Tag: Secret

US Navy detected Titan sub implosion with top secret acoustic system day vessel went missing

The U.S. Navy detected what it suspected may have been an implosion within hours of the Titan submersible descending into the ocean to visit the Titanic wreckage. 

A U.S. defense official said the Navy began listening for the Titan immediately after the vessel lost communication with the mother ship, approximately an hour and 45 minutes into its mission Sunday morning.

The official said the Navy’s top secret acoustic detection system picked sounds that were consistent with either an explosion or an implosion near where the Titan was found on Thursday. 

“While not definitive, this information was immediately shared with the Incident Commander to assist with the ongoing search and rescue mission,” the official said in a statement to Fox News Digital. 

CALIFORNIA NAVY SAILORS INJURED IN WATERCRAFT ACCIDENT AT NAVAL BASE POINT LOMA

The statement came hours after the U.S. Coast Guard confirmed that a debris field found earlier in the day was the missing Titan submersible. 

U.S. Coast Guard Rear Admiral John Mauger told reporters that the debris was consistent with the “catastrophic loss of the pressure chamber.” 

“On behalf of the U.S. Coast Guard and the entire unified command, I offer my deepest condolences to the families,” he said. 

The Titan lost contact with its surface vessel, the Polar Prince, around one hour and 45 minutes into its dive Sunday morning, about 900 miles east of Cape Cod, Massachusetts, and around 400 miles southeast of St John’s, in Canada’s Newfoundland.

Inside the vessel were OceanGate CEO Stockton Rush; British businessman turned adventurer Hamish Harding; father-and-son Shahzada and Suleman Dawood, who are members of one of Pakistan’s wealthiest families; and Paul-Henry Nargeolet, a former French navy officer and leading Titanic expert.

Fox News’ Michael Ruiz contributed to this report. 

Click Fraud Blocking: Your Search Ads Secret Weapon?

In the quest for more conversions, there’s an element most PPC advertisers overlook; invalid traffic—aka IVT, fake traffic, click fraud, or ad fraud.

You might have noticed the IVT column in your Google Analytics dashboard, although it isn’t displayed by default. And if you’ve ever searched for invalid traffic online, you have probably read Google or Facebook’s policies on the matter.

IVT is common. In fact, invalid ad traffic accounts for over ten percent of digital ad traffic.

Marketers often assume tech giants are in control of IVT. But are they? And how much actual invalid traffic really makes it through to your paid ads?

The Challenges of Digital Advertising

Although pay-per-click advertising is one of the most important elements of digital marketing, its reputation has taken a beating in recent years.

Marketers have watched CPC rise, an increase in competition, less-than-accurate tracking, and even noticed they’re paying for fake or fraudulent traffic that doesn’t drive results. 

Plus, consumer groups have been campaigning for more privacy and control over our personal data.

So, where does this leave the average marketer?

First, some stats.

Between 40 and 60 percent of all internet traffic is from non-human sources. This includes bots, web crawlers, and other automated scripts. Despite the wide range, we can assume, on average, that around half of all web traffic is non-human.

It’s also estimated that ‘bad bot’ traffic outnumbers good bots, with bad bots conducting up to 25 percent of total internet activity. Bad bots can include spam bots, scalpers, or data harvesters, to the bots used for hacking, stealing logins, or committing ad fraud.

Added to this, marketers are also seeing their tracking and targeting capabilities changing as Google and Facebook adapt to the changing data laws around the world. 

The growth of fake traffic combined with reduced targeting and analytics sounds like a recipe for a marketer’s headache. 

But Facebook and Google are putting a stop to all this—right? 

The Battle Against Fake Traffic

In 2021, the cost of click fraud and ad fraud was estimated to be around $42 billion. 

The tech giants have long claimed their invalid traffic filters remove the worst of the bots and bad clicks. 

And those IVT rates in Google Analytics might be encouraging. 

Most marketers using Google Analytics see an IVT rate in the low single figures, somewhere between 2 to 8 percent. 

But data from ClickCease shows an average of 14 percent of clicks on paid ads come from non-genuine sources, aka click fraud. Some industries even see click fraud levels way beyond this, with invalid clicks making up 60 percent of traffic. 

