Tag: stop

Bill Burr hilariously ribs Mannings in simulcast appearance, begs cameras to stop showing 'sad' Mac Jones

Bill Burr provided the comedy on Peyton and Eli Manning’s simulcast of the New England Patriots and Chicago Bears matchup on Monday night.

Burr was the second guest on ESPN’s “ManningCast” and the avid Patriots fan was immediately hit with the reality of talking to the two quarterbacks that tended to torment him during some of Tom Brady’s best seasons with that organization.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

“Can I deal with the nightmare of talking to two Manning brothers? This is like the quarterback anti-Christ for me,” Burr said, spurring laughs from the Manning tandem.

Eli Manning notably defeated the Patriots in Super Bowls XLII and XLVI while Peyton Manning bounced the Brady-led Patriots on his way to two Super Bowl rings.

“Those were brutal, they ripped my heart out but fortunately we had some luck a few years ago,” Burr said of the losses to Eli and the Giants. “But when they won on the first one, the helmet catch, the dropped pick, the missed sack, I was like all right it wasn’t our day. But when Eli did it again, I was like this guy’s a gangster.”

BEARS’ JAQUAN BRISKER GETS PAYBACK AFTER PATRIOTS’ MAC JONES KICKS HIM IN GROIN

Burr was asked about whether a quarterback controversy was brewing in New England as Bailey Zappe was put into the game for Mac Jones, who started his first game since Week 3. Zappe threw a touchdown pass on his first drive.

“There probably is. I’m just glad I don’t have to make that decision,” Burr said.

The ESPN broadcast then showed Jones on the sideline and Burr said, “Can they stop showing sad Mac Jones on the sideline? We get it, he got taken out of the game.”

To Burr’s dismay, the Bears got the best of the Patriots 33-14.

It’s Like Free Money When You Stop Wasting Company Cash

How to Stop Wasting Company Funds – It’s Like Free Money Is it really free money? It may not be as glamorous as winning the lottery or venture capital money. It’s not as sexy as your content going viral. And it’s not as exciting as getting a shout out from major market influencers like Oprah … Continue reading It’s Like Free Money When You Stop Wasting Company Cash

It’s Like Free Money When You Stop Wasting Company Cash

How to Stop Wasting Company Funds – It’s Like Free Money

Is it really free money? It may not be as glamorous as winning the lottery or venture capital money. It’s not as sexy as your content going viral. And it’s not as exciting as getting a shout out from major market influencers like Oprah Winfrey and Elon Musk.

But it is often easy, and it is certainly anything that any company can do. It’s the free money you can get from cutting waste.

A Penny Saved is a Penny You Don’t Need to Borrow or Raise

Is your business wasting money? It probably is, in some way or another. Cutting waste should always be on your radar.

What are the Ripple Effects of Cutting Waste?

Save a dollar and you won’t need to:

  • Borrow a dollar and pay it back with interest
  • Try to raise a dollar via crowdfunding
  • Sell a dollar’s worth of your business to an angel investor or venture capitalist
  • Waste time you could be using to sell your goods or services

Get Free Money from Cutting Expenses

When tightening your company’s belt, look at the expenses going out first. There are several kinds of expenses any business can and should cut. Be creative when looking to cut expenses. Here are some kinds of expenses that you might not have thought of.

How to Save Money on Salaries

Employee salaries are the largest expense for many organizations. But did you know that there’s free money lurking in there?

But let’s make one thing perfectly clear. Don’t ask your employees to take a pay cut. Please, never do this! You’ll kill morale. But you should work to tap your employees’ full potential. Hence, pay attention to training.

Employees with more training may not be using that training. So, why aren’t they? Ask employees about their background and interests. There’s a chance that they could do more for you and get more motivated about working with your company in the long run. See inc.com/peter-cohan/first-90-days-13-totally-useless-expenses-your-company-is-wasting-money-on.html.

Stop Outsourcing!

