In the past 41 years, Honda has won 21 world championships, so how has MotoGP’s most storied manufacturer become the slowest bike on the grid?
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No cause of death was given.
Do you want to apply for a business credit card with bad credit in a recession which you think will drag you down? Not to worry. And that is still true despite the emergence of COVID-19.
According to the SBA, business credit card limits are 10 – 100 times those of personal cards! This shows you can get a lot more cash with business credit.
And it also means you can have personal credit cards at retail stores, and now have an additional card at the same shops for your business. And you won’t need collateral, cash flow, or financial information to get company credit.
Take a look at 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.
Nonetheless, 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. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.
You can have bad credit scores (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.
Check out the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, with no minimum to redeem.
While this card is within reach if you have average credit scores, beware of the APR. Yet if you can pay in a timely manner, and completely, then it’s a bargain.
Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Check out the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the first one year. Afterwards, the APR is a variable 14.74 – 20.74%.
Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the first $50,000 spent per year. Get 1 point per dollar afterwards.
You will need great to exceptional credit to qualify.
Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/
Also take a look at 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 qualified purchases on up to $50,000 per calendar year. After that get 1%.
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%.
You will need great to exceptional credit scores to qualify.
Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/
Have 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 fantastic for travel if your expenditures do not fall into common bonus categories. You can get unlimited double miles on all purchases, with no limits. Earn 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. Yet 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 great to excellent FICO rating to qualify.
Find it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/
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 3 months after account opening. This works out to $1,250 towards travel rewards if you redeem through 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 with Chase Ultimate Rewards. You will need a great to exceptional FICO score to qualify.
Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred
For no annual fee while still getting travel rewards, have a look at this card from Bank of America. It has no annual fee and a 0% introductory APR for purchases during the initial 9 billing cycles. 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.
Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is no matter how much you spend.
Also get 3 points per every dollar spent when you reserve your travel (car, hotel, airline) with 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/
Take a look at the Marriott Bonvoy Business™ Card from American Express. It has a yearly fee of $125. There is no introductory APR offer. The regular APR is a variable 17.24 – 26.24%. You will need good to outstanding credit scores to get this card.
You can get 75,000 Marriott Bonvoy points after using your card to make purchases of $3,000 in the initial three months. Get 6x the points for qualified purchases at participating Marriott Bonvoy hotels. You can get 4x the points at United States restaurants and gasoline stations. And you can get 4x the points on wireless telephone services purchased directly from US providers and on US purchases for shipping.
Get double points on all other eligible purchases.
Plus, you get a free night each 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 free Marriott Bonvoy Silver Elite status with your Card. Plus, spend $35,000 on eligible purchases in a calendar year and earn an upgrade to Marriott Bonvoy Gold Elite status through the end of the next calendar year.
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/
Check out the Ink Business Unlimited℠ Credit Card. Beyond no yearly fee, get an introductory 0% APR for the first year. After that, the APR is a variable 14.74 – 20.74%.
You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need excellent credit scores to qualify for this card.
Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited
Check out 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 once 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 scores 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.
Check out the Capital One® Spark® Cash for Business. It has an introductory $0 annual fee for the initial year. After that, this card costs $95 each year. There is no introductory APR offer. The regular APR is a variable 18.49%.
You can get a $500 one-time cash bonus after spending $4,000 in the initial 3 months from account opening. Get unlimited 2% cash back. Redeem any time without any minimums.
You will need great to exceptional credit to qualify.
Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash/
Check out the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for twelve months. 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. Note: you will need good to outstanding credit scores to get approval for this card.
https://www.discover.com/credit-cards/business/
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. After that, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the initial three months from account opening.
You can get 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on internet, 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 earn.
You will need outstanding credit scores to get this card.
Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF
Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. After that, the APR is 13.74% – 23.74% variable. There is no 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 first $50,000 in combined choice category/dining purchases each calendar year. After that earn 1% after, with no limits.
You will need superb 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.
Check out the Plum Card® from American Express. It has an initial annual 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 exceptional credit scores to qualify.
Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/
Your absolute best way to apply for a business credit card with bad credit in a recession will hinge on your credit history and scores.
Only you can select which features you want and need. So make sure to do your homework. What is excellent for you could be catastrophic for others.