Why the discrepancy? Surely the big ad platforms would want to put a stop to fake traffic?

The truth is, it’s complicated.

On the one hand, yes: Google, Facebook, and Microsoft do want to put a stop to fake traffic and protect their advertisers. After all, advertising revenue is by far the biggest earner for all of these companies.

However, the methods they use to filter invalid traffic are considered less strict than third-party click fraud solutions.

A common way for click fraud and ad fraud operators to get around the filters is by masking their location. Most ad platforms block traffic sources by IP address. Using a VPN, bots and click farms can cycle through multiple IP addresses to click repeatedly without getting blocked. 

In fact, the click thresholds for the ad platforms are thought to be much more generous than using a third-party fraud blocker. 

For the more cynical amongst us, there is also the issue of money.

Fake clicks are still a source of income to the ad platforms. And for many advertisers, the metric they’re looking for (beyond just conversions) is a good click through rate. 

More clicks or impressions equals a bigger reach and a job well done, right?

For the ad giants, so long as advertisers see something is being done, then the fight against click fraud is winning in some way.

Well, I did say that’s the cynical view.

Protect Your Advertising Spend With Click Fraud Blocking 

Blocking invalid traffic using a third-party solution is the most effective way to block bots, automated clicks, and even malicious traffic such as brand haters and competitors.

That’s why click fraud prevention is a secret weapon for search marketers. 

For starters, the clicks lost to fake traffic are more than just lost budget.

Companies operating on a limited ad budget might find their daily or monthly ad spend exhausted prematurely. With their ads out of service, the missed opportunities will go to their competitors.

For those operating with a bigger ad budget, the issue of misattributed success comes into play. 

How can you tell if those impressions or clicks resulted in conversions? Well, it’s increasingly difficult.

A tool such as ClickCease doesn’t just block bad traffic in real time and flag suspicious activity. It also offers another level of analytics marketers can use to examine their audience – something becoming more crucial as the tracking changes come into play.

Seeing which search terms attract the most invalid traffic, or how many VPN or out-of-geo clicks your ads, attract allows advertisers to adjust their targeting.

This applies to search and display ads on Google or Bing Ads, and social media ads such as Facebook or Instagram. 

Marketers looking to get ahead of the trends, especially as the tracking changes come into play, should take the opportunity to see how click fraud blocking makes a difference to their campaign results. 

Grand jury indicts two men who allegedly posed as federal agents, gave Secret Service agents gifts

Two men accused of posing as Homeland Security personnel and heaping lavish gifts on Secret Service agents were indicted by a federal grand jury Tuesday on charges of false impersonation of an officer of the United States and unlawful possession of a large capacity ammunition feeding device, according to a court filing.

Secret Formula to Finding the Right Business Investor

Using a business investor is a legitimate way to get money for your business. However, there are more ways to do it than you may imagine.

Partnering with an Business Investor

This is one of many ways to get money for your business. Surprisingly, you have a number of options, including:

  • Venture capitalist
  • Angel investors
  • Equity crowdfunding

If you choose to pursue this option, you have your work cut out for you. First, you have to choose the option that will work best for you. Then, you have to find a potential investor and convince them. Still, it may be worth it considering Interest rates are rising and it’s becoming harder to find loans. These are non-issues when you work with venture capitalist funds.

Angel Investor

Angel investors typically invest in early-stage or startup companies for 20 – 25% return on their investment.  Basically, they invest less than venture capitalists, but also require less control.

Equity Crowdfunding

Equity crowdfunding is when potential investors visit a funding portal website and explore different investment opportunities posted on the site.  Potential investors are subject limits based on their income and net worth. Also, they must be 18 years old or older.

Venture Capitalists

Venture Capitalists are investors that give money to build startups. Generally, they are looking for investment opportunities that have both high-growth and high-risk potential. These are fast-growth companies with an exit strategy already in place.

Usually, they expect a recovery time of  3-5 years, often they want to own a large piece of the business, or even controlling stake.

To have a chance, you need to have a:

  • Strong management team
  • Large potential market
  • Unique product or service, and strong competitive advantage

A Winning Pitch Deck to Catch the Perfect Business Investor

Of course, the pitch deck won’t seal the deal immediately.  Yet, it is the first impression investors get of your business. Typically, it is in the form of a PowerPoint presentation.

