Get a Business Credit Card Online in a Recession

You Can Get a Business Credit Card Online in a Recession

Get a business credit card online in a recession. Here’s how – no matter what is going on with COVID-19.

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

And this also means you can have personal charge cards at stores, and now have an additional card at the same stores for your small business. And you won’t need collateral, cash flow, or financial information in order to get business credit.

Business Credit Card Online in a Recession Features

Benefits vary, so be sure to choose the benefit you prefer from this range of choices.

Secure Business Credit Cards for Average Credit, Not Needing a Personal Guarantee

Brex Card for Startups

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

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

However, they do not accept every industry.

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

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

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

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

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

Small Business Credit Cards for Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

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

This card is excellent for travel if your costs don’t fall into common bonus categories. You can get unlimited double miles on all purchases, without any limits. Earn 5x miles on rental cars and hotels if you book through Capital One Travel.

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

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

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

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

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

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

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

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

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

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

No Annual Fee

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

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

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

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

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

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

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

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

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

Points

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

Get double points on all other qualified purchases.

Rewards

Plus, you get a free night every year after your card anniversary. And you can earn another free night after you spend $60,000 on your card in a calendar year.

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

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

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

Business Credit Cards with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

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

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

You will need good to outstanding credit to qualify.

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

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash instead of points.

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

It has no annual fee. There is a 0% introductory APR for the first twelve months. After that, the APR is a variable 14.74 – 20.74%.Business Credit Card Online in a Recession

You will need good to excellent credit scores to qualify.

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

Secure Business Credit Cards for Fair Credit Scores

Capital One® Spark® Classic for Business

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

While this card is within reach if you have fair credit, beware of the APR. However if you can pay on schedule, and completely, then it is a bargain.

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

Starwood Preferred Guest® Business Credit Card from American Express

Another choice is the Starwood Preferred Guest Business Credit Card from American Express.

This card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Earn 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, earn two points per dollar.

Details

Earn 75,000 bonus points when you spend $3,000 in the initial 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 afterwards. 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

Secure Business Credit Cards for Average Credit

Capital One® Spark® Classic for Business

For average credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card 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 BEAR IN MIND: 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 this business credit card online in a recession here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Small Business Credit Cards 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/

Grab a Terrific Business Credit Card Online in a Recession for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR offer. The regular APR is a variable 18.49%.

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

You will need great to superb credit to qualify.

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

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

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

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

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

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

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

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

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

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

You will need exceptional credit scores to get approval for this card.

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

Boosted Cash Back Categories

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

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

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

You will need outstanding credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Get a Flexible Financing Business Credit Card Online in a Recession

The Plum Card® from American Express

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

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

You will need good to excellent credit scores to qualify.

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

Unbeatable Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Have a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And earn a one-time $200 cash bonus when you spend $3,000 on purchases in the first 3 months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

You will need great to excellent credit to qualify.

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

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

The Perfect Business Credit Card Online in a Recession for You

Your outright best company credit cards hinge on your credit history and scores.

Only you can pick which features you want and need. So make sure to do your homework. What is excellent for you could be disastrous for someone else.

And, as always, be sure to develop credit in the recommended order for the best, fastest benefits. The situation with COVID-19 will not last forever.

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

The Truth about Unsecured Business Loans in a Recession

The novel coronavirus has upended our economy. We’re already a recession. If you’ve got less than stellar credit, then you may feel you must put up collateral. But that’s not necessarily so. Here’s the truth about unsecured business loans in a recession.

Get the Truth about Unsecured Business Loans in a Recession

Unsecured business loans in a recession can save you. Here’s the skinny on this little-known form of funding.

Bad credit does not have to be a dead weight around your company’s proverbial neck. However, it does make it more challenging to obtain a small business loan. For a brand-new small business in particular, your company credit will be poor as a matter of course.

This is because you just will not have the sort of history and seasoning which can make your commercial credit score rise. And, then, make lending institutions want to lend your business funds).

Hence, lenders are not going to be too thrilled about offering your business a business loan. This is because they genuinely have no clue if your small business will be able to repay the loan. But you are still, with good reason wondering how to fund a small business with poor credit.

Unsecured Business Loans in a Recession: UCC Blanket Liens

As a result of this, lenders will typically obtain a UCC blanket lien in case they do give your company a loan. A UCC blanket lien is a notification which goes on your credit report. It says that the lender has an interest in all of your company’s assets until you repay the loan completely. Thus, there could be unfortunate consequences if you need to default.

Plus, most of these loans will also entail personal guarantees.

But That’s Different! What are Unsecured Business Loans in a Recession? Our Credit Line Hybrid is a Superb Choice!

Check out our credit line hybrid. It’s available for all business owners. Get the benefit of 0% rates cards offer, and the cash out capability of a credit line. Get approvals to $150,000. Pay 0% rates for 6 – 18 months, with normal card rates afterwards. No documentation, no tax returns or bank statements are necessary. This program is ideal for startups, high-risk industries, and those who desire low payments. It also works if you don’t want to supply financials.

Our credit line hybrid is a superb choice during this time of economic uncertainty.

With this form of business financing, you work with a lender who concentrates on securing business credit cards. This is a very unusual, very few know about program which few lending sources offer. They can in most cases get you three to five times the approvals that you can get on your own.

This is because they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t decline you for the other card inquiries. Individual approvals frequently range from $2,000 – 50,000.

The end result of their services is that you frequently get up to five cards that simulate the credit limits of your highest limit accounts now. Multiple cards create competition, and this means they will raise your limits, generally within 6 months or less of first approval.

Approvals

Approvals can go up to $150,000 per entity such as a corporation. They actually get you three to five business credit cards that report solely to the business credit reporting agencies. This is huge, something most lenders don’t offer or advertise. Not only will you get cash, but you build your business credit as well so in three to four months, you can then use your new company credit to get even more money.

Details

You get credit with no security, assets, or collateral. Lender has no collateral to collect in case of default. Because there is no collateral, and they don’t look or care about your cash flow, the only thing that matters is your personal credit.

With a 650 you will get just personal cards. But with a 680 credit score, you will get both company and personal cards.

Rates

The lender can also get you low introductory rates, usually 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the best cards for points. So this means you get the best rewards.

Like with anything, there are substantial benefits in working with a source who specializes in this area. The results will be far better than if you try to go at it on your own.

Unsecured Business Loans in a Recession: The Alternative: Building Business Credit

Not enough time in business? Or do you not have enough revenue? Then it’s time to start business credit building.

Every Business Needs Small Business Credit Establishing

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 solitary employee of the business.

Accordingly, an entrepreneur’s business and consumer credit scores can be very different.

The Benefits

Given that business credit is distinct from individual, it helps to safeguard a business owner’s personal assets, in the event of legal action or business insolvency.

Also, with two distinct credit scores, a small business owner can get two separate cards from the same vendor. This effectively doubles buying power.

Another advantage is that even start-ups can do this. Going to a bank for a business loan can be a formula for frustration. But building small business credit, when done correctly, is a plan for success.

Consumer credit scores are dependent on payments but also various other components like credit use percentages.

But for business credit, the scores actually merely hinge on whether a small business pays its debts on a timely basis.

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

The Process

Establishing small business credit is a process, and it does not occur without effort. A company will need to actively work to develop business credit.

Nevertheless, it can be done readily and quickly, and it is much more rapid than building consumer credit scores.

Merchants are a big part of this process.

Undertaking the steps out of order will lead to repetitive denials. No one can start at the top with business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Company Fundability

A company has to be fundable to credit issuers and merchants.

For this reason, a business will need a professional-looking website and email address. And it needs to have website hosting bought from a company like GoDaddy.

And also, business telephone and fax numbers must have a listing on ListYourself.net.

Likewise, the business telephone number should be toll-free (800 exchange or similar).

A company will also need a bank account dedicated strictly to it, and it must have all of the licenses necessary for running.

Licenses

These licenses all must be in the particular, accurate name of the small business. And they need to have the same business address and telephone numbers.

So keep in mind, that this means not just state licenses, but possibly also city licenses.Unsecured Business Loans in a Recession Credit Suite

Dealing with the IRS

Visit the IRS web site and acquire an EIN for the company. They’re free of charge. Choose a business entity such as corporation, LLC, etc.

A company can get started as a sole proprietor. But they will more than likely want to switch to a variety of corporation or an LLC.

This is in order to decrease risk. And it will maximize tax benefits.

A business entity will matter when it comes to taxes and liability in the event of litigation. A sole proprietorship means the business owner is it when it comes to liability and taxes. No one else is responsible.

Sole Proprietors Take Note

If you operate a company as a sole proprietor, then at the very 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 small business name. Consequently, you can wind up being personally liable for all small business debts.

In addition, according to the IRS, by having this structure there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 probability for corporations! Steer clear of confusion and significantly decrease the odds of an IRS audit at the same time.

Beginning the Business Credit Reporting Process

Start at the D&B website and get a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to generate 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 small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

By doing so, Experian and Equifax will have something to report on.

Vendor Credit

First you need to establish trade lines that report. This is also called vendor credit. 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 begin to get retail and cash credit.

These kinds of accounts tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are generally Net 30, rather than revolving.

Therefore, 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, such as within 30 days on a Net 30 account.

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

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts have to be paid fully within 60 days. In contrast to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you made use of.

To start your business credit profile the proper way, you ought to get approval for vendor accounts that report to the business credit reporting agencies. When that’s done, you can then make use of the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Makes Sense

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with a minimum of effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 3 of these to move onto the next step, which is retail credit.

Accounts That Do Not Report

Non-Reporting Trade Accounts can also be helpful. While you do want trade accounts to report to at the very least one of the CRAs, a trade account which does not report can yet be of some worth.

You can always ask non-reporting accounts for trade references. Additionally credit accounts of any sort will help you to better even out business expenditures, consequently making financial planning less complicated. These are companies like PayPal Credit, T-Mobile, and Best Buy.

Retail Credit

Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, then move to retail credit. These are service providers which include Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

Fleet Credit

Are there more accounts reporting? Then move onto fleet credit. These are businesses like BP and Conoco. Use this credit to buy fuel, and to repair and maintain vehicles. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

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

Cash Credit

Have you been sensibly handling the credit you’ve up to this point? Then move to more universal cash credit. These are businesses like Visa and MasterCard. Only use your Social Security Number 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 need to see a PAYDEX Score of 78 or better. And they also want you to have 10 trade lines reporting on your D&B report.

These are commonly MasterCard credit cards. If you have more trade accounts reporting, then these are doable.

Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and address any inaccuracies ASAP. Get in the habit of checking credit reports. Dig into the particulars, not just the scores.

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

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

Update Your Record

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

Fix Your Business Credit

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

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

Disputes

Disputing credit report inaccuracies normally means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the originals. Always send copies and keep the originals.

Fixing credit report errors also means you precisely spell out any charges you contest. Make your dispute letter as clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you sent in your dispute.

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

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

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

A Word about Building Business Credit

Always use credit responsibly! Don’t borrow beyond what you can pay off. Track balances and deadlines for repayments. Paying off in a timely manner and in full will do more to elevate business credit scores than pretty much anything else.

Growing small business credit pays off. Great business credit scores help a business get loans. Your loan provider knows the company can pay its financial obligations. They know the business is for real.

The small business’s EIN links to high scores and credit issuers won’t feel the need to request a personal guarantee.

Business credit is an asset which can help your company for many years to come. Learn more here and get started toward growing business credit.

Unsecured Business Loans in a Recession: Takeaways

For each of these alternatives, you will definitely have a preferable rate of interest  if your credit score is better than poor. And you will most likely have more options, so you can shop around and compare plans.

If your business can stand by until your credit– either company or personal or both– improves, then your alternatives will significantly improve, too. In the meantime, unsecured business loans in a recession can help. Use this pause in our lives to improve your credit. Because the COVID-19 situation will not last forever.

The post The Truth about Unsecured Business Loans in a Recession appeared first on Credit Suite.