And, as always, make sure to develop credit in the recommended order for the best, speediest benefits. The COVID-19 situation won’t last forever.
The post Rock Solid: You Can Apply for a Business Credit Card with Bad Credit in a Recession appeared first on Credit Suite.
Rock Your Business Bank Credit Score in a Recession What’s your business bank credit score in a recession? Before going any further, do you know the difference between bank credit and business credit? Business credit is the full and complete amount of money that your small business can get from all manner of creditors. That … Continue reading How to Rock your Business Bank Credit Score in a Recession
What’s your business bank credit score in a recession?
Before going any further, do you know the difference between bank credit and business credit? Business credit is the full and complete amount of money that your small business can get from all manner of creditors. That means the credit unions, credit card companies, and leasing companies. And it means any credit your small business can get from suppliers, under what is called trade credit or vendor credit or trade lines. Your bank credit score, though, is a touch different.
Bank credit, on the other hand, is the full amount of borrowing capacity which a small business can get from the banking system only. Hence your bank credit score, of course, is the measurement of this capacity to borrow.
A small business can get more business credit rapidly, so long as it has at least one bank reference and an average daily account balance of at least $10,000 for the most recent three month time period. This set up will yield a bank rating of a Low-5. So this means it is an Adjusted Debt Balance of from $5,000 to $30,000.
A lower rating, like a High-4, or balance of $7,000 to $9,999 will not automatically reject the small business’s loan application. However, it will slow down the approval process.
A bank credit rating is the average minimum balance as maintained in a business bank account over a three month long period. Hence a $10,000 balance will rate as a Low-5, a $5,000 balance will rate as a Mid-4, and a $999 balance will rate as a High-3, etc.
A small business’s chief goal should always be to maintain a minimum Low-5 bank rating for at least three months. Hence that means an average $10,000 balance.
This is because, without at least a Low-5 rating, the majority of banks will operate under the assumption that the business has little to no ability to repay a loan or a business line of credit.
One thing to keep in mind – you will never actually see this number. The bank will just keep this number in its back pocket.
Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business during a recession.
The numbers work out to the following ranges:
Do not forget, your small business needs to be at the Low-5 level bank score or better.
It should be clear that the thrust behind bank credit scores is to show proof that your small business can pay back its financial obligations in an expeditious manner. Therefore, yes, you will need to maintain a minimum balance for at least three months. Every cycle is based on the balance rating during the previous three month period.
CongruencyIt is also vital that the business owner ensures that their business bank accounts are reported exactly the same way all of their business records are, and with the exact same physical address and phone number. And it cannot be a post office box!
It is imperative that each and every credit agency and trade credit vendor, every record keeper also lists the business name and address the exact same way. No lender is going to stop to consider all of the ways that a business might be listed, when they look into the business’s creditworthiness. Therefore, if they are unable to find what they need easily, they will just deny the application.
Note: these are record keepers of financial records, income tax, web addresses and e-mail addresses, directory assistance, etc.
Congruency also matters in the event you use a fictitious name or DBA, AKA a ‘doing business as’ status.
Plus the business must manage its bank account responsibly. This means that the small business should avoid writing non-sufficient funds (NSF) checks at all costs, because that decimates bank ratings. Non-sufficient-funds checks are something which no business can afford to let happen. It is even a good idea for the business to add overdraft protection to their bank account as soon as possible, in order to avoid NSFs.
Your business must show a positive cash flow. The cash coming in and leaving a company’s bank account should reflect a positive free cash flow. A positive free cash flow is the amount of revenue left over after a company has paid all of its expenses. When an account shows a positive cash flow it indicates that the business is generating more revenue than is used to run the company. That means the bank will feel that the business can pay its bills.
Finally, understand that banks are highly motivated to lend to a business with consistent deposits. A business owner must also make regular deposits in order to maintain a positive bank rating. The business owner must make a lot of consistent deposits. And they need to be more than the withdrawals they are making, in order to have and maintain a good bank rating. If they can do that, then they will have a good bank credit score.
Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business during a recession.
Of course we are talking about business credit building here. Business credit is an asset which can help your company in years to come.
Small business credit is credit in a small business’s name. It doesn’t tie to a business owner’s consumer credit, not even if the owner is a sole proprietor and the solitary employee of the company.
As a result, a business owner’s business and consumer credit scores can be very different.