What is the Goal of a Pitch Deck?

The final goal is to get your business funded. However, the immediate goal is just to get to the next meeting. You want to create interest that entices investors to consider investing in your business.

What to Include in a Pitch Deck

While you do have some creative leeway, there is general information that should be included in every pitch deck.

Company Overview

This is a quick 4 or 5 bullet summary that includes what the company is. So, tell them what you do, how you do it, and why it needs to be done.

Mission Statement or Vision for the Business

Include a crisp, concise statement telling them what you want to become. Honestly, it is the backbone of the presentation.

Your People

This is where you will introduce yourself and the team, including names and pictures. Tell what each person contributes to the company.

The Problem Your Business Solves/ Need it Fills

Of course, every business should solve a problem or fill a need. Now, your job is to show potential investors how your business does that.

What is Your Product?

Obviously, this is where you introduce your product or service. Explain how it’s different from anything else in the market. Consequently, it’s best to have a prototype or at least pictures for this section if you can.

 Is There a Market for It?

First, define your market. For example, who will be using the product? Then, explain the dollar market size.  Do you already have customers?  If so, include them here. Use the logos of well-known customers the audience will recognize. For lesser known customers, include names and testimonials.

Technology

Does the business use any proprietary technology. Include diagrams, graphs, and photographs to show progress if it does. Furthermore, be sure you include proprietary rights like patents and copyrights.

How to Handle Competition

Don’t make the mistake of ignoring competition. In contrast, you will need to address the subject with potential investors. Inform them of who you believe your competitors are. Then, tell them how your business is different. Explain what it is that gives your business a competitive advantage.

Previous Success

This section includes any early sales figures along with:

  • Website traffic
  • App downloads
  • Growth metrics
  • Partnerships
  • Praise from the press
  • And testimonials

Business Model

Tell them how the business makes money, including how a customer retains value long-term. Also, you’ll need to explain what your pricing plan looks like.

Marketing Plans

This is where you talk about marketing platforms and channels.  Don’t forget,  it’s also important to note the cost to acquire a customer, as well as the estimated lifetime value of a customer.

Financials

Here, you’ll include 3- 5 year financial projections as well as complete current financials. In addition, be to include any key assumptions used for the projections.

The Ask

Now, it’s time to ask for exactly what you want. Tell them precisely what you’re looking for, remembering that it is okay to give a range. Discuss how long you think this funding will last, as well as how you plan to use the funds. Lastly, if you have any existing investors, include that information here as well.

6 Bonus Pitch Deck Tips

  1. Make the presentation professional, but visually interesting. If it’s boring, you’ll lose them before you get started.
  2. It also needs to be easy to access. If they have to click through a billion links, they may never see it.
  3. Do not include a date. Chances are you will use the presentation more than once, and that is just one less thing you have to remember to update.
  4. Keep it as short as possible while still including all the necessary information.
  5. Keep acronyms to a minimum. Too many are hard to follow.

Using a Business Investor is Just One Funding Option

Working with a business investor is a totally legitimate business funding option. However, it is not your only option. Find out what other types of funding you may qualify for with a free business finance assessment. What are you waiting for?

The post Secret Formula to Finding the Right Business Investor appeared first on Credit Suite.

Surprise! We Found 10 Secret Startup Financing Sources and Tactics

Secret Startup Financing – is There Really Such a Thing?

Are you just getting started? The thrill of chasing a new business dream will always lead you to one rude awakening, you need money! But how are you going to get it? Here’s where secret startup financing comes into play. C’mon in, and we’ll show you.

Well-Known Kinds of Startup Financing

If you know people who’ve started businesses, often their financing came from places like:

  • Using personal credit cards
  • Using personal savings (i.e. “bootstrapping”)
  • Home equity loans
  • Conventional bank loans (often secured with collateral)

What About Not So Well-Known Kinds of Funding for Startups?

All these can work. But they all risk personal assets. But there are a lot of OTHER ways of getting startup money, where you don’t put your home or savings on the line.

