Author: Sara Richey

Learn About Dun & Bradstreet Reports

Did You Want to Learn About Dun & Bradstreet Reports?

It’s time to learn about Dun & Bradstreet reports.

But let’s start with some definitions and background on business credit.

Business Credit

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

Business Credit Benefits

Also, there are no demands for a personal guarantee. You can quickly get business credit regardless of personal credit quality. Also, there is no personal credit reporting of business accounts. Business credit utilization won’t affect your consumer FICO score. Plus the business owner isn’t personally liable for the debt the business incurs.

Being accepted for business credit is not automatic. Building business credit requires some work. Some of the steps are intuitive,and some of them are not.

Business Credit Reporting Agencies

There are three chief credit bureaus for business: Dun & Bradstreet, Experian, and Equifax.

In the business world Equifax and Experian are up there, but it’s Dun & Bradstreet which is the major player.

D&B has more than 10 times the records of the next closest reporting agency. See dnb.com/about-us/company.html.

What are in a Dun& Bradstreet Reports?

Do you have a copy of your Dun and Bradstreet report?

What is Dun and Bradstreet?

They are the oldest and largest credit reporting agency. You need a D-U-N-S number to start building business credit. Go to D&B’s website and look for your business, atdnb.com/duns-number. Can’t find it? Then get a free D-U-N-S number. You will always need a D-U-N-S number to start building business credit. Go here to get a D-U-N-S number and get into their system: dnb.com/duns-number/get-a-duns.html.

The main score is PAYDEX. But a business will not get a PAYDEX score, unless it has at least 3 trade lines reporting, and a D-U-N-S number. A business needs both to get a D&B score or report.

Dun & Bradstreet Reports

D&B offers database-generated reports. These help their clients decide if a business is a good credit risk. Companies use the reports to make informed business credit decisions and avoid bad debt.

Usually, when D&B does not have all of the information that they need, they say so in their reports. But missing data does not necessarily mean a company is a poor credit risk. Rather, the risk is unknown.

D&B’s database contains over 350 million companies around the world. It includes millions of active firms, and over 100 million companies which are out of business. But they keep these for historical purposes. This data goes into their reports.

D&B lists over a billion trade experiences. For as accurate a report as possible, give D&B your company’s current financial statements.

To see a sample Business Information Report, go to products.dandb.com/download/2019_BIR-Snapshot-Report.pdf

Predictive Models and Scoring

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

Dun & Bradstreet Reports: Sections

Here are the sections you could currently see in a typical Dun and Bradstreet business credit profile report.

Executive Summary

The report starts with basic company information, such as number of employees, year the business was started, net worth, and sales.

D&B Rating

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

The rating contains a Financial Strength Indicator. It is calculated using the Net Worth or Issued Capital of a company. Preference is to use Net Worth. D&B will show if a business is new or if they never got this information.

This section also adds a Composition Credit Appraisal. This number runs 1 through 4. Also, it reflects D&B’s overall rating of a business’s creditworthiness.

The scores mean:

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

A D&B rating might look like 3A4.

Keep your business protected with our professional business credit monitoring.

D&B PAYDEX

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

Both gauges have the same scores. A 1 means greater than 120 days slow (in paying bills). A score of 50 means 30 days slow. One great score is 80, which means prompt. Also, 100 means anticipates. A 100 is the best PAYDEX score you can get.

PAYDEX Score

This is Dun & Bradstreet’s dollar-weighted numerical rating of how a company has paid the bills over the past year. D&B bases this score on trade experiences which various vendors report. The Score ranges from 1 to 100. Higher scores mean a better payment performance. PAYDEX scores reflect how well a company pays its bills.

Predictive Analytics

This next section shows likelihood of business failure. It also shows how frequently a business is late in paying its financial obligations. These are comparative analyses, the Financial Stress Class, and the Credit Score Class.

Financial Stress Class

Overall numbers range from 1 to 5. A 1 is businesses least likely to fail. Also, a 5 is firms most likely to fail. The Financial Stress Class measures likelihood of failure.

Financial Stress Class Score

These more granular scores range from 1,001 to 1,875. A score of 1,001 represents the highest chance of business failure. Also an 1,875 shows the lowest chance of business failure.

Credit Score Class

The Credit Score Class measures how often a company is late paying its bills. Overall numbers range from 1 to 5. A 1 is businesses least likely to be late. 5 is firms most likely to be late making payments. More granular scores run from 101 to 670. 670 is the highest risk.

Credit Limit Recommendation

It shows a spectrum of risk. Your risk category can be low, moderate, or high. Risk is assessed using D&B’s scoring methodology. It is one factor used to create the recommended limits.

D&B Viability Rating

This section contains:

  • Viability Score – to show risk
  • Portfolio Comparison – also a demonstration of risk
  • Data Depth Indicator – descriptive vs. predictive
  • Company Profile – this shows if financial data and other information was available

Credit Capacity Summary

This part repeats the D&B Rating above. It includes financial strength, the composite credit appraisal, and payment activity.

Business History and Business Registration

This section contains information on ownership. It also shows where a corporation is filed (i.e. which state). This includes the type of corporation, and the incorporation date.

Government Activity Summary and Operations Data

This section gives basic information on if a company works as a contractor for the government. It also shows the kind of business a company is in. It shows what the facilities are like, including general data on its location.

Industry Data and Family Tree

The section shows the business’s SIC and NAICS codes. It also shows where the branches and subsidiaries are. This list is just the first 25 branches, subsidiaries, divisions, and affiliates, both domestic and international. D&B also offers a Global Family Linkage Link to view the full listing.

Financial Statements

This section is for the financial statements D&B has on a business. It shows assets and liabilities, with specifics such as equipment, and even common stock offerings.