Outsourcing is expensive! Some small businesses pay thousands of dollars to outsource projects. But your company may be able to save a considerable amount of cash, by taking some or all of those projects in-house.

Give your outsourced work to part- or full-time employees. After all, outsourcing work can make it hard to communicate clearly what you want done. This results in costly errors and delays. It is worth analyzing whether hiring a dedicated worker could pay for him or herself within a year.

Save Money with Better Hiring

Hiring the wrong person can be a very expensive proposition. Still, you need someone to do the work, and you don’t have forever to decide on who to hire. So make your job postings clear and only hire people experienced in what you need for them to do.

How can you hire better? Hire employees on a trial basis. This may be through working with a freelancing site like UpWork, or it may mean using a temp agency. In either of these scenarios if you must fail, at least you fail fast.

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

Start Improving the Average Performance of Your Workforce

Let the poor performers go. People who aren’t doing well tend to be unhappy anyway. You may be giving them the nudge they need to get something else. And make sure that all the workers staying on your payroll who do contribute are doing far more than the minimum required. If you can’t motivate your C players to act more like the superstars, cutting them from the payroll will give you the money you need to hire more A players.

Save Money on Tools

Software and tools can account for a huge proportion of a company’s expenses. But far too many businesses either buy tools they don’t need or buy tools that are bloated with features they don’t use. This can be software but also, literally, tools.

The truth is the so-called best tool on the market is often designed with large enterprises in mind. This means that when you’re small, it’s likely overkill. So it’s often better to purchase something that’s better suited to a business of your size. It may be a little less sexy, but it will save you a fair amount of money while still being equally as effective. See embroker.com/blog/business-expenses-startups-waste.

Location, Location, Location

Do you really need all that office space? Can employees share desks and work from home some of the time? Can some employees work from home all of the time? WFH also opens up hiring to other parts of the globe, where potential hires might be okay with less money.

Okay, so maybe you do need office space. But does it have to be in the most expensive part of town? Pay attention to the end date of your lease and start looking for cheaper digs before you’re under the gun.

And if you find less expensive office space elsewhere, tell your current landlord when it’s time to renew. If your business has been a good tenant, they might work to keep you.

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

Office Issues

Do you cater all your meetings? Do you really have to? If you must offer refreshments, why not handle some of them in-house? This doesn’t mean your employees start cooking. But it can mean a better coffee maker or better coffee to brew in it.

Energy Efficiency FTW

Do you have to pay utilities? Can you choose your own appliances? An energy efficient refrigerator will make a difference. So will using energy efficient fluorescent lighting. And just like in your house, turn off the lights when leaving a room.

Can You Imagine How Postage is Costing You Free Money?

Do you use a postage meter? It might not seem like a lot, but paying the exact amount for postage, rather than 5 cents more every time, will add up in the long run.

Would You Like to Save on Business Travel?

We all know about meetings that should have been emails. But they’re not so bad if your meeting is held remotely or just down the hall. Do you really have to be in the southern office? Particularly in the age of Covid-19, less travel is safer anyway.

Business Expenses

Does your business have a documented expense policy? Or can anyone claim pretty much anything at any time? Traveling employees might help themselves to the minibar or rent movies from the front desk, but your business doesn’t have to pay for such things.

Why and What Wasteful Advertising and Marketing is Costing You

Marketing can be trying new ideas to see if they work. That’s okay. But if you already know, then you should stop experimenting so much!

Like the best goals, your marketing and advertising have got to be measurable. Measuring helps you realize a lot more quickly if a campaign is working, or not. See nav.com/blog/4-money-leaks-that-could-be-hurting-your-bottom-line-658859.

Revealed… Saving on Miscellaneous Expenses

When you go grocery shopping, there are always small things at the checkout. They’re often inexpensive. So people buy them on impulse, even if they weren’t on the shopping list. But those packs of gum can add up over time.