Secret Startup Funding Tactics: the View from 20,000 Feet

You will need to give up something to get these kinds of startup financing. It can be:

  • Business control
  • Business ownership (i.e. equity)
  • Your time and brainpower
  • Paying higher interest rates than you would tend to see

If these are acceptable to you, then check out these 10 secret ways to get startup financing!

#10 Venture Capital

We start with venture capital funding. But keep in mind it won’t be a workable option for most businesses and industries. Venture capitalists give money to help build new startups. But only if the VCs believe a company has both high-growth and high-risk potential. These tend to be fast-growth companies with an exit strategy already in place. Venture capitalists often look to recover their investment in 3—5 years.

VCs will also, often, want to own a large piece of a company if not a controlling stake. This means in exchange for their money, they could be calling the shots. They want game-changing businesses. So straightforward businesses won’t be on their radar unless they’re shifting the paradigm. Never forget, you are giving up a part of your ownership in your business. VCs often want a larger share of your business than angel investors do. More on angel investors later.

Venture Capital: Terms and Qualifying

Venture capitalists are much more formal investors than angels. So a valuation of your business is often going to be necessary. Specific terms will be spelled out in your agreement with them. The Securities and Exchange Commission will also have requirements. It is best practices to consult with a lawyer well-versed in business law before you sign anything.

#9 Alternative SBA Loans

We continue with a kind of private investor loan, also called private lending. Private lenders tend to be funded by investors, or by banks, or both. Private lenders are in the business of taking funds from private investors. They make private business purpose loans with those funds. This often involves real estate. These can be hard money loans.

Alternative SBA Loans: Terms and Qualifying

Private lenders will be more creative, and investigative in qualifying income. They may be willing to overlook background flaws upon explanation. But hard money loans are often short term. Terms tend to be 6—36 months. They have a higher interest rate than traditional bank loans. So account for the higher interest rate when determining if a private investor loan is right for your business.

 #8 Equity Crowdfunding

If you don’t mind giving up some of your business, then consider equity crowdfunding. Equity crowdfunding is a stock offering from a company not listed on stock exchanges. Equity crowdfunding has been around for less than 10 years. It’s not the same as rewards-based (which comes from places like GoFundMe).

Potential investors visit a funding portal website. There, they can explore different equity crowdfunding investment opportunities. Note: there are limits on how much capital an individual can invest based on their income and net worth. Equity crowdfunding gives investors a stake in your business.

Equity Crowdfunding: Terms and Qualifying

Equity crowdfunding tends to be covered by federal laws like the Securities Act of 1933, Regulation Crowdfunding (17 CFR Part 227), Regulation D Rule 506 (17 CFR § 230.506), and Regulation A+ (17 CFR § 227.100). Federal law can be complex. It’s not something you’ll learn just with a little Googling.

It is always best practices to consult with an attorney well-versed in federal law, specifically, securities and corporations when it comes to interpreting terms and qualifications. This includes any changes made to these aspects of the law in the future. Therefore, factor in the cost of a lawyer if you decide to go for equity crowdfunding.

And, it’s entirely possible that more regulation will hit this industry in the future.

#7 Reward-Based Crowdfunding

This is the type of crowdfunding you’re a lot more likely to have heard of. You can get money from the crowd for your business. Start with a service like Kickstarter. But make sure you read the fine print (always a good idea!). Many crowdfunding platforms make you give all the funding back if you do not make your goal by the end of the campaign. But Indiegogo has a flexible funding option.

Reward-Based Crowdfunding Details

Crowdfunding platforms will take a percentage of the donations. That’s how they make their money. Crowdfunding platforms may push to have you deliver on your promises. So you’ll have to manufacture a product or do whatever else your business is supposed to be doing.

Given how much social media we’re all bombarded with these days, it should come as no surprise, donors can become weary of crowdfunding pitches. You will do better if you start off with a substantial (as in, over 1,000 connections) social media following.