Get a Recession Business Credit Line – Here’s How

It’s Probably True: You Need a Recession Business Credit Line

As a small business owner, you probably can’t put your hand on enough capital, at least not immediately. And if you are new, then it’s even harder. There will always be more ramp up costs than you think. So if you have ever wondered where to establish business credit, and how to actually get a credit line, it comes from really two areas. Those are business credit cards and loans. Your business needs a recession business credit line: here is how to get one (or more!)

For both types of credit line, it helps to have good business credit. And if you do not have what is considered a good business credit score, or if your company is new and has not yet established its own credit, then creditors will look at your personal credit score.

You want them looking at your business credit score.

But let’s start with recession-era funding.

Recession Period Financing

The number of US financial institutions as well as thrifts has been decreasing slowly for 25 years. This is coming from consolidation in the market in addition to deregulation in the 1990s, reducing barriers to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger banks is problematic for local business owners. Big financial institutions are much less likely to make small loans. Economic downturns imply financial institutions end up being a lot more careful with lending. Luckily, business credit does not rely on financial institutions.

Let’s go over credit lines.

Your Business Needs a Recession Business Credit Line – But What Are Credit Lines?

A credit line, or line of credit (LOC), is an agreement between a borrower and a bank or private investor that establishes a maximum loan balance which a borrower can access.

A borrower can access funds from their line of credit anytime, so long as they don’t go over the maximum set in the arrangement, and as long as they meet any other conditions of the financial institution or investor like making prompt payments.

Advantages

Your business needs a credit line because credit lines deliver many distinct advantages to borrowers including versatility. Borrowers can apply their line of credit and only pay interest on what they use, in contrast to loans where they pay interest on the sum total borrowed. Credit lines can be reused, so as you acquire a balance and pay that balance off, you can use that accessible credit again, and again.

Details

Credit lines are revolving accounts similar to credit cards, and contrast other forms of funding like installment loans. In many cases, lines of credit are unsecured, much the same as credit cards are. There are some credit lines which are secured, and thus easier to get approval for

Credit lines are the most frequently sought after loan type in the business world even though they are popular, true credit lines are unusual, and hard to find. Many are also very difficult to qualify for requiring good credit, good time in business, and good financials. But there are various other credit cards and lines which few know about that are attainable for startup companies, poor credit, or even if you have absolutely no financials.

Your Business Needs a Recession Business Credit Line from The SBA

The majority of credit line varieties that most entrepreneurs imagine come from standard banks and conventional banks use SBA loans as their principal loan product for small business owners. This is because SBA guarantees as much as 90% of the loan in the event of a default. These credit lines are the hardest to get approval for because you must qualify with SBA and the bank.

SBA Loans

There are two fundamental sorts of SBA loans you can normally obtain. One type is CAPLines. There are in fact 4 types of CAPLines that can work for your small business.

You can also get a smaller loan amount more quickly using the SBA Express program. The majority of these programs offer BOTH loans and revolving lines of credit.

From the SBA … “CAPLines is the umbrella program under which SBA helps business owners meet short-term and cyclical working capital needs”. Loan amounts are offered up to $5 million. Loan qualification criteria are the same as with other SBA programs.

Seasonal Line

This one advances against foreseen inventory and accounts receivables. It was designed to assist seasonal businesses. Loan or revolving are on offer.

Contract Line

This one finances the direct labor and material costs of performing assignable contracts. Loan or revolving types are available.

Builders Line

This one was made for general contractors or builders constructing or renovating industrial or residential buildings. This line is for fund direct labor-and material costs, where the building project functions as the collateral. Loan or revolving types are on offer.

Working Capital

Borrowers must use the loan proceeds for short term working capital/operating needs. If the proceeds are used to acquire fixed assets, lender must refinance the portion of the line used to acquire the fixed asset into an appropriate term facility no later than 90 days after lender discovers the line was used to finance a fixed asset.

Your Business Needs a Recession Business Credit Line from SBA Express

You can get approval for as much as $350,000. Interest rates vary, with SBA allowing banks to charge as much as 6.5% over their base rate. Loans in excess of $25,000 will need collateral.

Approval Details

To get approval you’ll need great personal and company credit. Plus the SBA says you should not have any blemishes on your report. An acceptable bank score demands you have at least $10,000 in your account over the most recent 90 days.

You’ll also need a resume showing you have business sector experience and a well put together business plan. You will need three years of company and personal tax returns, and your business returns should show a profit. And, you’ll need a recent balance sheet and income statement, thereby showing you have the cash to pay back the loan.

Collateral

To get approval you’ll need account receivables, but just if you have them. As for the collateral to offset the risk, often all company assets will function as collateral, and some personal assets which also include your home. It’s not unheard of to need collateral equivalent to 50% or more of the loan amount. You also need articles of incorporation, business licenses, and contracts with all third parties, and your lease.

Your Business Needs a Recession Business Credit Line from Private Investors and Alternative Lenders

Private investors and alternative lenders also offer credit lines. These are easier to qualify for than conventional SBA loans. They also necessitate much less documentation for approval. These alternative SBA credit lines ordinarily require good personal credit for approval.

Unlike with SBA, many of them don’t require good bank or business credit approval. Most of these sorts of programs call for two years’ of tax returns. Tax returns have to show a profit. Rates can vary from 7% or greater and loan amounts range from $25,000 into the millions.

Loan amounts are normally based on the revenues and/or profits on tax returns. In some cases lenders may ask for other financials such as a profit and loss statement, balance sheets, and income statements.

Your Business Needs a Recession Business Credit Line from Merchant Cash Advances

Merchant cash advances have rapidly become the most popular way to get financing, in large part because of the simple qualification process. Businesses with $10,000 in revenue can get approval, with the business owner having scores as low as 500.

Some sources have now even begun to offer credit lines that accompany their loans. You must have at least $10,000 in revenue for approval. You should be in business for at least one year, however three years is better. Lenders usually want to see a credit score of 650 or better for approval.

Details

Loan amounts are usually about $20,000. Lenders routinely do pull your business credit, so you ought to have some credit already and sometimes lenders will want to see tax returns.

Rates differ, due to the risk for this program, and there aren’t a lot of funding sources who offer it.

Your Business Needs a Recession Business Credit Line from Securities as Collateral for Financing

You can get financing despite personal credit if you have some form of stocks or bonds. You can also get approval if you have somebody intending to use their stocks or bonds as collateral for financing.

Personal credit quality doesn’t matter as there are no consumer credit criteria for approval. You can get approval for as much as 90% of the value of your stocks or bonds. Rates are commonly lower than 2%, making this one of the lowest rate credit lines you’ll ever see. You can still earn interest as you typically do on your stocks and bonds.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Credit Cards and Lines are Very Similar

Credit cards typically offer 0% intro rates for up to two years. This is also very useful for startups especially. And credit lines let you take out more cash at a more affordable rate than do cards. These are the main two differences that will have an effect on you between credit cards and credit line.

Investopedia even says that “lines of credit are potentially useful hybrids of credit cards.”

Both cards and lines are revolving credit. Credit lines are more difficult to qualify for as card approvals are typically very fast, many times automated, while at the same time line require an in-depth underwriting review. Lines usually offer lower rates, according to Bankrate card rates average 13% while lines average 4%.

Your Business Needs a Recession Business Credit Line from Unsecured Business Credit Cards

The majority of these cards report to the consumer credit reporting agencies. They all demand a personal guarantee from you. You can get approval typically for one card max as they stop approving you when you have two or more inquiries on your report.

Most credit card providers furnish business credit cards including Capital One, Chase, and American Express. These have rates similar to consumer rates and limits are also similar.

Some of them report to the consumer reporting agencies, some report to the business bureaus. Approval requirements resemble consumer credit card accounts.

Inquiries

Often, when you apply for a credit card you put an inquiry on your consumer report. When other lenders see these, they will not approve you for more credit since they have no idea how much other new credit you have lately obtained.

So they’ll only approve you if you have no more than two inquiries on your report within the most recent six months. Any more will get you refused.

Your Business Needs a Recession Business Credit Line from Our Credit Line Hybrid

With this form of business financing, you work with a lender who concentrates on securing business credit cards. This is a very unusual, very little know of program that few lending sources offer. They can usually get you three to five times the approvals that you can get on your own.

This is because they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t reject you for the other card inquiries. Individual approvals oftentimes range from $2,000 – 50,000.

The end result of their services is that you oftentimes get up to five cards that mimic the credit limits of your highest limit accounts now. Multiple cards create competition, and this means they will raise your limits, frequently within 6 months or fewer of first approval.

Approvals

Approvals can go up to $150,000 per entity like a corporation. With a hybrid credit line they actually get you three to five business credit cards which report just to the business credit reporting agencies. This is significant, something most lenders don’t offer or advertise. Not only will you get funds, but you build your business credit as well so in three to four months, you can then use your new corporate credit to get even more money.

Rates

The lender can also get you low introductory rates, often 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the very best cards for points. So this means you get the very best rewards.

Just like with just about anything, there are HUGE benefits in dealing with a source who specializes in this area. The results will be much better than if you try to go at it alone.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Qualifications

You must have excellent personal credit right now, preferably 685 or better scores, the same as with all business credit cards. You shouldn’t have any negative credit on your report to get approval. And you must also have open revolving credit on your consumer reports now and you’ll need to have five inquiries or fewer in the most recent six months reported.

Fees

All lenders within this space charge a 9-15% success based fee and you only pay the cost off of what you secure. Bear in mind, you get a ton of extra advantages and about three to five times more cash in this program than you could get on your own, which is why there’s a fee, the same as all other lending programs.

You can get approval making use of a guarantor and you can even use a number of guarantors to get even more money. There are likewise other cards you can get utilizing this very same program but these cards only report to the consumer reporting agencies, not the business reporting agencies. They are consumer credit cards versus business credit cards.

Benefits

They furnish similar benefits which include 0% intro annual percentage rates and five times the amount of approval of a single card but they’re a lot easier to get approval for.

You can get approval with a 650 score and seven inquiries (or fewer) in the most recent six months and you can have a bankruptcy on your credit and other negative items. These are a lot easier to get approval for than unsecured corporate credit cards.

With all previous cards above, you have to have good consumer credit to get approval but what happens if your personal credit is not good, and you do not have a guarantor?

This is the time when building corporate credit makes a great deal of sense even when you have good personal credit, setting up your company credit helps you get even more money, and without having a personal guarantee.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Your Business Needs a Recession Business Credit Line But You Can’t Get One? Then Start Building Better Business Credit

As with personal credit, it seems as if the companies which don’t need credit are the ones which are more likely to get it. But that is banks and creditors doing better and more responsible business for themselves – if your company is at risk of defaulting, they either want to give you more expensive terms, or not extend any credit at all.

Here are a few tips on building and improving better business credit.

Separate Your Company Credit From Your Personal Credit

One way is to change your business entity. That is, to either incorporate or become a limited liability company (LLC). Get a separate identification number from the IRS, too, in order to really demonstrate there is a difference.

Get a D-U-N-S Number from Dun & Bradstreet

A D-U-N-S number is necessary in order for D&B to start tracking your business’s credit. Dun & Bradstreet requires that you register on their site before they will give you a D-U-N-S number. Registration is simple and, once you have said yes to the Terms and Conditions, then the next screen is a dashboard. This is where you either ask for a D-U-N-S number or you can look up to see if your business is already in the listings. If your company is already in the listings, then click on your business name to make any needed changes.

Business Credit with a Personal Guarantee

Another means of establishing business credit is by going to your bank and establishing business credit lines or cards with personal guarantees. This means you are personally responsible in case the business defaults or any loans or bills go into collections. Hence if your company is in a high risk business or a seasonal one, you might find your car on the line.

Make sure when you get these kinds of business credit cards, they have the personal guarantee removal feature built right in. Keep your credit utilization at one third of your credit ceiling or less (that is, don’t use more than about one third of your total available credit). Make certain to pay on time every time.