Due to the fact that small business credit is distinct from consumer, it helps to protect an entrepreneur’s personal assets, in the event of a lawsuit or business insolvency.
Also, with two distinct credit scores, a business owner can get two separate cards from the same vendor. This effectively doubles buying power.
Another benefit is that even startups can do this. Heading to a bank for a business loan can be a formula for frustration. But building small business credit, when done the right way, is a plan for success.
Consumer credit scores depend on payments but also various other elements like credit use percentages.
But for small business credit, the scores truly just hinge on whether a business pays its invoices punctually.
Building business credit is a process, and it does not occur without effort. A business has to actively work to build company credit.
That being said, it can be done easily and quickly, and it is much faster than establishing consumer credit scores.
Merchants are a big component of this process.
Doing the steps out of sequence will result in repetitive denials. Nobody can start at the top with small 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.
A small business has to be fundable to lenders and merchants.
For this reason, a small business will need a professional-looking web site and e-mail address. And it needs to have website hosting bought from a merchant such as GoDaddy.
In addition, business telephone and fax numbers must have a listing on ListYourself.net.
Additionally, the company phone number should be toll-free (800 exchange or the like).
A business will also need a bank account dedicated solely to it, and it needs to have every one of the licenses necessary for operation.
These licenses all have to be in the perfect, correct name of the business. And they need to have the same company address and phone numbers.
So note, that this means not just state licenses, but possibly also city licenses.
Check out our professional research on bank ratings, the little-known reason why you will – or won’t – get a bank loan for your business during a recession.
Visit the IRS website and acquire an EIN for the business. They’re totally free. Select a business entity like corporation, LLC, etc.
A small business can get started as a sole proprietor. But they will most likely want to change to a variety of corporation or an LLC.
This is in order to minimize risk. And it will optimize tax benefits.
A business entity will matter when it pertains to taxes and liability in case of a lawsuit. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. No one else is responsible.
If you run a company as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.
If you do not, then your personal name is the same as the company name. Consequently, you can end up being directly liable for all company debts.
Additionally, per the IRS, with this arrangement there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 chance for corporations! Prevent confusion and substantially decrease the odds of an IRS audit simultaneously.
But treat any DBA filing as a steppingstone to incorporating.
Know what is happening with your credit. Make sure it is being reported and deal with any errors 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.
Update the information if there are inaccuracies or the info is incomplete.
So, what’s all this monitoring for? It’s to contest any inaccuracies in your records. Errors in your credit report(s) can be corrected. But the CRAs often want you to dispute in a particular way.
Disputing credit report mistakes commonly means you mail a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never send the original copies. Always mail copies and keep the original copies.
Fixing credit report errors also means you precisely spell out any charges you contest. Make your dispute letter as crystal clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.
Always use credit responsibly! Never borrow more than what you can pay off. Keep track of balances and deadlines for payments. Paying off promptly and in full will do more to raise business credit scores than just about anything else.
Building company credit pays. Excellent business credit scores help a company get loans. Your lending institution knows the small business can pay its debts. They understand the company is authentic.
The company’s EIN links to high scores and your business bank credit score in a recession will not matter quite so much.
Start with consistent deposits, even if you cannot make terribly high ones. Just, start to become dependable in how you add money to your business’s bank account. Whether you deposit every week or every other week, etc. is your own choice. Opt for whatever you are most likely to be able to do.
This can also help you with both positive cash flow and responsible account management. Hence you get a lot of bang for your buck here – quite literally.
The other fairly simple task you can undertake is to make sure your business address and other particulars are perfectly congruent across the board. This means, for example, that if you wrote Ltd. on your D&B D-U-N-S number application, but Limited when you applied for a business bank account, you will need to take measures to get these two areas in sync.
Generally, the easiest way to do this is by going through everything and simply copying and pasting your information.
The post How to Rock your Business Bank Credit Score in a Recession appeared first on Credit Suite.
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.
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.
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.
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.
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.
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.
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.
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:
When you apply, you will need to have the following information ready:
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!
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.
There are a few exceptional benefits to being a Streetshares member.
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?
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:
This only applies to online lenders. These are defined as lenders that:
They must also, of course, provide small business lines of credit or loans as part of their normal operations.
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.