In the same way, your little expenses here and there can add up. They can really get away from you if you just open up a petty cash drawer to buy them. So keep track of these expenses and review them every month or so. Determine if they’re working for you.

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

End Poor Time Management and Get Free Money

How long are your meetings? Are they all necessary? Really? A chat program like Slack might make some of those meetings unnecessary, or at least shorter.

Poor Time Management and Commuting

Commuting can also be exceptionally time-consuming. It can also be tiring, making it harder for employees to get going in the morning. Can some or even all of your employees work from home at least one day per week? This is also a way to enhance employee morale.

Free Money, Fixing Poor Time Management, and Enhancing Employee Morale – Yes, There’s a Connection

Consider informally monitoring the weather and telling your employees to work from home when commuting conditions will be truly awful. These are serious snowfalls or blizzards, or heavy rain from the remnants of hurricanes, not brief showers. Not only are commutes longer and more dangerous, but employees are also more likely to be late.

Get Some Free Money with a Proper Financial Professional

A solid accountant will help prevent costly errors. They will also be able to calculate and pay your business taxes correctly the first time. If you, the owner, are still preparing these documents, it’s probably not a good use of your time. If you currently can’t afford an accountant, at least get good professional accounting software.

Check Your Larger Bills Carefully

If you’re just getting a one-page bill from an outside counsel law firm, or other expensive service your business must have, ask for it to be itemized. Sometimes there are billing errors and this can be the only time they’re caught.

Get Free Money from No Longer Wasting It: Takeaways

Is your business wasting money? Stop the bleeding and hire more carefully. Look into your expenses more closely. Measure your advertising to see if it’s working. Keep an eye on ways to save time. A professional accountant is worth the expense. Audit the larger bills your business has to pay, and request itemization, to be sure you’re only being charged for what you actually owe.

The post It’s Like Free Money When You Stop Wasting Company Cash appeared first on Credit Suite.

Recession Period Business Loans: Don’t Let Bad Credit Stop You

COVID-19 threw our economy into a tailspin, and the resulting recession isn’t leaving anytime soon.  However, even during a recession period funding is available.  You just have to know how to get it.

Business Loans are Possible Even with Bad Credit in a Recession Period

In a recession period, if you need a loan you need it fast. There is no time to wait when the recession cloud looms.  Business failure can feel imminent. There is hope however, and bad credit doesn’t have to get in the way.

Traditional business loans are rarely fast, and if you have bad credit, they usually aren’t even an option.  Throw all these issues into a recession period and you may feel like you are sinking fast. There is hope however. There are a ton of options outside of the realm of traditional business loans, and many of them work even if you have bad credit.

Of course, the need for business loans during a recession may not mean you are growing. It could be a desperate last plea to simply make it through the troubled waters alive.  Either way, bad credit can weigh you down like an anchor.  You have to break free, which is even harder during economic downturns.  To be able to cut off the anchor of bad credit however, you need to understand what its made of, and how you got tethered to it in the first place.

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

What is Bad Credit?

Sometimes you don’t even know you are sinking until you need financing and find that you cannot get it due to bad credit. When it comes to regular business loans, bad credit can be a major issue. Typically, a score of over 700 is good credit, but with a score over 650, you can still find financing. If your credit score is below 650, you may have some problems. A recession period can cause you to sink into bad credit before you know it’s happening.

If this is the case, you will need to look for alternative lenders to help you out. They can offer a life preserver so you can make it safely through until the waters calm down.

Personal Credit vs. Business CreditRecession period Credit Suite

If you are a new business owner, you may find that it isn’t so much an issue of bad credit, but rather no business credit. This is easily enough remedied over time, but if you need business financing and have bad credit or no credit, it can be a real problem. You don’t have time.

You could try finding financing based on your personal credit. That is, if your personal credit is any good. If it is over 650, you can probably get a credit card that will keep you afloat until you can figure out something better.  You may also be able to simply get a personal loan to bail you out, and then work to build business credit going forward.