Apply for Third Party Guaranteed Lending

You can use an SBA loan for funding. Repaying this kind of a loan will help you build your business credit score. Or you can apply for a business credit card from a specific store. Often, these store credit cards do not need a personal guarantee. Make sure to choose a store where your business makes a lot of purchases. And don’t forget about those timely payments!

Business Credit Cards and Loans

If your business credit score is good (or if it has improved), then go to your local bank and ask for a credit line. And if you use a particular bank for payroll, you can try that one. If not (or maybe you’re a one-person shop and you don’t really have payroll at all), then you can also take your request to the bank where you do all your personal banking.

Because they already know you, and if they have seen you pay your credit cards on time and keep a good balance in your accounts, they may be more interested in giving your small business a line of credit even without guarantees or a serious credit check. No matter which kind of lending institution you try, go in with good credit as that will make your terms more favorable and it can generally mean the difference between any credit line and none.

Your Business Needs a Recession Business Credit Line – Takeaways

Your business can get credit cards and financing, if you know where to look. Learn more here and get started toward establishing business credit. Keep your small business afloat with a credit line.

The post Get a Recession Business Credit Line – Here’s How appeared first on Credit Suite.

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Get Home-Based Business Recession Funding

Get Home-Based Business Recession Funding Without Jeopardizing Your Personal Assets

A home-based business can get expensive in a hurry. Between supplies and the phone system, to the printer ink and postage, and don’t forget your computer, you might be experiencing negative cash flow before your business really starts to take off. So here are some ideas for getting funding which don’t involve getting a loan from someone in your family. Get home-based business recession funding the right way, now!

Home-Based Business Recession Funding – Background

The number of US banks as well as thrifts has been decreasing gradually for 25 years. This is coming from consolidation in the marketplace along with deregulation in the 1990s, decreasing barriers to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets focused in ever‐larger financial institutions is problematic for local business proprietors. Big financial institutions are a lot less likely to make small loans. Economic declines indicate banks end up being more careful with lending. Thankfully, business credit does not depend on financial institutions.

Get Home-Based Business Recession Funding with a Loan from The Small Business Administration

The SBA says that over half of American businesses are based out of a home. And they have a number of loan programs you can take advantage of. Note: the SBA doesn’t provide the loan; they work with the lender and they make these programs available to you, the small business owner.

SBA Loans

There are two primary kinds of SBA loans you can generally secure. One kind is CAPLines. There are in fact 4 types of CAPLines that can work for your business.

You can also acquire a lower loan amount faster using the SBA Express program. A lot of these programs offer BOTH loans and revolving lines of credit.

From the SBA … “CAPLines is the umbrella program under which SBA helps business owners meet short-term and cyclical working capital needs”. Loan amounts are offered up to and including $5 million. Loan qualification criteria are the same as with other SBA programs.

Working Capital

Borrowers must use the loan proceeds for short term working capital/operating needs. If the proceeds are used to acquire fixed assets, lender must refinance the portion of the line used to acquire the fixed asset into an appropriate term facility no later than 90 days after lender discovers the line was used to finance a fixed asset.

Microloans

These are not for a lot of money. The SBA facilitates microloans of up to $50,000, but the average amount is around $13,000. You can use an SBA microloan for:

  • Working capital
  • Furniture or fixtures
  • Inventory or supplies
  • Machinery or equipment

However, they won’t let you use it for buying real estate or to pay off business debts.

General Small Business Loans

Ah, the 7(A). It’s available for most forms of small business although, like the CDC/504 loan, you can’t get one if your business’s profits depend on sales made by an ever-increasing number of participants. You also can’t get one if your business derives (either directly or indirectly) more than 2.5% of its gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature. Since this is not too terribly well-defined, it’s hard to say whether it would include lingerie (although it most likely includes marital aids). You might need to check with your lender.

There are also some restrictions on franchises. Again, it’s always best to check the fine print and, if you have questions, talk to your lender.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Get Home-Based Business Recession Funding with SBA Express

You can get approval for up to and including $350,000. Interest rates vary, with SBA enabling banks to charge as much as 6.5% over their base rate. Loans in excess of $25,000 will call for collateral.

Approval Details

To get approval you’ll need good personal and company credit. Plus the SBA specifies you must not have any blemishes on your report. An acceptable bank score requires you have at least $10,000 in your account over the last 90 days.

You’ll likewise need a resume showing you have business sector experience and a well put together business plan. You will need three years of business and personal tax returns, and your business returns should show a profit. And, you’ll need a recent balance sheet and income statement, thereby showing you have the funds to pay back the loan.

Collateral

To get approval you’ll need account receivables, but only if you have them. When it comes to the collateral to make up for the risk, generally all business assets will serve as collateral, and some personal assets including your residence. It’s not unusual to need collateral equivalent to 50% or more of the loan amount. You also need articles of incorporation, business licenses, and contracts with all third parties, and your lease.

Microloans (but not from the SBA)

There are other microloan providers. You can try the Association for Enterprise Opportunity to find a local microlender.

Bank Loans

What if you need more than a microloan, or your business falls into too many SBA exceptions? Then apply for a bank loan for your home-based business recession funding. Be prepared to put up collateral, which could be equipment or inventory or the like. Pay back your loan on time or else your business’s credit score will suffer.

Business Credit Cards

Another option is business credit cards. However, be aware that you must pay off business credit cards just like personal credit cards. A high credit utilization rate (the amount of credit you use, divided by the total amount of credit available to your company) of greater than 30% can bring down your business credit score. This can make it harder to borrow money or get another business credit card. Therefore, be vigilant with these and pay them off as soon as is practical.

Get Home-Based Business Recession Funding with Crowdfunding

You might want to try with a service such as Kickstarter or GoFundMe. Always make sure you read the fine print, because many crowdfunding platforms require that you give all of the funding back if you do not make your goal by the end of the crowdfunding campaign (IndieGoGo has a flexible funding option). Also, crowdfunding platforms take a percentage of the donations, and they generally will push to have you deliver on your promises, so you’ll have to actually do what your business is supposed to be doing – or face a potential lawsuit.

You will need to make a lot of choices before you even launch a business crowdfunding campaign.

How Much?

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

Will I Succeed?

Another decision is about how successful you believe your campaign is going to be. If you are extremely confident that you will be 100% funded at the end of your campaign, then traditional funding is for you. If you aren’t sure, then try GoFundMe’s flexible funding. With flexible funding, you, the campaign runner, can retain your donations even if your campaign fails. However, for this privilege, you will need to pay an increased fee to GoFundMe. Other crowdfunding platforms like Kickstarter don’t provide this option.

Your Campaign Strategy

A few words on strategy:

Pitch Videos

Your pitch video needs to be good. Use an expert to film it and create the script. Can’t pay for professionals? Then try schools, both students and instructors.

Your script does not need to be verbatim but you must have points you wish to make and not rattle on. Create a script and stay with it. This is not the time to improvise.

Show the Evidence

If you have physical evidence of your project, then make sure to show it in your campaign video and on your campaign webpage. This means a photo of your health club’s sign or a short video recording of your prototype robot.

Financing for Home-Based Business in a Recession Credit Suite

Address Skepticism

A lot of people are understandably skeptical about crowdfunding. An image and a tangible thing will go a long way to assuring them that your project isn’t vaporware.

Manners Matter

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

Don’t Be Greedy!

If you need $250,000 for your campaign, but you call for $1,000,000, that does not do anybody any good.

You’ll just look like you wish to bum off others’ generosity. Instead, account for your expenditures as clearly and transparently as you can. And incidentally, if you misuse your funding, you could find yourself in an unpleasant meeting with your state’s attorney general. So be honest!

Stretch Goals

Your stretch goals should be a combination of easily achievable and pie in the sky. If you are crowdfunding for $100,000, a rather easy to achieve stretch goal is $125,000.

Pie in the sky is going to be more like $300,000. Make it perfectly clear what you will do with any added funds if you are lucky enough to get it. Will you buy the property your business operates in? Employ five additional people? Replace your outdated equipment? Open up a brand-new market on some other continent? Let your donors know what you are striving for, so they can dream with you.

Courtesy Counts

Be polite if your campaign falls short. Even if you use GoFundMe’s flexible funding option, you nevertheless might not get enough to make a significant dent in your funding needs. If you hoped for $100,000 and you just got $500, your best option is to simply return the money.

If you almost got there with $95,000, then say thanks to everybody who donated and see what you can do, despite the fact that there’s a shortfall. And let them know what you’re doing! Perhaps you’ll buy your building next year, or hire four people as opposed to five.

Once more, give your donors a stake in and an inside look at your startup. This will enable them to feel invested. And they might just decide to make up the deficiency on their own. Even if your crowdfunding campaign concludes doesn’t mean a donor cannot send a check or purchase extra goods or services. If that happens, then politeness is crucial.

Donor Strategy

Line up the most significant and most trustworthy donors you can before you start. Tell your mother or your brother in law or your former high school soccer coach to postpone on handing over their $1,000 or $10,000 donation till you begin your campaign.

And ask them (nicely!) to release their money at a very precise time. Which time? The first or very last day of the campaign (split the anticipated funding as well as you are able; if the division isn’t close to half and half, then ask for the bigger chunk of donations to come on the very last day of the campaign). Benefit from the novelty factor of the very first day of the campaign, or the urgency factor of the very last.

Much like a busker with a few of her own bucks in her hat, to encourage people to throw a few bucks for a song, you want your most significant donors to show other donors that they have confidence in you and in your project. And you also want them to suggest your other donors that they had best get in on investing in your startup before the chance ends.

Social Media

Share your campaign on social media sites and ask your friends and family to do so, too. Tweet the link. Add it as a Facebook status. Make it a Tumblr blog post or a snap on Snapchat or publish a blog post about it. Ask your network to publish the link. The best method to get your network to help you out is by assisting them in return. If your relative’s band is on Facebook, share their page, or tweet about it.

Be a participating member of your very own personal community, and your contacts will be far more likely to help you out when you ask. And repeat these social media posts. Considering timezones and our all-too hectic lives, people may not see your message the first time around. Mix it up and deliver it at odd hours (you can normally use scheduling software like HootSuite for this), including what is the middle of the night where you live.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Get Home-Based Business Recession Funding with Unsecured Business Credit Cards

Many of these cards report to the consumer credit reporting agencies. They all require a personal guarantee from you. You can get approval in general for one card max as they discontinue approving you when you have two or more inquiries on your report.

Most credit card providers feature business credit cards including Capital One, Chase, and American Express. These have rates much like consumer rates and limits are also similar.

Some of them report to the consumer reporting agencies, some report to the business bureaus. Approval requirements are similar to consumer credit card accounts.

Inquiries

Usually, when you apply for a credit card you put an inquiry on your consumer report. When other lenders see these, they won’t approve you for more credit because they have no idea how much other new credit you have lately obtained.

So they’ll only approve you if you have less than two inquiries on your report within the most recent six months. Any more than that will get you declined.

Get Home-Based Business Recession Funding with Our Credit Line Hybrid

With this form of business financing, you work with a lender who specializes in securing business credit cards. This is a very unusual, very little know of program which few lending sources offer. They can typically get you three to five times the approvals that you can get on your own.

This is due to the fact that they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t reject you for the other card inquiries. Individual approvals typically range from $2,000 – 50,000.

The result of their services is that you ordinarily get up to five cards that resemble the credit limits of your maximum limit accounts now. Multiple cards create competition, and this means they will raise your limits, ordinarily within 6 months or less of original approval.

Approvals

Approvals can go up to $150,000 per entity like a corporation. With hybrid credit line they actually get you three to five business credit cards that report solely to the business credit reporting agencies. This is huge, something the majority of lenders don’t offer or promote. Not only will you get cash, but you build your business credit also so within three to four months, you can then use your new corporate credit to get even more money.

Rates

The lender can also get you low introductory rates, regularly 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the best cards for points. So this means you get the very best rewards.

Just like with anything, there are big benefits in partnering with a source who concentrates on this area. The results will be far better than if you try to go at it on your own.