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:
To apply, a business must meet the following requirements:
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!
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.
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.
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.”
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.
Fundbox is one of several lending companies online. They offer Invoice Financing (which is not the same as Invoice Factoring). Our Fundbox recession funding review can help you make the best decision for your business.
Fundbox has raised more than $100 million in capital from Silicon Valley investors such as General Catalyst Partners, Khosla Ventures, Blumberg Capital, Entrée Capital, and Spark Capital. They count Jeff Bezos of Amazon as one of their investors.
We look at the specifics and drill down into the details.
Fundbox is located online here: https://fundbox.com/. Their physical address is:
300 Montgomery St.
San Francisco, CA 94104.
You can call them at: (855) 572-7707. Their contact page is here: https://fundbox.com/company/contact-us/. You can email them at: support@fundbox.com. The company has been in business since 2013.
Rather than purchasing your accounts receivables for a percentage of the money owed to you, they will instead finance the full amount in the form of what is essentially a loan. And then you will pay it back as your customers pay their invoices. Fundbox does not communicate directly with your customers; you will continue to do so.
Payment plans are either 12 or 24 weeks. There is no penalty for repaying early. If you repay early, Fundbox will waive all remaining fees. If you finance your invoices with Fundbox, the fees are flat.
To qualify, you must have at least 6 months invoicing history in your accounting software. And you must have at least $50,000 in annual revenue.
Fundbox’s fees can vary, depending on customer and over time. You will pay the same amount each week. See: https://fundbox.com/pricing/.
Determine if you can meet a regular payment schedule during an economic downturn.
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.
They also offer revolving business lines of credit. You can get line of credit up to $100,000. You will need to allow Fundbox to connect with your accounting software, such as QuickBooks. Fundbox would like to see at least two months of activity in any supported accounting software or three months of transactions in a business bank account.
Your business should be based in one of the 50 United States or one of their supported US territories. Their approved territories are Guam, American Samoa, Northern Mariana Islands, Puerto Rico, and the US Virgin Islands.
Fundbox has a B2B payment system (in a way, like Square or PayPal). This enables merchants to get paid faster on Net 60 accounts. It also allows buyers to qualify for net terms wherever Fundbox is accepted. Applying will not affect your personal credit. See: https://fundboxpay.com.
Fundbox Pay supports several types of accounting software, including:
They also support:
Advantages to Fundbox recession funding include their exceptional flexibility in connecting to your business bank account, and fast approval. Another advantage is that Fundbox stays out of your relationship with your clients. Your clients need never know that you are working with Fundbox.
The main disadvantage is less than fully transparent fee information. However, if you sign up for Fundbox, they will let you know what your fees are.
The businesses which do best with Fundbox will be those which can pay back their debts on time or even early. But this is the case with virtually all online lenders, of course.
In addition, entrepreneurs with poor credit will be able to turn to Fundbox. This is vital as most other online lenders will not do the same. And it is even more important during a recession.
Companies without a long time in business might also do well. While neither a minimal time in business nor a minimal annual or monthly revenue requirement is spelled out on the site, there has got to be some sort of minimum in both areas.
As might be expected, companies which miss payments will not do so well with Fundbox recession funding – but that is the case with all online lenders.
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.
Of course we recommend business credit building as a reasonable alternative to Fundbox.
Since small business credit is separate from personal, it helps to safeguard a business owner’s personal assets, in the event of legal action or business bankruptcy. Also, with two separate credit scores, a small business owner can get two separate cards from the same vendor. This effectively doubles buying power.
Another benefit is that even start-ups can do this. Heading to a bank for a business loan can be a recipe for disappointment. But building business credit, when done right, is a plan for success.
Individual credit scores depend upon payments but also other elements like credit usage percentages. But for business credit, the scores truly just hinge on if a business pays its invoices on a timely basis.
Growing business credit is a process, and it does not happen without effort. A business needs to actively work to build company credit. Nonetheless, it can be done readily and quickly, and it is much faster than establishing personal credit scores. Vendors are a big part of this process.
Carrying out the steps out of order will lead to repetitive rejections. Nobody can start at the top with business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.
A business has to be fundable to lending institutions and vendors. For this reason, a small business will need a professional-looking web site and e-mail address, with website hosting from a company like GoDaddy. Plus business phone and fax numbers ought to have a listing on ListYourself.net.