Reward-Based Crowdfunding Caveats

Crowdfunding tends to work best when donors can personally connect with a product or service. Straightforward businesses may not do so well. The kinds of businesses which do the best often associate with:

  • Products not quite on the shelves yet, or
  • Artistic endeavors

10 Secret Startup Financing Sources and Tactics Credit Suite2Standard widgets or service-based businesses do not tend to attract brand ambassadors. They won’t tend to get donors too fired up. Because crowdfunding campaigns are time-consuming, it doesn’t make sense to try this form of funding unless you realistically feel your chance of success is better than 50%

Reward-Based Crowdfunding: Terms and Qualifying

Terms will differ depending on which platform you use. Check and make sure your platform of choice will allow your industry to work with them. For example, recreational cannabis use is legal in Massachusetts. But Kickstarter (for example) doesn’t allow fundraising for drugs and related paraphernalia.

Any major crowdfunding platform has a rules section, a FAQ, or ‘how it works’. Be sure to read such a section thoroughly so you know exactly what you’re getting yourself into.

#6 Peer to Peer (P2P) Lending

If you don’t mind investing time and potentially effort, then try Peer-to-peer lending. Peer-to-peer lending allows people to borrow and lend money without a financial institution. P2P platforms connect borrowers to investors faster and cheaper than any bank. These platforms check risk carefully and report on them to peer lenders. Hence your business might be listed on a P2P platform, but show a high risk. It would therefore not attract many lenders.

Peer to Peer: Terms and Qualifying

Terms vary, not only from platform to platform, but also among risk levels. The number of P2P platforms has changed in the past few years. Always check the specifics on any P2P platform’s website before committing yourself. Checking the Better Business Bureau or maybe Yelp reviews before getting started is a good idea.

#5 Online Lending

If you’re okay with paying potentially higher interest rates, and an investment of time investigating your options, online lending could work for you. For certain industries, online lending is one of the only ways to get money.

For example, medical cannabis is legal is most of the country, yet more traditional lenders are still less likely to approve a loan. But lenders that specialize in the cannabis industry (and similar hard to fund industries) are out there.

There are online lenders with over a decade in business. OnDeck dates back to 2006. And Quicken Loans goes back to 1985! As with many industries, a longer time in business is more likely to inspire confidence in a lender.

Online Lending: Terms and Qualifying

Terms and qualifications will vary. Read all the fine print with care. Check all companies with the Better Business Bureau or your local Chamber of Commerce. Always treat deals that seem ‘too good to be true’ with a healthy dose of skepticism.

#4 Private Grants

Grants will always require an investment of time. There are businesses which offer grant money. You can also check with your alma mater, or even the alumni division of your fraternity or sorority. That is, if you participated in Greek life during school. Check other organizations where you or a family member is a member of a fraternal organization like the Elks or the Moose. They may have grants IF your business is a nonprofit.

If you are a member of a protected class, like LGBTQ+, Asian, disabled, female, etc., then check Google but be mindful that there are scammers out there. Again, be sure to check the Better Business Bureau or ask your local Chamber of Commerce if you’re unsure. Terms and qualifications will vary from provider to provider and potentially from year to year.

#3 Federal Grants

Federal grants generally do not have to be paid back. For urban projects, try HUD (Housing and Urban Development). For rural projects, try the USDA (Department of Agriculture). Federal funding means paperwork . You often must show experience in what you are proposing.

Federal Grants: Terms and Qualifying

Grants have varying qualifications. They are VERY COMPETITIVE. Be sure to check information thoroughly! This includes due dates and any necessary paperwork. So beyond spending time, often you will also be gathering paperwork.

Some grants may offer preferences to businesses with minority, female, veteran, or disabled ownership. Grants often aren’t for a lot of money. So don’t use them as your sole/principle source of funding. But they can supplement other funding you get.

Make sure to do a rough cost-benefit analysis to see if it’s worth your time to apply to any particular grant.

 #2 Local, City, and State Grants

Your local government also provides grants.  Also try city and state websites. They’re often less restrictive than federal grants. Show you will help the community. Try to partner with a local business.

Local, City, and State Grants: Terms and Qualifying

Just like with federal grants, check all requirements and other information with care. You may need to be a resident of the state or city or county in question, or your business may need to be headquartered there. It never hurts to ask. Again, they tend to not be for a lot of money. A lot of effort for very little money may not be the best use of your time and attention.