Qualifications

You have to have excellent personal credit right now, preferably 685 or higher scores, the same as with all business credit cards. You shouldn’t have any derogatory credit on your report to get approval. And you must also have open revolving credit on your consumer reports right now and you’ll have to have five inquiries or less in the most recent six months reported.

Fees

All lenders in this space charge a 9-15% success based fee and you only pay the charge off of what you secure. Keep in mind, you get a ton of additional rewards and about three to five times more cash through this program than you’d get on your own, which is why there’s a fee, the same as all other lending programs.

You can get approval using a guarantor and you can even use a number of guarantors to get even more money. There are also other cards you can get making use of this very same program but these cards only report to the consumer reporting agencies, not the business reporting agencies. They are consumer credit cards versus business credit cards.

Benefits

They offer similar benefits including 0% intro annual percentage rates and five times the amount of approval of a solitary card but they are a lot easier to qualify for.

You can get approval with a 650 score and seven inquiries (or fewer) in the last six months and you can have a bankruptcy on your credit and other negative items. These are a lot easier to get approval for than UBF company credit cards.

With all preceding cards above, you have to have good consumer credit in order to get approval but what if your personal credit isn’t really good, and you do not have a guarantor?

This is the time when building business credit makes a great deal of sense even if you have good personal credit, establishing your business credit helps you get even more money, and without a personal guarantee.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Get Home-Based Business Recession Funding with Private Investors and Alternative Lenders

Private investors and alternative lenders also offer credit lines. These are a lot easier to qualify for than conventional SBA loans. They also need much less documentation for approval. These alternative SBA credit lines generally demand good personal credit for approval.

Unlike with SBA, many of them don’t require good bank or business credit approval. Nearly all of these kinds of programs require two years’ of tax returns. Tax returns need to show a profit. Rates can vary from 7% or greater and loan amounts range from $25,000 into the millions. Loan amounts are often based upon the revenues and/or profits on tax returns. At times lenders may ask for other financials including a profit and loss statement, balance sheets, and income statements.

Merchant Cash Advances

Merchant cash advances have rapidly become the most popular way to get financing, in large part because of the effortless qualification process. Businesses with $10,000 in revenue can get approval, with the business owner having scores as low as 500.

Some sources have now even begun to offer credit lines that accompany their loans. You must have at least $10,000 in revenue for approval. You should be in business for at minimum one year, though three years is better. Lenders generally want to see a credit score of 650 or better for approval.

Loan amounts are frequently around $20,000. Lenders generally do pull your business credit, so you ought to have some credit already and at times lenders will want to see tax returns.

Rates vary, due to the risk for this program, and there usually are not a lot of funding sources who offer it.

Get Home-Based Business Recession Funding with Credit Lines

A credit line, or line of credit (LOC), is an agreement between a borrower and a bank or private investor which establishes a maximum loan balance which a borrower can access.

A borrower can gain access to funds from their line of credit anytime, so long as they don’t go over the maximum set in the agreement, and so long as they meet any other requirements of the bank or investor including making on time payments.

Advantages

Credit lines deliver many one of a kind benefits to borrowers which include versatility. Borrowers can utilize their line of credit and just pay interest on what they use, unlike loans where they pay interest on the sum total borrowed. Credit lines can be reused, so as you acquire a balance and pay that balance off, you can use that accessible credit again, and again.

Details

Credit lines are revolving accounts similar to credit cards, and compare to various other types of funding including installment loans. Often, lines of credit are unsecured, much the same as credit cards are. There are some credit lines that are secured, and for that reason easier to be granted

Credit lines are the most routinely requested loan type in the business world although they are very popular, authentic credit lines are few and far between, and tough to find. Many are also very tough to get approval for calling for good credit, good time in business, and good financials. But there are various other credit cards and lines that few people know about that are available for start-ups, bad credit, and even if you have no financials.

Get Home-Based Business Recession Funding with Securities as Collateral for Financing

You can get financing irrespective of personal credit if you have some kind of stocks or bonds. You can also get approval if you have somebody intending to use their stocks or bonds as collateral for financing.

Personal credit quality doesn’t matter as there are no consumer credit requirements for approval. You can get approval for as much as 90% of the value of your stocks or bonds. Rates are frequently below 2%, making this one of the lowest rate credit lines you’ll ever see. You can nevertheless earn interest as you usually do on your stocks and bonds.

Get Home-Based Business Recession Funding with Building Company Credit

Business credit is credit in a company name, in association with the business’s EIN number, and not the owner’s Social Security Number. When undertaken correctly, you can obtain company credit without a personal credit check and no personal guarantee. This is something all other cards above can’t deliver.

You can get three types of company credit cards. First is vendor credit, which offers net 30 terms to set up a business credit profile. Then is retail credit, where you will get credit cards with high limits at most stores.

Next is fleet credit. It’s credit to fuel, service, and maintain business vehicles. And then there’s cash credit, which includes Visa, MasterCard, and American Express cards that you can use anywhere. You can get these without any credit check or guarantee. Limits are typically $5,000 – $10,000 to get started, and can exceed $50,000.

Takeaways

Stop asking your family for handouts! There are lots of ways to get home-based business recession funding.

The post Get Home-Based Business Recession Funding appeared first on Credit Suite.

How to Build Business Credit Quickly in a Recession: Tips for Long Haul Truckers

Given how the world has changed due to the novel coronavirus, you might be busier than ever. Trucking and deliveries are essential services, no matter what. The US is sliding into what is looking a lot like an inevitable recession. So you could be sitting in the veritable catbird seat. This could be the perfect time to build business credit quickly in a recession.

Long Haul Truckers: Here’s How to Build Business Credit Quickly in a Recession

Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly in a recession.

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!

Business Credit for Trucking: Why get Business Credit in the First Place?

If you’ve got an EIN, then the IRS says you’ve got a business. But if you only have personal credit, then you’ve got a problem. And you’ll be accountable for your business’s debts, its tax bills, and its bankruptcy, if that happens. You don’t want this. Separate business from personal credit and it won’t.

And specifically, fleet credit will precisely help your trucking business. And gasoline credit cards will, too. We all know how pricey it is to fill up these days.

Building Business Credit for Long Haul Trucking: The Benefits

Business Credit is credit obtained in a business’s name. With business credit the firm builds its own credit profile and credit score. With an established credit profile and score, the company will then qualify for credit.

Since the business gets approval for the credit, in some cases, there is no personal credit check necessary. The business can use its credit to get approval for retail credit cards.

These come from places like BP, Sunoco, Exxon, Shell, Ford, RGS Fleets, Walmart, even MasterCard, Visa, and AMEX. Additionally the company can use its credit to get approval for fleet credit for repair and maintenance of business vehicles including semis. And the firm can also qualify for lines of credit and loans.

How to Build Business Credit Quickly in a Recession: Start With Business Credit Profiles

A credit profile can be created for a business which is utterly independent from the firm owner’s personal credit profile. This offers firm owners two times the borrowing power as they have both personal and business credit profiles.

A business owner can get credit much more quickly using their business credit profile rather than their personal credit profile. Approval limits are much higher on business accounts as opposed to personal accounts. According to the SBA, credit limits on business cards are usually 10 – 100 times higher than for consumer credit.

How to Build Business Credit Quickly in a Recession: Get a PAYDEX Score

Dun & Bradstreet’s Business PAYDEX scores come from payment history.

But personal credit scores come from 5 factors:

  • payment history (35%)
  • utilization (30%)
  • length of credit history (15%)
  • accumulation of new credit (10%)
  • and credit mix (10%)

When done right, business credit can be established without a personal credit check and irrespective of personal credit quality, without any personal credit reporting of business accounts. Most business credit may be obtained without having the owner assuming personal liability, or a personal guarantee.

How to Build Business Credit Quickly in a Recession: Defend Your Assets

Hence in the event of default, the company owner’s private assets can’t be attached. When a business owner applies for financing, their business credit is under review. Not having business credit built will get an owner declined for funding. There are no regulations requiring lenders to notify the business owner for their reason for rejection, so many never know.

Virtually any company can get business credit so long as it has an EIN number and entity set up. You do not need to have collateral or financials. Your firm can be a startup company. You simply need to understand the proper building steps. All highly-successful firms have business credit; it’s a “rite of passage” to ever attain real success.

A firm starts developing a brand new credit profile almost the same as a consumer does. The business starts off with no credit profile. The company gets approval for new credit which reports to the business CRAs. Then the company uses the credit and pays the bill promptly. A favorable business credit profile is established.

As the business continues using credit and covers bills promptly it will get approval for more credit.

How to Build Business Credit Quickly in a Recession: Developing Business Fundability

The understanding lending institutions, retail merchants, and creditors have of your company is important to your ability to establish strong business credit. Before making an application for business credit a firm must properly insure it meets or surpasses all lender credibility specifications. There are over 20 credibility points that are needed for your business to have a solid, reputable foundation.

It is essential that you use your exact business legal name. Your full firm name should include any recorded DBA filing you are using. Make sure your company name is precisely the same on your corporation papers, licenses, and bank statements.

How to Build Business Credit Quickly in a Recession: Corporate Entities and EINs

You can build business credit with virtually any type of corporate entity. If you truly wish to separate business credit from personal credit your business must be a separate legal entity. Hence it cannot be a sole proprietor or partnership.

Unless you have a separate business entity (Corporation or LLC) you might be ‘doing business’ but not truly ‘a business’. You need to be a Corporation or an LLC to differentiate personal from business.

Whether you have employees, your business entity must have an EIN. Your EIN is used to open your bank account and to establish your business credit profile. So take the time to verify that all agencies, banks, and trade credit vendors have your business on file with the exact same EIN.

How to Build Business Credit Quickly in a Recession: Business Addresses, Phone, and Fax Numbers

Your firm address must be a genuine brick-and-mortar location, with a deliverable physical address. It cannot be a home address, a PO Box, or a UPS address. Some lending institutions will not approve and fund unless these requirements are met.

Virtual Addresses

However, virtual addresses are terrific business address solutions. For address only, you will receive mail and packages at a dedicated business address. For a virtual office, you get a professional business address, and dedicated phone and fax numbers. And you also get receptionist services and part-time use of fully furnished offices and conference rooms.

And for a genuine office, you’ll have your own full-time private office with receptionist services, dedicated phone and fax, internet, full furnishings, conference rooms, and more.

Phone Numbers

You must have a dedicated firm phone number listed with 411 directory assistance, under the company name. Lenders, vendors, creditors, and even insurance providers will validate your business is listed with 411. A toll-free telephone number will give your company credibility. But you need to have a local business number for a listing with 411 directory assistance.

Lenders view 800 number or toll-free phone numbers as proof of business credibility. Even if you’re a solitary owner with a home-based business, a toll-free number makes you seem like an even bigger business. It’s very easy and affordable to set up a virtual local telephone number or a toll free 800 number.

A cell or home telephone number as your main business line could get you flagged as a non-established firm. And this is too high of a risk. Do not give a personal cell phone or home phone as the company phone number! You can forward a virtual number to any cell or land line number.

Fax Numbers

Lenders also feel a firm is more legitimate if it has a fax number. As a business you will need a fax number to receive important documents. You will also need it to fax in some of your credit applications. You can set up an e-fax going directly to your email.

How to Build Business Credit Quickly in a Recession: Business Websites

You will also need a business website. Credit providers will research your business on the net. It is best if they discovered everything directly from your business website. Not having a website will significantly damage your chances of getting business credit.

There are many places on the internet offering inexpensive company websites. That way, you can have an internet presence displaying an overview of your firm’s services and contact information.

Plus, it is critical to get a company email address for your company. It’s not only professional, but significantly helps your chances of getting an approval from a credit provider.

Setting up a business email address is just too simple and inexpensive to overlook. When it concerns your business email, never use free email services like Yahoo and Hotmail. The email address should be at yourcompany.com.

How to Build Business Credit Quickly in a Recession: Business Banking and Licensing

Your company banking history is important to long term success in getting more substantial business loans. The date you establish your business bank account is the day loan providers consider your company start date. So this is no matter when you incorporated or hit any other business milestone. The longer your business banking history, the better your borrowing potential is.