The problem with this is that it puts even more stress on your personal finances during the recession period.  In addition, if your business does end up sinking, you could very well go down with it if your personal credit is tied to it.

How Do You Know Your Credit Score?

When it comes to your personal credit score, it’s easy to know what it is.  Not only can you get a free copy of your credit report annually, but there are also a number of companies that will allow you to monitor your credit on a regular basis.

Business credit score monitoring is not as easy.  There are no free business credit reports.  You can, however, purchase your credit reports from Dun & Bradstreet, Experian, Equifax, and the lesser known business credit reporting agencies for between $50 and $250 each.

Credit Suite can help you monitor your business credit at Dun & Bradstreet and Experian for a fraction of what it costs with them directly.  Go here to find out more.

Personal Credit Not an Option?

However, if you are stuck with bad personal credit and bad business credit, you may have to pursue an alternate route. You may not have an obvious flotation device.  That means you are going to have to grab onto whatever you can find and hold on tight.

It sounds brutal, but it may be worth it if it saves your business. What are your options? Essentially, the best option is invoice factoring. This only works if you have a significant amount in open invoices. It is the fastest of all the options other than a friend or family member just handing you cash. This would be similar to a large piece of drift wood conveniently floating by.

Invoice Factoring Options

Not only is invoice factoring the fastest way to cash, it is also an option that depends very little on your credit, personal or business. It even works well in a recession period, though maybe not as well as at other times, as the ability to collect could decline somewhat.  Sometimes though, there isn’t even a minimum credit requirement for invoice factoring. They may pull a credit score, but they make decisions based more upon the strength of your invoices.

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

The lender will gather information to help them determine the likelihood of the invoices being repaid. If they find that the invoices are strong, they will lend money based on the total amount of the invoices minus a premium. The borrower can usually either repay the loan or the lender can keep the invoices and collect from them.

Fundbox

Fundbox offers invoice financing for amounts less than $100,000. There is no minimum credit score, and there are options for a 12- week or 24-week repayment term. They collect 7% on a 12-week repayment and 15.7% on 24-week terms.

BlueVine

If you have a larger amount in open invoices, like up to $5 million, you can get invoice financing from BlueVine. They charge a weekly fee of .5% to 1%, but the fee drops a little if your clients pay their invoices on time.

Working Capital Loans

If you really need funding fast, invoice factoring is your best bet. If you have a little more time you could seek out working capital loans from alternative lenders. This is also a good option if you do not have open invoices.

Some alternative lenders pull a credit report, but they have a low minimum score requirement. For example, Fundbox offers working capital loans to businesses that have been in operation for at least 3 months and have at least $50,000 in revenue. They lend amounts up to $100,000, and there is no credit check.

Kabbage offers something similar if you have been in business for at least 1 year and have $50,000 in revenue. They will lend up to $250,000. There is no minimum credit score here either, but most approvals have over 500. You also have to have either a business checking account or use an online payment platform.

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

Quarterspot will lend up to $250,000 if you have been in business for at least one year and have at least $200,000 in annual revenue. They will do a soft credit pull, but it does not affect your credit. The minimum score is 550.

Don’t Sink, Hold on Through the Recession Period

Once you find something to keep you from sinking, whatever it may be, hold on tight until you can reach the shore. Be forewarned, if you handle things incorrectly you could end up in much worse trouble that you are already in. You have to use your credit wisely.

If you fail to do this, you may end up floating so far away you never see land again. Make certain you use the financing the way you need to, but that you also pay it back in a consistent and timely manner.

Stay out Troubled Waters

The way you do this is by establishing and building strong business credit. Not only will this keep you out of trouble, but it can make things even better in the long term. You will find that getting what you need to make it through another recession period is a cinch if you follow these tips.

Establish Your Business as Its Own Entity

Your business has to have its own identity, apart from yours, if it is going to have its own credit score. The first step in this process is to incorporate your business. You can choose from a corporation, S-corp, or LLC.