#1 Angel Investing

Our #1 secret startup financing tactic is to use angel investing. In this instance, you’re giving up some of the equity in your business. But it’s often not control over basic decisions. Angel investors invest in small startups or entrepreneurs. Often, angel investors are among an entrepreneur’s family and friends. Yes, that can be Mom and Dad. The capital they provide may be a one-time investment to help the business get started. Or it can be an ongoing injection of money to support and carry the company through its early stages.

Angels are not covered by SEC standards for accredited investors. Angels could be friends or colleagues sitting on home equity. Or local professionals who are looking to invest. Consider people you know well and people you don’t know so well. Keep in mind, like with venture capital, you’re giving up part of your ownership in your business.

Angel Investing: Terms and Qualifying

Angels are informal investors so there aren’t any real terms. So technically, you do nothing to qualify. Although investors may (probably should) insist on a valuation of your business. No matter what, it’s always a good practice to get everything in writing.

Secret Startup Funding: Takeaways

Less conventional and not so well-known startup financing is out there. But you will have to give up something to get it, like time or business equity. No one but you can decide what will work best for you. And contact us today for information on startup financing sources that might not ask quite so much from you and your business.

The post Surprise! We Found 10 Secret Startup Financing Sources and Tactics appeared first on Credit Suite.

Use This Secret Weapon to Slay Your Funding Foes and Find the Best Sources of Alternative Loans for Businesses

Are you struggling to get funding for your business? Never fear, alternative loans for businesses are here. They tend to get a bad rap. This is mostly due to the fact that predatory lending runs rampant in today’s world, and it’s hard to know who to trust and who is scamming you. However, not all sources of alternative business financing are created equal. 

10 Alternative Loans for Businesses to Help Your Business Soar

Nothing is guaranteed and things change every day. Still, at the moment, these 10 alternative lenders for small business tend to work well for many. They also offer a wide range of alternative business financing options to fit a variety of needs. 

 

Learn business loan secrets and get money for your business.

Fundation

When it comes to alternative loans for businesses, Fundation provides both term business loans and lines of credit. It is most known for its working capital financing options. These are funds meant to help cover the day-to-day costs of running a business rather than larger projects. 

StreetShares

StreetShares has its roots in lending to veterans.  They still hold true to that mission, but now offer term loans, lines of credit, and contract financing to all types of business owners. The maximum loan amount is $250,000, and preapproval only takes a few minutes. They use a soft pull on your credit so it doesn’t affect your score. 

BlueVine

There are two options for small business financing with BlueVine. They include lines of credit and invoice factoring. Minimum loan amount is $5,000 and maximum loan amount is $100,000. Annual revenue must be $120,000 or more and the borrower must be in business at least 6 months. Personal credit score has to be 600 or above.

Fundbox

With Fundbox, you get an online lender that offers a super-fast automated process. Originally, they only had invoice financing. Yet, now they offer a line of credit service as well. Repayments are automatic on a weekly basis.  So,be sure you have enough funds in whatever account you let them draft from to cover your payment each week. 

Kiva 

Kiva is an online lender that is a little different. For example, the interest rate is 0%.  That means even though you have to pay it back, it is absolutely free money. They don’t even check your credit. There is one catch though. You have to get at least 5 family members or friends to throw some money in the pot as well. In addition, you have to pitch in a $25 loan to another business on the platform. 

 

Learn business loan secrets and get money for your business.

Fora Financial

Fora Financial was founded in 2008 by college roommates. It now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify. 

OnDeck

Obtaining financing from OnDeck is quick and easy. First, you apply online.  If you receive approval, your loan funds will go directly to your bank account. 

Lendio

The secret to Lendio’s success is excellent customer service and a short, easy application process. The loan-connections service it offers slashes the time it takes to find the right alternative loans for businesses. This is due to its heavily vetted network of lenders. 

Credibly

Credibly is a specialized lender offering unsecured business loans online. The application process and funding can be complete in as little as two days, sometimes less. They offer daily and weekly repayment options. 

Upstart

Upstart uses a completely innovative platform for loans.  They choose to use a combination of artificial intelligence (AI) and machine learning to gather alternative data for use in making credit decisions.

This may include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances.  The software they use learns and improves on its own. You can use their online quote tool to play with different amounts and terms to see the various interest rate possibilities.  

 

Learn business loan secrets and get money for your business.