Having a high account balance is crucial in obtaining an excellent Bank Rating. And a good Bank Rating is essential for loan approval later on. Try to keep a bank balance of $10,000 or more for a 5 Bank Rating. In that way, you are more likely to get approval for loans eventually.

State Licensing

A common mistake when developing credit for a firm is non-matching business addresses on the business licenses. Even worse is not having the licenses necessary for a trucking company to operate legally.

Contact the State, County, and City Government offices. And see if there are any requisite licenses and permits to operate your trucking business. This includes your commercial driver’s license. Your business filings must be correct at state, county, and city levels. Plus your IRS filings must have correct listings.

How to Build Business Credit Quickly in a Recession: Company Listings

Also confirm main agencies (State, IRS, Bank, and the 411 national directory) list your company the same way. And with your precise legal name. Also make certain every single bill you get lists your business name correctly and comes to your company address.

How to Build Business Credit Quickly in a Recession Credit Suite

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit even in a recession.

How to Build Business Credit Quickly in a Recession: Get a D-U-N-S Number

Make sure your firm is listed with Dun and Bradstreet. If it isn’t, then get a D-U-N-S Number. This number starts the process of developing your business credit profile with them. Your D-U-N-S number will also play an important role in allowing your company to borrow without a personal guarantor. You can get your D-U-N-S number here: dnb.com. And you can also enroll for the DNBi SelfMonitor to monitor your credit. A subscription is $39-99/ month.

And check out the lowest-price monitoring – we can save you 90%!

How to Build Business Credit Quickly in a Recession: Get Your Other Business Credit Reports

Our business finance suite includes monitoring.

Don’t want to take the plunge yet? Then visit smartbusinessreports.com for a copy of your Experian Smart Business report. Learn how many trade lines are reporting and see if you have a business credit score assigned. See if you have an active Experian Business Profile and check on recent inquiries.

Buy a copy of your Equifax Small Business Credit Report here: https://www.equifax.com/business/business-credit-reports-small-business.

Business Credit for Trucking: Start with Vendor Credit

This is the beginning of business credit for trucking companies.

It is when a vendor extends a line of credit to your company on ‘Net 15, 30, 60 or 90’ day terms. This means you can buy their products or services up to a maximum dollar amount. And then you have 15, 30, 60 or 90 days to pay the bill fully.

So if you have Net 30 terms and buy goods today, then repayment is due in the next 30 days. Get products for your business needs. Then postpone payment on those for 30 days, thereby easing cash flow. Some merchants will approve a firm for Net 30 payment terms upon verification of as little as an EIN and a 411 listing.

True Starter Vendors

We have a great list of starter vendors here: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Be sure to apply first without using your Social Security Number. Some vendors will request it and may even tell you on the phone they need to have it. But submit first without it. Keep in mind: A Social Security Number is required for business loans but not for initial vendor credit building.

Some vendors require an initial prepaid order before they can authorize your firm for terms. Your first Net 30 account will report your trade line to Dun and Bradstreet. Then the D-U-N-S system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They offer truck stops and ramps and more. And they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your corporate bank information. Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders might need to be prepaid initially so your company can get approval for Net 30 terms.

Crown Office Supplies

Crown Office Supplies is an additional true starter vendor. You can find them online at https://crownofficesupplies.com. They sell a variety of office supplies, so be sure to use them for the inevitable paperwork you’ll need to generate. And they report to Dun and Bradstreet, Experian, and Equifax.

There is a $99.00 yearly fee, though they do report that fee to the business credit reporting bureaus. For other purchases to report, the purchase needs to be at least $30.00. Terms are Net 30.

Grainger Industrial Supply

Grainger Industrial Supply is also a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need to have a business license, EIN, and a D-U-N-S number.

Your business entity must be in good standing with the applicable Secretary of State. If your company does not have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

Help Yourself with On-Time Payments

Repay all Net 30 vendor accounts in full and promptly. Be patient and allow time for the vendors’ reporting cycles to get into the reporting systems.

It commonly takes 3 cycles of Net accounts reporting to develop credit scores. Most merchants and major retailers offer business credit, but don’t publicize it. But there is no benefit to the merchant to promote credit without personal liability. So this is, if a business owner agrees to take on that liability. So they do not promote their business credit cards and frequently demand an SSN.

You must have a total of at least 3 Net 30 day pay accounts reporting, to move onto more credit.

Business Credit for Trucking: Get Store Credit

Store credit comes from a variety of retail service providers.

You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the business’s EIN on these credit applications.

How to Build Business Credit Quickly in a Recession Credit Suite

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit even in a recession.

Business Credit for Trucking: Getting Fleet Credit

Fleet credit is from companies where you can buy fuel, and repair and take care of vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

Business Credit for Trucking: Going Beyond Fleet Credit

As you keep building more business credit, you’ll get approval for more high-limit accounts. Many loans will ask for a personal guarantee and credit check for approval. Being responsible with fleet credit will lead straight to getting vehicle financing and more universal cash credit.

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are commonly MasterCard credit cards.

Business Credit for Trucking: Our Credit Line Hybrid

This is one more practical option. Unsecured credit is not secured with collateral. Good personal credit gets you unsecured credit cards with a personal guarantee; this normally means a 685 score or better. Good business credit gets you unsecured credit cards without any personal guarantee. The amount you can finance is often remarkably high. As in $10,000 – 50,000. And you can get it in 1 – 4 weeks.

You can also get cash flow-based lending; these are short term loans of 6 – 18 months, with amounts as much as $1 million. The loan amounts are equal to 8 – 12% of annual revenue, with rates of 10 – 45%. A 520 credit score is accepted, but good bank statements are required.

Our hybrid credit line could be perfect for you.

Business Credit for Trucking: Revenue Loans and Lines

A revenue loan (or revenue-based loan) is an alternative kind of loan. In contrast to a bank loan, it doesn’t require collateral or substantial assets. And unlike angel investing or venture capital, the money isn’t turned over for a portion of the business. Rather, the loan (or credit line) is repaid as a percent of incoming revenue. See: https://en.wikipedia.org/wiki/Revenue-based_financing.

Revenue-Based Financing Details

The lender (investors, really) will take an equity warrant. So this means they have a fixed price if they want to buy stock in the business. And that goes until an expiration date. And the business owner does not need to back the loan with their own personal assets. There is no valuation on the company’s assets.

All that is needed:

  • The company needs to be producing revenue
  • It needs to have good gross margins to be able to afford the payments

One way to get revenue-based financing is via crowdfunding platforms. The interest you pay is often a tax deduction for the firm. Costs tend to be more than for traditional bank loans. It’s not for early stage startups, by definition. But it may be a decent choice for a firm about 2 – 4 years old. So this is one with revenue coming in but banks still aren’t providing loans.

recession truckers Credit Suite

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit even in a recession.

Fundbox

So our preferred provider is Fundbox. It’s a suitable option for short-term financing. The gist is you borrow on a line of credit to be repaid every week for up to 12 weeks. This is done via automatic deductions from your business bank account. $1,000 – $100,000 is available. There are no minimum credit score requirements.

Requirements:

  • Six or more months in business
  • Yearly revenue of $25,000 or greater
  • The company must have business checking account

Find them online at: https://fundbox.com/lines-credit.

Business Credit for Trucking: Takeaways

You have a lot of options when it comes to getting business credit for trucking companies. The recession cannot last forever. And in the meantime, you can be helping yourself and your business right now.

The post How to Build Business Credit Quickly in a Recession: Tips for Long Haul Truckers appeared first on Credit Suite.

Separate Commercial and Consumer Credit in a Recession Phase

It’s a recession phase. You may have a new small business, or are now connected because you invested in one. Or maybe you have suddenly become an owner or a manager. No matter what, here is why you need to separate your commercial and consumer credit. This is especially vital during any recession phase. And yes, that includes during the coronavirus pandemic.

Separate Your Commercial and Consumer Credit and Protect Your Personal Assets During a Recession Phase

Small business credit is credit in a small business’s name. It doesn’t link to an owner’s personal credit, not even if the owner is a sole proprietor and the sole employee of the small business. 

Consequently, an entrepreneur’s business and personal credit scores can be very different.

The Advantages When You Separate Your Commercial and Consumer Credit

Given that business credit is distinct from personal, it helps to secure a small business owner’s personal assets, in case of litigation or business insolvency. This truly matters most during a recession phase.

Also, with two distinct credit scores, a small business owner can get two different cards from the same vendor. This effectively doubles buying power.

Another benefit is that even new ventures can do this. Going to a bank for a business loan can be a recipe for disappointment. But building business credit, when done properly, is a plan for success.

Consumer credit scores depend on payments but also various other factors like credit use percentages. 

But for business credit, the scores truly merely hinge on if a small business pays its debts on time.

Separate Your Commercial and Consumer Credit: The Recession Phase Process

Building small business credit is a process. It does not occur without effort. A company has to proactively work to build business credit. 

However, it can be done readily and quickly, and it is much faster than developing personal credit scores. 

Vendors are a big component of this process.

Undertaking the steps out of sequence leads to repetitive denials. No one can start at the top with company credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Separate Your Commercial and Consumer Credit and Build Small Business Fundability Even in a Recession Phase

A company needs to be fundable to lending institutions and vendors. 

Therefore, a small business needs a professional-looking website and email address. And it needs to have website hosting from a supplier such as GoDaddy. 

In addition, company telephone and fax numbers must have a listing on 411. You can do that here: http://www.listyourself.net

Additionally, the company phone number should be toll-free (800 exchange or similar).

A company also needs a bank account dedicated purely to it, and it has to have all of the licenses essential for operating. 

Licenses

These licenses all have to be in the particular, appropriate name of the small business. And they must have the same small business address and phone numbers. 

So keep in mind, that this means not just state licenses, but possibly also city licenses.

Recession Phase Credit Suite

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

Separate Your Commercial and Consumer Credit  by Dealing with the Internal Revenue Service During a Recession Phase

Visit the Internal Revenue Service web site and get an EIN for the small business. They’re free of charge. Pick a business entity like corporation, LLC, etc.

A small business may begin as a sole proprietor. But they absolutely need to switch to a type of corporation or an LLC.

This is to decrease risk. And it will maximize tax benefits.

A business entity matters when it involves taxes and liability in case of litigation. A sole proprietorship means the business owner is it when it comes to liability and taxes. No one else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

Economic Downturn Separate Biz and Personal Credit Suite

Separate Your Commercial and Consumer Credit and Start Off the Business Credit Reporting Process During a Recession Phase

Begin at the D&B web site and get a cost-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 websites for the small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process. 

In this way, Experian and Equifax have something to report on.

Starter Vendor Credit

First you need to build tradelines that report. 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 get credit for numerous purposes, and from all sorts of places.

These sorts of accounts have the tendency to be for things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are in most cases Net 30, versus revolving.

So, if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts must be paid completely within 60 days. Compared to revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To begin your business credit profile properly, you ought to get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then use the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Helps

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with marginal effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. This is to continue to confirm you are trustworthy and pay on time. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They offer shipping, packing, and industrial supplies, and they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your company bank information. Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders may need to be prepaid initially so your business can get approval for Net 30 terms.

  • How to apply with them:
  • Add an item to your shopping cart
  • Go to checkout
  • Select to Open an Account
  • Select to be invoiced

Crown Office Supplies

Crown Office Supplies is an additional true starter vendor. You can find them online at https://crownofficesupplies.com. They sell a variety of office supplies and take helping clients seriously. They state, “just starting your business, or maybe have an existing business, but you have a question regarding office supplies… we are here to help!” And they report to Dun and Bradstreet, Experian, and Equifax.

There is a $99.00 yearly fee, though they do report that fee to the business credit reporting bureaus. For other purchases to report, the purchase needs to be at least $30.00. Terms are Net 30.