Then list your business in all the directories with its own name and contact information. After that, open a business bank account. Run all your business transactions through this account, so that business finances are separate. Pay bills, make purchases, and apply for credit using this account.

After your business has an identity all its own, it is all up to how well you manage whatever credit you can get. Whatever financing you are able to find, be sure you make your payments on time.

You might also consider looking into vendors that will allow you pay invoices net 30. This starter credit has a lot to offer. Sometimes you will have to prepay for a certain amount of time to get approval. If they give you 30 days to pay an invoice and report to the credit bureaus, this can fast track your credit score. That’s assuming you pay on time of course.

Be Prepared

To be fair, an economic downturn is hard with or without bad credit. Things happen. The key is to be prepared with what you need to get through at all times. Then, you don’t have to worry about trying to scramble to find a business loan you qualify for. You can simply whip out what you already have and climb back on the boat.

What does this look like? Once you have a strong business credit score, you can apply for a business line of credit or a credit card. Find one with the best terms possible, and if it is a credit card, perks and rewards are nice too.

Tools such as these can help you over a rough patch. If you already have them in place, they will not cost you the same way bad credit business loans will. Bad credit can mean higher interest rates, seriously unfavorable terms, and much more. If you already have credit in place, you can simply access that and enjoy the terms and rates your good credit warrants you.

Bad Credit Doesn’t Have to Stop You, Even During a Recession Period

You do not have to sink during a recession, even if you have bad credit. There are options for financing without great credit. Do some research to determine which one is best for you.  Once you find it, the real hard part begins.

This is when you have to figure out how to best use the money to move you into a better place. You must be sure to use the debt to build stronger credit. Handle it wisely and do not slip into the cycle of non-payment and further credit score trouble.

If you need the funds to bridge a cash gap, make sure you don’t have a cash leak.  Are you relying on financing to handle daily activities that you can’t fund yourself?  Figure out how to fix that problem.  Are you growing and just need the funds to do so?  Great! Don’t forget to pay your bills though.  If you do that, you can be out of the water and back on the path to success before you know it.

Don’t stop there though.  Once you are back on solid ground, take the time you need to prepare for future funding needs.  Build credit, put a recession plan in place, and make sure that the next time there’s a storm, you don’t get knocked overboard.

Note: Lender information can change without notice.  Be certain to check with individual lenders for the most up-to-date information.

The post Recession Period Business Loans: Don’t Let Bad Credit Stop You appeared first on Credit Suite.

Stop! Before You Borrow, Check Out Our Fundera Review for Better Recession Funding

Recession Age Funding The number of American banks as well as thrifts has been decreasing slowly for a quarter of a century. This is from consolidation in the marketplace in addition to deregulation in the 1990s, reducing barriers to interstate banking. See: fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts. Assets concentrated in ever‐larger banks is problematic for small business proprietors. Big … Continue reading Stop! Before You Borrow, Check Out Our Fundera Review for Better Recession Funding

Stop! Before You Borrow, Check Out Our Fundera Review for Better Recession Funding

Recession Age Funding

The number of American banks as well as thrifts has been decreasing slowly for a quarter of a century. This is from consolidation in the marketplace in addition to deregulation in the 1990s, reducing barriers to interstate banking. See: fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts. Assets concentrated in ever‐larger banks is problematic for small business proprietors. Big banks are much less likely to make small loans. Economic slumps indicate banks become more careful with lending. Luckily, business credit does not rely upon banks. That’s why we’re offering our Fundera review.

Looking for Funding? You Need to Read Our Fundera Review

Fundera is an online lending company. They offer small business loans with a variety of options. They also have SBA loans and equipment financing, among other financing options. We look at the specifics and drill down into the details of Fundera online lending.

Background

Fundera is located online here: https://www.fundera.com/. Their physical address is:

123 William Street, 21st Floor

New York NY 10038.

