding problems with 27 killer ways to get cash for your business.

Amber Grant

Black businesswomen have even more options open to them. The Amber Grant awards one prize of $10,000 per month to a woman-owned business. One of the recipients also receives an extra $25,000 grant at the end of the year. Applicants only need to tell their story and turn it in with a $15 application fee. See also ambergrantsforwomen.com/get-an-amber-grant/apply-now

Cartier Women’s Initiative Award

Black businesswomen can also try for a Cartier award. This award is for women and there’s no specification that a woman be a member of a minority group. The Cartier Women’s Initiative Award has a regional category award and a science and technology award. The regional award is $100,000 for first place, with $30,000 for second and third place.

The award goes to three women from each of seven international regions. So this award is a grant to 21 female business owners from around the world each year. Women business owners who are just getting started may qualify. Look over the complete application for more information. See also cartierwomensinitiative.com/about-us

Cartier Science and Technology Pioneer Award and Fellowship

The Cartier Science and Technology Pioneer award is new as of 2021. With this award, three more women impact entrepreneurs at the forefront of scientific and technological innovation will be recognized for a new thematic award. Open to women entrepreneurs from any country and sector, this award will highlight disruptive solutions built around unique, protected, or hard-to-reproduce technological or scientific advances.

The laureate will be awarded a $100,000 grant. Each of the two remaining finalists will receive a $30,000 grant.

Cartier also offers a fellowship program. The fellowship is an educational program geared towards the 24 fellows selected each year. This program aims to equip the fellows with the necessary skills to grow their business. Also, it helps them to build their leadership capacity by drawing upon the experience and expertise of an array of academics, practitioners, industry experts, and entrepreneurs.

The fellowship isn’t exactly a grant. But while it’s not a monetary award, the mentoring and networking opportunities could be worthwhile to apply for. See also cartierwomensinitiative.com/fellowship-programme.

Demolish your funding problems with 27 killer ways to get cash for your business.

The Native American Business Development Institute (NABDI) Grant

Are you also part Native American? Then check out this grant.

The NABDI Grant is funded by the US Department of the Interior’s Bureau of Indian Affairs. It provides funding to business owners of Native American or Alaskan Native descent. In 2019, it gave over $727,000 to 21 indigenous tribes. So this was to support economic feasibility studies for specific economic development projects or startups.

For 2020, NABDI planned to award 20-25 grants. There is no minimum or maximum amount of funding you can request. But most awards range from $25,000-$75,000. They only fund projects for one year at a time. So this is when they expect projects to be completed. To apply for a NABDI grant for your proposed economic development feasibility study, go to bia.gov/service/grants/tedc/apply-nabdi-grant.

Indian Affairs

For black business owners also with Native American heritage, it doesn’t stop there. There is more available via the Bureau of Indian Affairs. You can get financing from the federal government through the Indian Affairs branch. A person can fill out an application for up to $500,000. But business entities and tribal enterprises may apply for more.

Potential borrowers can apply with any lending institution. They just have to use the application for Indian Affairs. There are more requirements if you use the funds for construction, renovation, or refinancing. In general, you must supply a list of collateral, a credit report, and an analysis of business operations. See also bia.gov/as-ia/ieed/loan-guaranty-insurance-and-interest-subsidy-program.

The South Asian Arts Resiliency Fund

If your business is in the arts, and you’re also of South Asian descent, then check out this fund. The fund is run by the India Center Foundation. It supports US-based South Asian arts workers impacted by the COVID-19 pandemic.

The fund will disburse grants up to $2,000, depending on financial need to US-based arts workers of South Asian descent. This includes those in the performing arts, film, visual arts, and literature. Also, you must have heritage from Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Initial funding for the program is $20,000, but the India Center Foundation is soliciting donations to expand the grant program.

Eligibility for The South Asian Arts Resiliency Fund

To be eligible, applicants must be of South Asian descent. Also, they must work in the arts and demonstrate loss of income due to COVID-19. Also, applicants must be:

  • at least 21 years old
  • not enrolled in a degree program, and
  • can receive taxable income in the US

You can put grant funding toward any artistic project you can develop, create, and present within 4-6 weeks of funding. See also theindiacenter.us/artsfund.

Demolish your funding problems with 27 killer ways to get cash for your business.

Grants from the Federal Government

Grants.gov is a running list of over 1,000 available federal government grants. The website compiles grants from over two dozen government agencies. These include the SBA, USDA, and the US Department of Commerce. To find a grant right for your business, use the Search Grants tool on the website. You can sort through the list by keyword or opportunity number.

First, locate the grant you wish to apply for. Then click the opportunity number for more detail. There, you will find more information about the specific grant plus any documentation you need. To apply for a grant through Grants.gov, first register. Then, download an application package for the grant you want. Be ready for a lengthy process. See also grants.gov.

An Alternative to Grants for Black Business Owners: Crowdfunding

If you would rather not rely on grants so much to fund your business, crowdfunding is a viable option. Keep in mind, not everyone with a campaign on a crowdfunding site succeeds. More unique products and services tend to do better. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. Some platforms may have higher success rates.

An Alternative to Grants for Black Business Owners: Angel Investors

Angel investors are informal investors. Essentially, you sell a part of your business to them. But they tend to not want too much of your business. Also, they won’t pass by more conventional businesses, like crowdfunding and venture capital. Hence they can also supplement or replace grants.

An Alternative to Grants for Black Business Owners: Loans

If grants aren’t an option, loans might also work.

Business Center for New Americans

Also an immigrant? Then try the Business Center for New Americans. They offer a pilot program for microloans up to $75,000. They work with immigrants, refugees, women, and other minority entrepreneurs. The goal is to help minority business owners who have not been able to get traditional financing. Terms are 3% interest. Loan repayment term goes up to a year. See also accompanycapital.org.

Grants for Black Business Owners: Takeaways

There are several options for grants for minority business owners. Black entrepreneurs should apply for whichever grants they feel they are most likely to get. Other options for funding include crowdfunding, angel investors, and loans. Credit Suite can help you get the funding you need.

The post Check Out all the Grants for Black Business Owners Out There! appeared first on Credit Suite.