  • Here’s how to qualify:
  • Your business entity must be in good standing with the applicable Secretary of State
  • You must have an EIN and a D-U-N-S number
  • Business address (it has to match everywhere)
  • Business license (if applicable)
  • A corporate bank account
  • Business must be at least 60 days old
  • Membership fee is $99 per year upon approval

Apply online.

Grainger Industrial Supply

Grainger Industrial Supply is also a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You must have a business license, EIN, and a D-U-N-S number.

  • To qualify, you need the following:
  • A business license (if applicable)
  • An EIN number
  • A company address matching everywhere
  • A company bank account
  • A D-U-N-S number from Dun & Bradstreet

Your corporate entity must be in good standing with the applicable Secretary of State. If your business doesn’t have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

Accounts That Don’t Report

Non-reporting trade accounts can also be helpful, even in a recession phase. While you do want trade accounts to report to at least one of the CRAs, a trade account which does not report can still be of some value.

You can always ask non-reporting accounts for trade references. And also credit accounts of any sort ought to help you to better even out business expenses, thus making budgeting easier. These are providers like PayPal Credit, T-Mobile, and Best Buy.

Store Credit

Store credit comes from a variety of retail companies.

You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the business’s EIN on these credit applications.

Fleet Credit

Fleet credit is from companies where you can purchase fuel, and repair and take care of vehicles. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the small business’s EIN.

Recession Phase Credit Suite

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

Cash Credit

These are businesses like Visa and MasterCard. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are often MasterCard credit cards.

Separate Your Commercial and Consumer Credit and Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and take care of any errors ASAP. Get in the practice of taking a look at credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the business credit reporting agencies. See: www.creditsuite.com/monitoring.

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

Update Your Record

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

Recession Phase Credit Suite

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

Separate Your Commercial and Consumer Credit and Fix Your Business Credit During a Recession Phase

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

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

Disputes

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

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

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

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

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

A Word about How to Separate Your Commercial and Consumer Credit During a Recession Phase

Always use credit smartly! Don’t borrow beyond what you can pay off. Keep track of balances and deadlines for repayments. Paying punctually and in full does more to raise business credit scores than pretty much anything else.

Growing company credit pays off. Good business credit scores help a business get loans. Your loan provider knows the business can pay its debts. They understand the business is authentic.

The business’s EIN attaches to high scores and lenders won’t feel the need to ask for a personal guarantee. This is particularly helpful during a recession phase.

Separate Your Commercial and Consumer Credit in a Recession Phase: Takeaways

Business credit is an asset which can help your company for many years to come. Learn more here and get started toward building company credit. The COVID-19 situation will not last forever!

The post Separate Commercial and Consumer Credit in a Recession Phase appeared first on Credit Suite.

Get a Recession Business Loan for a Restaurant

Need a Recession Business Loan a Restaurant?

If you love to cook or you love to eat but know you can do better than the restaurants and cafés in your area, you might be dreaming about opening your own restaurant. But to grow a restaurant, you are going to need business capital. In a bad economy, that means a recession business loan for a restaurant.

Like all businesses, getting started with a restaurant is probably going to mean you will need to borrow capital. Often, that will be a business loan.

Recession Age Funding

The number of US financial institutions and also thrifts has been decreasing slowly for 25 years. This is from consolidation in the marketplace as well as deregulation in the 1990s, reducing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets focused in ever‐larger banks is troublesome for small business owners. Big banks are a lot less likely to make small loans. Economic downturns suggest financial institutions come to be much more mindful with financing. The good news is, business credit does not rely on banks.

The SBA

Many credit line varieties that most business owners imagine come from conventional banks and conventional banks use SBA loans as their key loan product for small business owners. This is because SBA assures as much as 90% of the loan in the case of default. These credit lines are the most challenging to get approval for because you must qualify with SBA and the bank.

Get a Recession Business Loan for a Restaurant from the SBA

There are two fundamental sorts of SBA loans you can commonly get. One kind is CAPLines. There are in fact 4 types of CAPLines that can work for your business.

You can also secure a lesser loan amount more quickly using the SBA Express program. A lot of these programs offer BOTH loans and revolving lines of credit.

From the SBA … “CAPLines is the umbrella program under which SBA helps business owners meet short-term and cyclical working capital needs”. Loan amounts are offered right up to $5 million. Loan qualification prerequisites are the same as with other SBA programs.

Seasonal Line

This one advances against anticipated inventory and accounts receivables. It was created in order to help seasonal businesses. Loan or revolving are on offer.

Contract Line

This one finances the direct labor and material costs of performing assignable contracts. Loan or revolving kinds are available.

Builders Line

This one was made for general contractors or builders constructing or renovating industrial or residential buildings. This line is for fund direct labor-and material costs, where the building project acts as the collateral. Loan or revolving types are on offer.

Working Capital

Borrowers must use the loan proceeds for short term working capital/operating needs. If the proceeds are used to acquire fixed assets, lender must refinance the portion of the line used to acquire the fixed asset into an appropriate term facility no later than 90 days after lender discovers the line was used to finance a fixed asset.

Get a Recession Business Loan for a Restaurant from SBA Express

You can get approval for right up to $350,000. Interest rates can be different, with SBA enabling banks to charge as much as 6.5% over their base rate. Loans above $25,000 will call for collateral.

Approval Details

To get approval you’ll need great personal and company credit. Plus the SBA states you must not have any blemishes on your report. An acceptable bank score demands you have at least $10,000 in your account over the very last 90 days.

You’ll likewise need a resume showing you have market practical experience and a well put together business plan. You will need three years of business and personal tax returns, and your business returns should show a profit. And, you’ll need a current balance sheet and income statement, therefore showing you have the funds to pay back the loan.

Collateral

To get approval you’ll need account receivables, but just if you have them. As for the collateral to offset the risk, normally all business assets will serve as collateral, and some personal assets including your home. It’s not unheard of to need collateral equivalent to 50% or more of the loan amount. You also need articles of incorporation, business licenses, and contracts with all third parties, and your lease.

Let’s look at credit lines.

Get a Recession Business Loan for a Restaurant from Credit Lines

A credit line, or line of credit (LOC), is an agreement between a borrower and a bank or private investor that establishes a maximum loan balance that a borrower can access.

A borrower can access funds from their line of credit anytime, so long as they don’t go beyond the maximum set in the arrangement, and as long as they meet all other requirements of the bank or investor including making on time payments.

Advantages

Credit lines deliver many unique benefits to borrowers including flexibility. Borrowers can use their line of credit and merely pay interest on what they use, in contrast to loans where they pay interest on the sum total borrowed. Credit lines can be reused, so as you acquire a balance and pay that balance off, you can use that accessible credit again, and again.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Details

Credit lines are revolving accounts similar to credit cards, and compare to various other types of funding including installment loans. Oftentimes, lines of credit are unsecured, much the same as credit cards are. There are some credit lines which are secured, and for this reason easier to qualify for

Credit lines are the most commonly requested loan type in the business world although they are preferred, authentic credit lines are rare, and tricky to find. Many are also very hard to get approval for calling for good credit, good time in business, and good financials. But there are other credit cards and lines that few people know about that are attainable for startups, bad credit, and even if you have no financials.

Get a Recession Business Loan for a Restaurant from Private Investors and Alternative Lenders

Private investors and alternative lenders also offer credit lines. These are less complicated to qualify for than conventional SBA loans. They also demand much less documentation for approval. These alternative SBA credit lines frequently need good personal credit for approval.

Unlike with SBA, many of them don’t call for good bank or business credit approval. Most of these kinds of programs call for two years’ of tax returns. Tax returns need to demonstrate a profit. Rates can vary from 7% or greater and loan amounts range from $25,000 into the millions. Loan amounts are frequently based on the revenues and/or profits on tax returns. At times lenders may ask for other financials such as a profit and loss statement, balance sheets, and income statements.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Get a Recession Business Loan for a Restaurant with Merchant Cash Advances

Merchant cash advances have quickly become the most popular way to get financing, in large part due to the effortless qualification process. Businesses with $10,000 in earnings can get approval, with the business owner having scores as low as 500.

Some sources have now even begun to offer credit lines that accompany their loans. You must have at least $10,000 in revenue for approval. You should be in business for at least one year, however three years is better. Lenders usually want to see a credit score of 650 or better for approval.

Loan amounts are usually around $20,000. Lenders normally will pull your business credit, so you ought to have some credit already and at times lenders will want to see tax returns.

Rates vary, due to the risk for this program, and there typically aren’t a lot of funding sources who offer it.

Get a Recession Business Loan for a Restaurant with Stocks/Bonds as Collateral for Financing

You can get financing despite personal credit if you have some sort of stocks or bonds. You can also get approval if you have somebody wishing to use their stocks or bonds as collateral for financing.

Personal credit quality doesn’t matter as there are no consumer credit requirements for approval. You can get approval for as much as 90% of the value of your stocks or bonds. Rates are often lower than 2%, making this one of the lowest rate credit lines you’ll ever see. You can still earn interest as you generally do on your stocks and bonds.

Credit Cards and Lines are Very Similar

Credit cards ordinarily offer 0% intro rates for up to two years. This is also rather useful for startups in particular. And credit lines let you take out more cash at a more affordable rate than do cards. These are the main two differences which will have an effect on you between credit cards and credit line.

Investopedia even says that “lines of credit are potentially useful hybrids of credit cards.”

Both cards and lines are revolving credit. Credit lines are tougher to get approval for as card approvals are often very quick, many times automated, while line require an in-depth underwriting review. Lines usually offer lower rates, according to Bankrate card rates average 13% while lines average 4%.

Get a Recession Business Loan for a Restaurant with Unsecured Business Credit Cards

Recession Restaurant Financing Credit SuiteThe majority of these cards report to the consumer credit reporting agencies. They all require a personal guarantee from you. You can get approval in general for one card at the most as they discontinue approving you when you have two or more inquiries on your report.

Most credit card companies feature business credit cards including Capital One, Chase, and American Express. These have rates similar to consumer rates and limits are also similar.

Some of them report to the consumer reporting agencies, some report to the business bureaus. Approval requirements resemble consumer credit card accounts.

Inquiries

Frequently, when you apply for a credit card you put an inquiry on your consumer report. When other lenders see these, they won’t approve you for more credit for the reason that they do not know how much other new credit you have lately obtained.

So they’ll only approve you if you have less than two inquiries on your report within the most recent six months. Any more will get you refused.

Get a Recession Business Loan for a Restaurant with Our Hybrid Credit Line

With this form of business financing, you work with a lender who concentrates on securing business credit cards. This is a very rare, very few know about program which few lending sources offer. They can typically get you three to five times the approvals that you can get on your own.

This is because they are familiar with the sources to apply for, the order to apply, and can time their applications so the card issuers won’t reject you for the other card inquiries. Individual approvals frequently range from $2,000 – 50,000.

The end result of their services is that you generally get up to five cards that resemble the credit limits of your maximum limit accounts now. Multiple cards create competition, and this means they will raise your limits, often within 6 months or fewer of first approval.

Approvals

Approvals can go up to $150,000 per entity such as a corporation. With our hybrid credit line you get three to five business credit cards that report only to the business credit reporting agencies. This is huge, something the majority of lenders don’t offer or advertise. Not only will you get cash, but you build your business credit also so within three to four months, you can then use your new company credit to get even more money.

Rates

The lender can also get you low introductory rates, typically 0% for 6-18 months. You’ll then pay normal rates after that, typically 5-21% APR with 20-25% APR for cash advances. And they’ll also get you the very best cards for points. So this means you get the very best rewards.

Like with just about anything, there are significant benefits in teaming up with a source who focuses on this area. The results will be far better than if you attempt to go at it by yourself.

Learn business loan secrets with our free, sure-fire guide. We can help you get money, even during a recession.

Qualifications

You must have excellent personal credit now, ideally 685 or higher scores, the same as with all business credit cards. You shouldn’t have any negative credit on your report to get approval. And you must also have open revolving credit on your consumer reports now and you’ll need to have five inquiries or less in the last six months reported.

Fees

All lenders in this space charge a 9-15% success based fee and you only pay the charge off of what you secure. Remember, you get a lot of extra advantages and about three to five times more cash in this program than you could get on your own, which is why there’s a fee, the same as all other lending programs.