You can call them here: (800) 386-3372. You can email them at: support@fundera.com.  Fundera is financed by Khosla Ventures; SGE Susquehanna Growth Equity, LLC; Core Innovation Capital; First Round; and QED Investors.

Fundera Review: SBA Loans

Most companies approved had four or more years in business. Most business owners approved had 680 or better credit scores. And most companies approved had $180,000 in annual revenue. Loan amounts run from $5,000 – 5 million, with 5 – 25 year terms. You can get funding in as little as 2 weeks. However, they may require collateral.

Fees

Their interest rates start at 6%.

Fundera Review: Term Loans

Most companies approved had three or more years’ time in business. Most business owners approved had a credit score of 680 or better. And most companies approved had $300,000 or more in annual revenue. $25,000 – 500,000 is available. Terms are 1 – 5 years. It is as little as 2 days to approval.

Fees

Their interest rates range from 7 – 30%, and there are possible prepayment penalties.

Fundera Review: Equipment Financing

Most companies approved had been in business for two or more years. Most business owners approved had a credit score of 630 or better. And most companies approved had $130,000 or more in annual revenue. Your loan amount up is to 100% of equipment value. The term is the expected life of the equipment, and the equipment serves as the collateral. You can get approval in as little as 2 days.

Fees

Interest rates range from 8 – 30%. Equipment depreciation may be required; this cuts into tax deductions.

Fundera Review: Business Lines of Credit

Most companies approved had been in business for a year or more. Most business owners approved had a credit score of 630 or better. And most companies approved had  $180,000 or more in annual revenue. $10,000 to over $1 million in funding is available, with 6 months to 5 years terms. Approval is in as little as one day.

Fees

Interest rates range from 7 – 25%. However, they may require collateral. There are higher rates for lower credit scores.

Fundera Review: Invoice Financing

Most companies approved had been in business for one year or more. Most business owners approved had a credit score of 600 or better. And most companies approved had $130,000 or more in annual revenue. The maximum advance is equivalent to 100% of the total amount of invoice. Approval is in as little as one day.

Fees

Get a fast advance of about 85% of the value of invoices. Most of the other 15% is paid later. The factor fee is 3% + %/week outstanding. These fees are based on the time it takes for a customer to pay off the invoice.

Fundera Review: Advantages

Advantages include several flexible options. And some of them can get an approval with rather low minimum FICO scores. This choice makes Fundera an option for entrepreneurs who do not have stellar credit. You can also get some forms of funding with fairly low annual revenues. Companies with comparably low annual revenue could get approvals for startup loans and personal loans for business.

Fundera Review: Disadvantages

Disadvantages include your fees are based on how fast your customer pays, so any deadbeat customers will cost you.

An Alternative: Building Business Credit

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

As a result, an entrepreneur’s business and individual credit scores can be very different. And it is vital in a poor economy.

The Benefits

Since small business credit is separate from personal, it helps to secure an entrepreneur’s personal assets, in case of a lawsuit or business bankruptcy.

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

Another advantage is that even startup businesses can do this. Going to a bank for a business loan can be a recipe for frustration. But building business credit, when done right, is a plan for success.

Consumer credit scores are dependent on payments but also additional factors like credit utilization percentages.

But for company credit, the scores really just hinge on whether a small business pays its debts in a timely manner.

Fundera Review for Better Recession Funding Credit Suite

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

The Process

Growing small business credit is a process, and it does not occur without effort. A small business must proactively work to build business credit.

That being said, it can be done easily and quickly, and it is much quicker than establishing personal credit scores.

Vendors are a big aspect of this process.

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

Business Fundability

A business must be fundable to lenders and vendors.

That’s why, a small business will need a professional-looking website and e-mail address. And it needs to have website hosting bought from a supplier like GoDaddy.

In addition, company telephone  numbers must have a listing on ListYourself.com.

In addition, the business telephone number should be toll-free (800 exchange or the like).

A business will also need a bank account devoted strictly to it, and it has to have all of the licenses essential for operating.