Warning: Alternative Loans for Businesses Aren’t for Everyone 

Despite the fact that these alternative lending companies tend to offer alternative loans for businesses with less stringent requirements, they won’t work for everyone. Alternative financing methods are just not always a good fit.  Here is another other option.  Keep reading to the end for a sure-fire way to ensure you can always qualify for the business funding you need when you need it. 

The Credit Line Hybrid

What if there were alternative financing options that allowed you to have an even better interest rate than a secured loan, and yet get the money faster and easier than any type of traditional funding.  What if you could get business funding without having to supply bank statements or check stubs? This is exactly what the Credit Line Hybrid offers. 

This is alternative funding for small business that allows you to  fund your business without putting up collateral.  You only pay back what you use. You do need good personal credit however.  That is, your personal credit score should be at least 680.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months, you should have less than 6 credit inquiries.  Also, you should have less than a 45% balance on all business and personal credit cards. In addition, you need at least 2 credit cards with at least 2 years credit history. 

If you don’t meet all those requirements, you can still qualify.  You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

Use This Secret Weapon and Always Get the Business Funding You Need

To be eligible for the highest limits and best rates when it comes to business credit, your business has to be fundable. There are over 100 factors that impact the fundability of a business. It is a complicated web to weave through. Things from decades ago, long before you ever imagined owning a business, can affect fundability. 

The key to having a strong, fundable business that can qualify for any funding is to work with a business credit expert. What can a business credit expert do for you?

  • Help you assess the current fundability of your business
  • Guide you to the most effective and efficient ways to improve fundability if necessary
  • Help you find the best funding options for your business right now
  • Guide you in what specific, actionable steps you need to take to qualify for more funding with better rates
  • Leverage lender relationships to cut through a lot of the red tape and bureaucracy that can keep borrowers from getting the information they need, when they need it

It’s common for a borrower to call a lender or vendor credit department directly and not be able to find out if they report to the business credit reporting agencies, or exactly what they are looking for when it comes to credit approval.  

A business credit expert already knows a lot of this information, and what they don’t know, they  know how to get. They also know their way around alternative sources of financing for business, so they can offer guidance in this area as well. 

This is your number one top-secret weapon to getting your business to a point where you know you can get funding when you need it. Try a free consultation with a Credit Suite business credit expert to get started now.

The post Use This Secret Weapon to Slay Your Funding Foes and Find the Best Sources of Alternative Loans for Businesses appeared first on Credit Suite.

Use This Secret Weapon to Slay Your Funding Foes and Find the Best Sources of Alternative Loans for Businesses

Are you struggling to get funding for your business? Never fear, alternative loans for businesses are here. They tend to get a bad rap. This is mostly due to the fact that predatory lending runs rampant in today’s world, and it’s hard to know who to trust and who is scamming you. However, not all … Continue reading Use This Secret Weapon to Slay Your Funding Foes and Find the Best Sources of Alternative Loans for Businesses

What’s the Best Way to Build Business Credit in a Recession? We Have the Secret!

Thinking of throwing in the towel, as it looks like the US slides further and further into a recession? Don’t! This can be a great time to regroup and get your business set up for even more success down the line. Building business credit should be on your to-do list. So, find out the best way to build business credit in a recession.

Learn the Best Way to Build Business Credit in a Recession

We can show you the best way to build business credit in a recession! Get the kind of business funding that can take your business to new heights! And it can happen no matter what goes on with the economy.

Economic Downturns and Company Funding

The United States’s economy has been through any variety of changes throughout the years. Our financial fortunes can depend upon developments in technology, diplomatic ties (or cutting those ties), the weather, and also more. Business credit, fortunately, is an asset which you can develop even during financial slumps. Nonetheless, you may need to get a little creative with it, and with various other forms of business funding.

The Best Way to Build Business Credit in a Recession – But What’s Business Credit, Anyway?

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

Accordingly, a business owner’s business and individual credit scores can be very different.

The Benefits

Because business credit is distinct from consumer, it helps to secure a business owner’s personal assets, in the event of a lawsuit or business bankruptcy.

Also, with two separate credit scores, a business owner can get two different cards from the same merchant. 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 frustration. But building company credit, when done the right way, is a plan for success.