You can get approval using a guarantor and you can even use various guarantors to get even more money. There are even other cards you can get making use of this very same program but these cards only report to the consumer reporting agencies, not the business reporting agencies. They are consumer credit cards versus business credit cards.

Benefits

They offer similar benefits such as 0% intro annual percentage rates and five times the amount of approval of a solitary card but they are much easier to get approval for.

You can get approval with a 650 score and seven inquiries (or fewer) in the last six months and you can have a bankruptcy on your credit and other negative items. These are a lot easier to get approval for than unsecured business credit cards.

With all preceding cards above, you ought to have good consumer credit in order to get approval but what happens if your personal credit is not good, and you don’t have a guarantor?

This is when building company makes a great deal of sense even if you have good personal credit, developing your business credit helps you get even more money, and without having a personal guarantee.

Get a Recession Business Loan for a Restaurant with Building Business Credit

Company credit is credit in a company name, in connection with the company’s EIN number, and not the owner’s Social Security Number. When accomplished correctly, you can acquire business credit without a personal credit check and without a personal guarantee. This is something all other cards above can’t deliver.

You can get three types of business credit cards. First is vendor credit, which offers net 30 terms to set up a business credit profile. Then is retail credit, where you will get credit cards with high limits at most stores.

Next is fleet credit. It’s credit to fuel, service, and maintain business vehicles. And then there’s cash credit, which includes Visa, MasterCard, and American Express cards that you can use anywhere. You can obtain these with no credit check or guarantee. Limits are oftentimes $5,000 – $10,000 to get started, and can exceed $50,000.

Takeaways for How to Get a Recession Business Loan for a Restaurant

Your business can get credit cards and financing, if you know where to look. Learn more here and get started toward establishing business credit. Get a recession business loan for a restaurant. And grow a business you can be proud of!

The post Get a Recession Business Loan for a Restaurant appeared first on Credit Suite.

How to Rock Out Streetshares Recession Financing

The recession is officially here, and that means finding financing for your business is going to be more challenging than ever.  It is possible however.  Check out Streetshares recession financing for example.

A Comprehensive Review of Streetshares Recession Financing Options

Funding is a huge obstacle for virtually every small business, especially in a recession. It can seem as if there is almost never enough. This is why having more than one option when it comes to small business funding in a recession is vital. Most assume the first stop is a traditional bank or credit union. That isn’t always possible however. Sometimes you need to research alternative options. This is exactly what Streetshares recession financing is.

Traditional lenders rely heavily on personal credit scores and are not set up to specifically help small businesses thrive. There are some non-traditional lenders that, while still acknowledging risk reduction is essential, know small businesses are a different breed needing special help.

Because of this, they are willing to take other factors into consideration rather than relying so heavily on the personal credit. Factors such as business credit, time in business, annual business revenue, and more can come into play.

Is Streetshares one of those companies? In some ways yes, it is.  In other ways, not really.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

What is Streetshares?

Streetshares is an online small business funding service offering much more than traditional loans. It all began in 2013 when Mark Rockefeller and Mickey Konson both agreed a small business financing solution for everyday small business owners was necessary. The idea for Streetshares was born.

The idea was to create a lender which would offer small business solutions for veterans and their communities. Today, Streetshares offers financial products to all types of small businesses. While you do not have to have military or veteran affiliation to take advantage of these products, they do maintain their dedication to their military and veteran roots.

What Products Do They Offer?

Streetshares offers a variety of recession financing products with fast application processes and funds deposited almost immediately. There is never a prepay penalty, and the credit check is a soft one, so there is not an impact on your credit score for applying.  This is a huge plus when it comes to financing during a recession.

Streetshares Recession Financing Products

Term Loans– These are lump sum, traditional style loans. They run from $2,000 to $100,000 with terms from 3 to 36 months.

Patriot Express Line of Credit– A revolving line of credit for amounts between $5,000 and $100,000. You draw only what you need, when you need it, and only pay interest on what you used. Terms run from 3 to 36 months.

Contract Financing– An advance on contract invoices. You can receive up to 90% of the total of unpaid invoices on a contract, and Streetshares will collect from the contractor. The beauty of this is you get your cash right away, without having to wait for customers to pay their invoices.

Factoring– Similar to contract financing, accounts receivable factoring allows you to collect a portion of your receivables from Streetshares, while they collect the total amount from those who owe you. This allows you to receive your funds immediately without having to worry about collections.

Our comprehensive Streetshares review revealed that this is a flexible product rather an a one-size fits all. The company lets the borrower determine how many and which invoices to factor in the way best suiting their needs. The business does not have to factor all invoices.

You may be wondering how your credit score will react when you apply for a loan. With most lenders, you credit score can drop some due to the credit check made by the lender. However, while we were doing our Streetshares review, we learned they do a soft pull when they check your credit score, so your credit isn’t affected at all by the application.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Streetshares Recession Financing: Repayment

They deduct a set amount from your bank account weekly, so repayment is easy peasy. They also do not have a prepayment penalty, so if you want to pay ahead, you can totally do that.

Other Services: Investment Products

Veterans Business Bonds– These bonds pay a flat 5% interest rate with as little as $25 to start. You can withdraw from the bond in the first year with a 1% fee, and after one year can access your funds at any time without a fee.

Streetshares Pro Investing– If you choose, you can let the Streetshares pros build a portfolio that will help you reach your financial goals.

Financing Application and Requirements for Streetshares Recession Financing

Online application for Street Shares recession financing is quick and easy. If you want or need personal help, you can call and speak with a qualified professional who will walk you through the process. Approval typically comes the same day as application, and funds can be in your account within 3 days.

The basic loan pre-approval qualification requirements are:

  • United States citizenship
  •  At least one year in business (in some cases 6 months is enough)
  •  Minimum required earnings
  •  Business guarantor with reasonable credit

When you apply, you will need to have the following information ready:

  • Business owner’s social security number
  • EIN
  • Total outstanding business debts
  • 6 months of the most recent bank statements
  • Most recent business and personal tax returns

In some cases, financial statements may also be required for Streetshares recession financing. These would include the Profit and Loss statement, the Balance Sheet, and other information as requested. If you use QuickBooks Online, their system can review your financial information directly from there, making the process even faster!

What About Closing Costs?Streetshares Recession Financing Credit Suite

Streetshares changed how they accounted for closing costs mid-2018. Previously, these fees came from funds before they went into the borrower’s account.

The new policy allows for the disbursal of all funds to the borrower, who is then allowed to either roll closing costs into the payment, or pay them back immediately. Streetshares says they made this change to allow borrowers to receive all their funds and have more control over how they used the money based on the needs of their individual business.  This is a huge plus for Streetshares recession financing.

Other Perks

There are a few exceptional benefits to being a Streetshares member.

Discounts

Members of Streetshares enjoy discounts at various retailers. These include but are not limited to discounts on bookkeeping services, services offered by Amazon, and combat attire.  In a recession, every penny counts, right?

Best Price Guarantee

When it comes to Streetshares recession financing, they are serious about offering the best deals and rates when it comes to small business funding. In an effort to do just that, they guarantee they will beat or match a competitor’s offer, or give you a $100 gift card. Here are the details: 

  • You must have a loan offer from Streetshares that has been fully underwritten.
  • You must also have an approved and underwritten offer from one of the lenders listed below.
  • There will need to be proof of the competitor’s offer.

This only applies to online lenders. These are defined as lenders that:

  • Are not a bank, credit union, CDFI, or thrift
  • Operate as a for-profit lending agency
  • Are not a brokers or ISOs (Independent Sales Organizations)
  • Provide Merchant Cash Advance products or is one of the lenders in the following list:
    • Strategic Funding
    • YellowStone
    • BFS capital
    • SOS capital
    • IOU Central
    • BOFI
    • EBF partners
    • Flash Advance
    • LoanMe
    • Ondeck 
    • Kabbage
    • Swift Capital
    • Breakout Capital
    • PayPal LoanBuilder   
    • Principis capital
    • Par Funding
    • National Funding
    • Quick Bridge Funding
    • Business Backer
    • Advance Capital
    • Mulligan Funding Knight Capital
    • 1st Global Capital
    • SFS Funding
    • Itria Ventures
    • EIN CAP
    • Pearl Capital
    • Prime Meridian

They must also, of course, provide small business lines of credit or loans as part of their normal operations.

Brass Tacks of the Best Price Guarantee

After reviewing your offer, Streetshares will generate an Annual Percentage Rate (APR) for the costs of your Streetshares offer in an effort to give you a fair comparison. They will then offer lower fees, a lower interest rate, or make other changes to their offer to beat or match that of the competitor.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

If they, for some reason, cannot beat or match the offer, they will give you a $100 Amazon gift card.

Streetshares Foundation

We would be remiss if we didn’t talk about the Streetshares Foundation along with Streetshares recession financing. The foundation’s mission is to encourage and support veteran small business owners. In keeping with this, they present a grant to 3 veteran-owned businesses each year.

There are three prizes as follows: 

  • 1st Place: $15,000
  • 2nd Place: $6,000
  • 3rd Place: $4,000

To apply, a business must meet the following requirements:

  • The applicant has to be a veteran or reserve or active duty member of a branch of the United States Armed Forces, or a spouse of an armed forces member.
  • They must be at least 21 years old.
  • The business must be legally incorporated or a formal partnership or sole proprietorship.
  • There must be some sort of social impact on the veteran or military community either in conjunction with or in addition to the primary business function.

The foundation will choose 5 to 10 finalists based on the social impact, business idea, how they will use award funds and the social impact of that use, fit of the product market, and the history of the team and the company.

The final selection process is one of the best parts. Once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!

What is “Reasonable Credit? And What if My Credit Isn’t “Reasonable?”

To gain approval for Streetshares recession financing, you need to have “reasonable” credit. It took a little digging around, but it turns out they define reasonable credit as a credit score over 650.

What If My Credit Score Doesn’t Meet that Definition?

There are some steps you can take to improve your score. First, pay your bills on time, every time. You also need to take a look at your credit report. You can do this by obtaining a free copy. Get one annually at no cost.

Review it with a fine-toothed comb. It is even more important to do this during a recession.  If you find mistakes, have them corrected. Do this by submitting the detailed request in writing, with back up documentation of the correct information. Never send originals of backup. Always make copies.

You can also ask those that are not required to report payments to credit agencies to do so. A couple of examples include landlords and utilities. If you are making your payments to them on time, you can ask them to report those payments.

They may say no. It can’t hurt to ask though. If they choose to do so, it could improve your score much faster.

The Better Business Bureau: What Do They Say About Streetshares?

You really can’t talk about a lending company without checking out their profile on the Better Business Bureau. It’s pretty important when considering Streetshares recession financing. As it turns out, they have an A+ rating! There are only two complaints on file, and they are each in reference to unwanted solicitation. The company has responded, and in each case the individual complaining was taken off of their list.

There are 3 reviews on file, and all three relate to the investing option. One is a 3-star rating because there seem to be no financials available for the past 4 years. The last ones are when they first filed with the SEC. The reviewer would like to see how the investment money is being used.

Another 3-star rating is from a reviewer who was not impressed either way yet. They note a few good things and a few not so good things and state they need more time to form an opinion.

The last reviewer gives a 5-star rating and says their investing experience has been “as advertised.”

Do You Need Streetshares Recession Financing?  

It depends.  If you qualify, Streetshares recession financing could be the perfect solution for whatever you need.  The company prides itself on offering fast financing options with little hassle. They have lower interest rates than other online lenders.  Also, while they offer their products to everyone, they take their original mission to use their business solutions to support businesses run by those in the military and veterans seriously.

The main drawback is they are a newer company.  This inevitably causes some kinks, but they seem to be working them out nicely.

(Note: We make every effort to update details regularly but always check the lender’s website for the most up-to-date information on terms, rates, and requirements as these details can change frequently.)

The post How to Rock Out Streetshares Recession Financing appeared first on Credit Suite.