Licenses

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

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

Fundera Review for Better Recession Funding Credit Suite

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

Working with the IRS

Visit the IRS web site and acquire an EIN for the business. They’re free. Choose 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 form of corporation or an LLC.

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

A business entity will matter when it pertains to tax obligations and liability in the event of a lawsuit. A sole proprietorship means the business owner is it when it comes to liability and taxes. Nobody else is responsible.

Sole Proprietors Take Note

If you operate a company as a sole proprietor, then at the very least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the small business name. Consequently, you can end up being personally responsible for all business financial obligations.

And also, per the IRS, using this arrangement there is a 1 in 7 probability of an IRS audit. There is a 1 in 50 chance for corporations! Prevent confusion and drastically decrease the odds of an Internal Revenue Service audit at the same time.

But never look at a DBA filing as ever being anything beyond a steppingstone to incorporating.

Instigating the Business Credit Reporting Process

Start at the D&B web site and get a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a company in their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

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

Vendor Credit Tier

First you should establish trade lines that report. This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to obtain credit in the retail and cash credit tiers.

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

But first of all, what is trade credit? These trade lines are credit issuers who will give you preliminary credit when you have none now. Terms are often Net 30, versus revolving.

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

Details

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

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

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

Vendor Credit Tier – It Makes Sense

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

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may have to apply more than one time to these vendors. So, this is to demonstrate you are dependable and will pay in a timely manner.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then move to the retail credit tier. These are companies like Office Depot and Staples.

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

One instance is Lowe’s. They report to D&B, Equifax and Business Experian. They need to see a D-U-N-S and a PAYDEX score of 78 or more.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These are companies such as BP and Conoco. Use this credit to purchase fuel, and to repair, and take care of vehicles. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the company’s EIN.

One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or higher and a 411 business telephone listing.

Shell might claim they want a specific amount of time in business or profits. But if you already have adequate vendor accounts, that won’t be necessary. And you can still get approval.

Fundera Review for Better Recession Funding Credit Suite

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

Cash Credit Tier

Have you been responsibly handling the credit you’ve up to this point? Then progress to the cash credit tier. These are businesses such as Visa and MasterCard. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

One such example is the Fuelman MasterCard. They report to D&B and Equifax Business. They need to see a PAYDEX Score of 78 or higher. And they also want you to have 10 trade lines reporting on your D&B report.

Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).

In addition, they want you to have an established small business.

These are companies like Walmart and Dell, and also Home Depot, BP, and Racetrac. These are often MasterCard credit cards. If you have 14 trade accounts reporting, then these are in reach.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies as soon as possible. Get in the habit of taking a look at credit reports and digging into the particulars, 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. See: www.creditsuite.com/monitoring.

Update Your Data

Update the information if there are inaccuracies or the data is incomplete.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to dispute any mistakes 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.

Disputes

Disputing credit report mistakes typically means you mail a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always mail copies and retain the original copies.

Fixing credit report errors also means you specifically itemize any charges you challenge. 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.

A Word about Building Business Credit

Always use credit responsibly! Don’t borrow more than what you can pay off. Monitor balances and deadlines for repayments. Paying punctually and in full will do more to increase business credit scores than just about anything else.

Building small business credit pays. Excellent business credit scores help a company get loans. Your lending institution knows the small business can pay its financial obligations. They know the company is bona fide.

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

Business credit is an asset which can help your company for years to come.

Upshot

With fairly low annual revenue and minimum FICO score requirements, the Fundera online lender program is a good choice for newer businesses that haven’t quite gotten up to speed yet. However, because your company will be charged for deadbeat clients, even a startup will need to be certain their customers will pay on time.

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math. Go over the details with care. Only you can decide if this option will be good for you and your company.

In addition, consider alternative financing options that go beyond lending. This includes building business credit. In a recession, you need to 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.

The post Stop! Before You Borrow, Check Out Our Fundera Review for Better Recession Funding appeared first on Credit Suite.