Additionally the business telephone number should be toll-free (800 exchange or the equivalent).
A company will also need a bank account devoted strictly to it, and it has to have all of the licenses essential for operation. These licenses all have to be in the accurate, appropriate name of the small business, with the same business address and phone numbers. Note that this means not just state licenses, but potentially also city licenses.
Visit the Internal Revenue Service website and get an EIN for your business. They’re free of charge. Select a business entity such as corporation, LLC, etc. A business can begin as a sole proprietor but will most likely wish to switch to a form of corporation or LLC to limit risk and make best use of tax benefits.
A business entity will matter when it involves tax obligations and liability in case of a lawsuit. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. Nobody else is responsible.
If you operate a business as a sole proprietor at least file for a DBA (‘doing business as’) status. If you do not, then your personal name is the same as the business name. As a result, you can wind up being directly responsible for all business debts.
In addition, per the Internal Revenue Service, by having this arrangement there is a 1 in 7 possibility of an IRS audit. There is a 1 in 50 chance for corporations! Avoid confusion and dramatically reduce the odds of an IRS audit as well.
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.
Start at the D&B web site and obtain a free DUNS number. A DUNS number is how D&B gets a corporation into their system, to produce a PAYDEX score. If there is no DUNS number, then there is no record and no PAYDEX score.
Once in D&B’s system, search Equifax and Experian’s web sites for the company. You can do this at https://www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process. In this manner, Experian and Equifax will have activity to report on.
First you must establish trade lines that report. This is vendor credit.
And with an established business credit profile and score you can start getting retail and cash credit.
These varieties of accounts often tend to be for the things bought all the time, like shipping boxes, outdoor work wear, ink and toner, and office furniture.
But first off, what is trade credit? These trade lines are credit issuers who will give you preliminary credit when you have none now. Terms are generally Net 30, instead of revolving.
Hence if you get approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, like within 30 days on a Net 30 account.
Net 30 accounts need to be paid in full within 30 days. 60 accounts must be paid in full within 60 days. Unlike with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.
To kick off your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting agencies. As soon as 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.
Not every vendor can help in the same way true starter credit can. These are merchants that will grant an approval with minimal effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.
Once there are 3 or more vendor trade accounts reporting to at least one of the CRAs, move onto retail credit. These are companies such as Office Depot and Staples.
Use the business’s EIN on these credit applications.
Are there more accounts reporting? Then progress to fleet credit. These are companies such as BP and Conoco. Use this credit to buy fuel and fix and take care of vehicles. Make sure to apply using the small business’s EIN.
Have you been responsibly handling the credit you’ve up to this point? Then move to more universal cash credit. These are companies like Visa and MasterCard. Use your EIN to apply.
These are often MasterCard credit cards. If you have more trade accounts reporting, then these are feasible.
Know what is happening with your credit. Make certain it is being reported and deal with any errors ASAP. Get in the habit of checking credit reports. Dig into the specifics, 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.
Update the info if there are inaccuracies or the info is incomplete.
So, what’s all this monitoring for? It’s to contest any errors in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs usually want you to dispute in a particular way.
Disputing credit report inaccuracies normally means you send a paper letter with duplicates of any evidence of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always send copies and retain the original copies.
Disputing credit report errors also means you precisely detail any charges you contest. Make your dispute letter as understandable 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.
Always use credit sensibly! Never borrow more than what you can pay back. Keep an eye on balances and deadlines for payments. Paying promptly and fully will do more to boost business credit scores than nearly anything else.
Building business credit pays. Good business credit scores help a small business get loans. Your loan provider knows the small business can pay its debts. They understand the business is bona fide. The company’s EIN connects to high scores, and credit issuers won’t feel the need to ask for a personal guarantee.
Business credit is an asset which can help your small business for years to come. And you can even build it during a recession.
And finally, as with every other lending program, whether online or offline, always remember to read the fine print and do the math. Go over the details with care. And decide if this option will be good for you and your company.
In addition, consider alternative financing options that go beyond lending, including building business credit. Recession funding exists but it is harder to get. So make sure to try Fundbox recession funding.
Only you can best decide how to get the money you need to help your business grow. Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders. And let us know your opinion of our Fundbox review.
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