Excellent! Get the Best Balance Transfer Business Credit Cards in a Recession

Get the Most Awesome, Best Balance Transfer Business Credit Cards in a Recession Today!

You can get the best balance transfer business credit cards in a recession! We can show you how!

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

And this also means you can have personal credit cards at retail stores, and now have an additional card at the same stores for your business. And you won’t have to provide collateral, cash flow, or financials to get business credit.

Best Balance Transfer Business Credit Cards in a Recession: Card Advantages

Features vary, so make certain to select the perk you prefer from this range of choices.

The Best Balance Transfer Business Credit Cards in a Recession – You Can Get Luxurious Travel Points

Flat-rate Travel Rewards

Capital One® Spark® Miles for Business

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

This card is terrific for travel if your costs don’t come under basic bonus categories. You can get unlimited double miles on all purchases, with no limits. Get 5x miles on rental cars and hotels if you book via Capital One Travel.

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

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

Bonus Travel Categories with a Sign-Up Offer

Ink Business Preferred℠ Credit Card

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

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

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

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

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

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

No Annual Fee

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

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

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

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

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

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

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

Hotel Credit Card

Marriott Bonvoy Business™ American Express® Card

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

Points

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

Get double points on all other eligible purchases.

Rewards

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

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

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

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

Alternatives to the Best Balance Transfer Business Credit Cards in a Recession: Business Credit Cards for Fair Credit, Not Needing a Personal Guarantee

Brex Card for Startups

Check out the Brex Card for Startups. It has no annual fee.

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

Nevertheless, they do not accept every industry.

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

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

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

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

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

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to the Best Balance Transfer Business Credit Cards in a Recession: Terrific Cards for Cash Back

Flat-Rate Rewards

Capital One ® Spark® Cash for Business

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

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem any time without minimums.

You will need good to outstanding credit scores to qualify.

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

Flat-Rate Rewards and No Annual Fee

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for year. Then the regular APR is a variable 14.49 – 22.49%.

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

You can download transactions| quickly to Quicken, QuickBooks, and Excel. Keep in mind: you will need great to outstanding credit scores to qualify for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

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

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

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

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

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

Boosted Cash Back Categories

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

Check out the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the initial 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.Best Balance Transfer Business Credit Cards in a Recession Credit Suite

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

You will need outstanding credit scores to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to the Best Balance Transfer Business Credit Cards in a Recession: Credit Cards with 0% Introductory APR

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.

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

So you will need good to outstanding credit scores to qualify.

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

American Express® Blue Business Cash Card

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

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

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

So you will need great to superb credit to qualify.

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

Alternatives to the Best Balance Transfer Business Credit Cards in a Recession: Cards for Rewards

Capital One® Spark® Cash Select for Business

Check out the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And earn a one-time $200 cash bonus once you spend $3,000 on purchases in the initial three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

So you will need great to excellent credit to qualify.

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

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Alternatives to the Best Balance Transfer Business Credit Cards in a Recession: Exceptional Business Credit Cards with No Yearly Fee

No Yearly Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the first one year. After that, the APR is a variable 14.74 – 20.74%.

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

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

Your Best Balance Transfer Business Credit Cards in a Recession

Your absolute best balance transfer business credit cards in a recession will be based on your credit history and scores. Just you can decide which benefits you want and need, so be sure to do your homework. And, as always, make sure to build credit in the recommended order for the best, fastest benefits.

The economy will change again – and your prospects for getting cards will be even better.

The post Excellent! Get the Best Balance Transfer Business Credit Cards in a Recession appeared first on Credit Suite.

Fund your Business with Crowdfunding During a Financial Recession

Financial Recession Got You Down? Then Fund Your Business with Crowdfunding

There are thousands of businesses using crowdfunding to raise money to fund their next business venture. For some entrepreneurs, crowdfunding is the ticket to financial independence. Starting a new business without adding debt or taking out equity, can be unheard of for startups. But with a little planning and creative marketing, starting a new business can be more enjoyable than disappointing. Yes, you can fund your business with crowdfunding, even during a financial recession.

Financial Recession Period Funding

The number of American financial institutions and thrifts has been decreasing slowly for a quarter of a century. This is from consolidation in the market along with deregulation in the 1990s, minimizing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger financial institutions is troublesome for local business proprietors. Big banks are a lot less likely to make small loans. Economic recessions imply banks become more careful with financing. The good news is, business credit does not count on financial institutions.

Beating the Financial Recession: What’s Crowdfunding All About?

Crowdfunding gives today’s business owner a new way to build a successful business. Don’t be fooled. Not everyone with a campaign on a crowdfunding site becomes an automatic millionaire! Success on crowdfunding doesn’t happen overnight. In fact, being an instant success on a crowdfunding site doesn’t usually happen. To succeed at crowdfunding, do your due diligence. And see if you would be successful at crowdfunding.

Beating the Financial Recession: What’s a Good Crowdfunding Platform?

Find which crowdfunding platform is best to use for your business. Kickstarter and Indiegogo are two of the most popular crowdfunding platforms to use. If you’re like most new business owners, you’re looking for investors. Before you start putting your campaign out there, make sure that you have everything ready and perfect. This way, you can get the investors that you want to fund your campaign.

Beating the Financial Recession: How Do You Get Creative With Crowdfunding?

Trying to get the investors you want will take time. You need to brainstorm, create, and perfect the right pitch that gets investors pouring money into your campaign. To help you get your campaign started in the right direction, use this quick guide.

Getting the Best Crowdfunding Platform For Your Needs

Pick a Crowdfunding Platform. Before you get started with your campaign, pick a crowdfunding platform that’s the right fit for you. There are several crowdfunding platforms to choose from. Kickstarter and Indiegogo are two to start looking into.

And you need to be aware of what you are doing when you’re developing your campaign. If you’re raising rewards and not investments, then Kickstarter and Indiegogo should be on your list.

Kickstarter is great to use for creative projects, but it’s all or none. This means that if you don’t raise 100% of your initial funding goal, then you don’t keep the pledged money. Indiegogo is a little different from Kickstarter. If you choose to pay up to 9% of your funds raised, then you can keep the funds pledged to your campaign. The only drawback is that your project will need some minimum funding to work.

GoFundMe is another choice; they let you keep the money even if you don’t meet your goal.

Beating the Financial Recession: Crowdfunding Pitches

Prepare and Get your Pitch Perfect. Remember that the content in your campaign is vying for the attention of your potential investor and client. There are so many other distractions that pull for the attention of your viewers. For this reason, your pitch and its messaging has to grab their attention immediately. Once you get their attention, you can’t stop there. You’ll want to keep your viewers engaged, which means that you need to have a great story to tell about yourself or your project.

Pitch Videos

Your pitch video will need to be good. Use a professional to film it and develop the script. Unable to afford professionals? Then try schools, both pupils and instructors.

Your script doesn’t need to be word for word but you must have points you want to make and not babble. Create a script and stay with it. This is not the right time to wing it.

Show the Evidence

If you have physical evidence of your project, then make sure to show it in your campaign video and on your campaign web page. This means an image of your spa’s sign or a short video recording of your prototype robot.

Address Skepticism

A great deal of people don’t trust crowdfunding. A photo and a tangible thing will go a long way to demonstrating to them that your project isn’t vaporware.

Good Manners Matter

Say please, thank you, and you’re welcome to everyone. Use these magic words in your pitch and in your interactions with your donors. And use them in the cover letters you deliver with your perks (even virtual perks can include a cover e-mail). You don’t need to grovel, but you must be polite.

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Don’t Be Greedy!

If you need $250,000 for your campaign, but you ask for $1,000,000, that does not do anyone any good.

You’ll just seem like you want to bum off others’ generosity. As an alternative, explain your overhead as transparently as possible. Because if you misuse your funds, you may find yourself in an unpleasant meeting with your state’s attorney general. So be truthful!

Beating the Financial Recession: Crowdfunding and Focusing on Your Investors

Focus On What You’re Giving to Your Investors. One of your goals in crowdfunding is to raise funding. But you need to focus on your investors. You want to create rewards or terms that will help you raise the money that you want. When developing the rewards for investors and backers, have your rewards tie back into your story.

One way to come up with a great reward for your campaign is to check out the most successful campaigns which raised the most money.

Donor Strategy

Line up the most significant and most reliable donors you can before you start. Tell your mother to postpone handing over her donation till you launch your campaign.

And ask them (nicely!) to release their money at a very specific time. Which time? The first or final day of the campaign. Separate the expected funding as well as you can. If the split isn’t around half and half, then ask for more to come on the final day of the campaign. Make the most of the novelty factor of the very first day of the campaign, or the urgency factor of the very last.

It’s like a busker with a few of her own dollars in her hat. To motivate people to donate, you want your biggest donors to show other donors that they believe in you and your project. It helps if they tell other donors that they’d best get in on investing in your company before the opportunity ends.

Beating the Financial Recession: Crowdfunding Supporter Engagement

Get Supporter Engagement. Don’t make the common mistake of not engaging the people in your network of friends, family, and supporters. When creating a campaign, be ready to start funding once you launch everything. It’s especially important if you are using equity crowdfunding. Supporter engagement is vital. Because these people are your stakeholders, advisors, board members, partners, and existing investors.

Courtesy Counts

Be gracious if your campaign fails. Even with GoFundMe (where you can keep the money even if you fall short), you still may not get enough to make a significant dent in your funding needs. If you wanted $100,000 and you only got $500, your best option may be to give back the cash.

If you almost got there with $95,000, then thank everybody who donated. See what you can do, although there’s a deficiency. And tell them what you are doing! Perhaps you’ll buy your building next year, or hire four people as opposed to five.

Once more, give your donors a stake in and an inside look at your startup. This will help them to feel invested. And they may decide to make up the shortfall themselves. Just because your crowdfunding campaign ends doesn’t mean a donor can’t send a check or buy more goods or services. If that comes about, then politeness is crucial.

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Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Beating the Financial Recession: Finding Influencers

Get to know Notable Investors. Get the attention of people who have never heard of your project before. One of your main goals should be to get people, organizations, and businesses that are familiar with you involved with your campaign. And ask them to spread the word. This sort of networking can only help you.

Social Media

Share your campaign on social networks and ask your friends and family to do so, too. Tweet the link. Add it as a Facebook status. Turn it into a Tumblr blog post or a snap on Snapchat or publish a blog post about it. Ask your network to distribute the link. The best technique to get your network to help you out is by assisting them in return. If your nephew’s band is on Facebook, share their page, or tweet about it.

Be a cooperative member of your own personal community. Then your online community will be more likely to help you out when you ask. And rerun these social media posts. Consider time zones and our all-too busy lives. People might not see your message the first time around. Mix it up and send it at irregular hours. Use scheduling software such as HootSuite for this. This includes what is the middle of the night where you live.

Beating the Financial Recession: Crowdfunding Strategy

Plan your Marketing and Outreach Strategy. You will need to put hours into creatively marketing your campaign before it launches. Successful campaign owners spend hours developing a plan that will market their campaign. And they have a defined goal that raises funding efforts both online and offline.

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Stretch Goals

Your stretch goals should be a mix of easy to get and pie in the sky. If you are crowdfunding for $100,000, a pretty easy to meet stretch goal is $125,000.

Pie in the sky will be more like $300,000. Make it clear what you will do with any added cash if you are fortunate enough to get it. Will you buy the property your startup is in? Hire five more people? Replace your worn out equipment? Open a brand-new market on some other continent? Let your donors know what you are striving for, so they can dream with you.

Beating the Financial Recession: Takeaways

Starting a new business venture doesn’t have to be restrictive or stressful. This is especially when you know how to use crowdfunding and its various platforms. Crowdfunding can be another way to fund your business or a new project without having to pay for upfront marketing costs. And you get to keep your equity!

As a business owner, you should always look for ways to grow your business. And by using crowdfunding you can provide your business with new avenues to get funding.

The post Fund your Business with Crowdfunding During a Financial Recession appeared first on Credit Suite.