Individual credit scores rely on payments but also various other factors like credit usage percentages.

But for company credit, the scores actually just hinge on whether a company pays its debts on a timely basis.

The Best Way to Build Business Credit in a Recession – The Process

Building business credit is a process, and it does not occur automatically. A business will need to actively work to build company credit.

Nonetheless, it can be done easily and quickly, and it is much speedier than building consumer credit scores.

Merchants are a big aspect of this process.

Undertaking 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 denial 100% of the time.

The Best Way to Build Business Credit in a Recession – Enhancing Company Fundability

A company must be fundable to credit issuers and vendors.

Therefore, a company will need a professional-looking web site and email address. And it needs to have site hosting bought from a vendor like GoDaddy.

Also, business telephone numbers must have a listing on ListYourself.net.

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

A business will also need a bank account dedicated strictly to it, and it needs to have all of the licenses essential for operation.

Licenses

These licenses all have to be in the exact, appropriate name of the company. And they need to have the same business address and telephone numbers.

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

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Working with the IRS

Visit the Internal Revenue Service website and get an EIN for the company. They’re free of charge. Select a business entity such as corporation, LLC, etc.

A company may begin as a sole proprietor. But they absolutely need to change to a type of corporation or an LLC.

This is to limit risk. And it will make the most of tax benefits.

A business entity matters when it concerns tax obligations and liability in case of a lawsuit. A sole proprietorship means the owner is it when it comes to liability and taxes. Nobody 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.

The Best Way to Build Business Credit in a Recession – Starting Off the Business Credit Reporting Process

Begin at the D&B website and obtain 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 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 web sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

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

Starter Vendor Credit

First you should establish 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 kinds 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 usually Net 30, instead of revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to 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 have to be paid in full within 60 days. Unlike revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To launch your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then make use of the credit.

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

Vendor Credit – It Makes Sense

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with very little effort. You also want 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 demonstrate you are reliable and pay punctually. 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 sell 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 business bank information. Your company 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 company 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

Quill

Quill is another true starter vendor. You can find them online at www.quill.com. They sell office, packaging, and cleaning supplies. And they also sell toner, office furniture, and even shipping and school supplies. They report to Dun and Bradstreet every quarter.

To apply, you MUST have a D&B PAYDEX score. If not given a Net 30 they will ask you to do prepaid orders of $100.00. Normally any prepaid order won’t report but you would need them to have given you a Net 30 account. Net 30 accounts require $50.00 purchase to report.

New business or businesses with no credit history may need to prepay purchases until Net 30 approval. 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

Apply online or over the phone.

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 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 business address matching everywhere
  • A corporate 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 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.

The Best Way to Build Business Credit in a Recession – Accounts That Do Not Report

Non-reporting trade accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some worth.

You can always ask non-reporting accounts for trade references. Additionally, credit accounts of any sort should help you to better even out business expenses, consequently making budgeting less complicated.

Store Credit

Store credit comes from a variety of retail companies.Best Way to Establish Company Credit in a Recession Credit Suite

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

Fleet Credit

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

Learn more here and get started toward establishing small business credit in a recession.

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 often MasterCard credit cards.

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies ASAP. Get in the habit of taking a look at credit reports and digging into the specifics, and 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 Your Data

Update the data if there are mistakes or the data 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.

The Best Way to Build Business Credit in a Recession – Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any inaccuracies in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs normally 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 generally means you mail a paper letter with duplicates of any proof of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always send copies and keep the original copies.

Fixing credit report inaccuracies also means you precisely itemize any charges you dispute. Make your dispute letter as clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you mailed in your dispute.

The Best Way to Build Business Credit in a Recession – A Word about Building Business Credit

Always use credit smartly! Don’t borrow more than what you can pay off. Monitor balances and deadlines for payments. Paying promptly and in full will do more to raise business credit scores than nearly anything else.

Building company credit pays. Good business credit scores help a small business get loans. Your credit issuer knows the small business can pay its financial obligations. They recognize the small business is bona fide.

The business’s EIN links to high scores and lenders won’t feel the need to ask for a personal guarantee.

The Best Way to Build Business Credit in a Recession – Takeaways

Business credit is an asset which can help your company for many years to come. The recession will not last forever.

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