Indicators and Full Filings

This part shows public records, like judgments, liens, lawsuits, and UCC filings.

This part also breaks down where filings are venued, like the court or the county recorder of deeds office. It shows if judgments were satisfied (paid). It also shows which equipment is subject to UCC filings.

Commercial Credit Score

This part shows the Credit Score Class again. It also shows a comparison of the incidence of delinquent payments. It also includes key factors to help anyone reading the report interpret these findings. Also, it explains what the numbers mean.

Credit Score Percentile Norms Comparison

Here, D&B compares a company to others on the basis of region, industry, number of employees and time in business.

Financial Stress Score

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

Financial Stress Score Percentile

The Financial Stress Score Norms calculate an average score and percentile for similar firms. The norms benchmark where a business stands. This is in relation to its closest business peers.

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

Keep your business protected with our professional business credit monitoring.

Financial Stress Score Percentile Comparison

The idea behind this score is to predict how likely it is a business will fail over the next 12 months. The Financial Stress Class shows a firm shares some of the same business and financial characteristics of other companies with this classification. It does not mean the firm will necessarily experience financial stress. The chance of failure shows the percentage of firms in a given percentile that discontinue operations with loss to creditors.

The average chance of failure comes from businesses in D&B’s database. It is provided for comparative purposes. The Financial Stress National Percentile reflects the relative ranking of a company among all scorable companies in D&B’s file. The Financial Stress Score offers a more precise measure of the level of risk than the Financial Stress Class and Percentile. It is meant for customers using a scorecard approach to determining overall business performance.

Advanced PAYDEX + CLR

This section repeats the 24 month and 3 month PAYDEX gauges. It also includes a repeat of the Credit Limit Recommendation. There is also a PAYDEX Yearly Trend. It shows the PAYDEX scores of a business compared to the Primary Industry from each of the last four quarters.

PAYDEX Yearly Trend

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

Correcting Your Dun &Bradstreet Reports

Get your report from D&B at www.dnb.com/about-us/our-data.html. Update the relevant information if there are mistakes or the information is incomplete. At D&B, you can do this at: dnb.com/duns-number/view-update-company-credit-file.html.

Keep your business protected with our professional business credit monitoring.

Disputing Issues with Dun & Bradstreet Reports

None of the different business bureaus will change your scores without proof. They are also starting to accept more and more online disputes. Include proofs of payment with it. These are documents like receipts and also cancelled checks.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute as crystal clear as possible. If you need to snail mail anything in, then use certified mail. This is so you will have proof that you sent in your dispute.

Be specific about the concerns with your report. D&B wants you to go through their Customer Service. You can also go through D&B Customer Service to add payment experiences. D&B’s Customer Service contact number can be found at dandb.com/glossary/paydex.

Monitoring Dun &Bradstreet Reports

Business credit reports are not always perfectly correct. All of the major CRAs are committed to accuracy. But you won’t know there are errors unless you monitor your business credit reports.

For D&B only, you can monitor your reports via CreditMonitor. It currently costs $39/month. See dnb.com/products/small-business/credit-monitor.html.

Monitoring Experian, Equifax, and Dun & Bradstreet Reports

You can monitor your business credit at D&B, Equifax, and Experian through Credit Suite, for considerable savings over what it would cost you at those different credit bureaus. And all in one place! Credit Suite offers monitoring through the Business Finance Suite (through Nav). See what credit issuers and lenders see. So you can directly improve your scores and get the business credit and funding you need. See suitelogin.com and also  creditsuite.com/monitoring.

Dun & Bradstreet Reports: Takeaways

Dun & Bradstreet reports sport an impressive level of detail. The idea is to make it easier to decide if it’s a good idea to extend credit to another business. Also, your own company’s report can help show you where you can improve payment history. Also, you can see how your firm compares to similar businesses.

D&B is the largest business CRA. A D-U-N-S number is an absolute necessity for business credit building.

Monitoring all of your reports is expensive. But you can save 90% by monitoring your D&B, Experian, and Equifax scores through Credit Suite.

The post Learn About Dun & Bradstreet Reports appeared first on Credit Suite.

How to Create Evergreen Content Right From the Start

Evergreen content engages and educates readers for longer without a huge amount of effort. Once you master the art of writing “timeless” content, you can ensure your articles, e-books, and tutorials stay relevant for years to come.  Below, I’m going to show you exactly why evergreen content should be part of every marketer’s content strategy, …

The post How to Create Evergreen Content Right From the Start first appeared on Online Web Store Site.

The post How to Create Evergreen Content Right From the Start appeared first on Get Funding For Your Business And Ventures.

The post How to Create Evergreen Content Right From the Start appeared first on Buy It At A Bargain – Deals And Reviews.

How to Run Sponsored App Ad Campaigns

You created an app. Now you just need to drive traffic to it. As a marketer or app creator, you might not know where to start to drive app downloads. 

It might not be as hard as you think. 

You can start gaining traffic through a sponsored app ad campaign. Wondering what a sponsored ad campaign is and how to run one effectively? Let’s cover what you need to do to get started and optimize your chances of success.

This includes how to use a sponsored ad campaign to get traffic directly to your app through major players like the Apple App Store and Google Play. We’ll also cover which metrics you’ll want to track and how to create compelling app ads to encourage engagement and installs.

Let’s get started by explaining precisely what a sponsored app ad campaign is. 

What is a Sponsored App Ad Campaign?

Sponsored ads allow you to display adverts for your app the same way you would for any other product. As an advertiser/creator, you pay for these ads, and they’re usually marked as “Sponsored” or “Ad,” so users can differentiate them from regular apps in the search results.  

To explain this further, let’s use Apple as an example. When you advertise on the platform, your app ads show at the top of the search page on its online app store. Sponsored ads also appear in other apps.

Depending on the network you’re using, there may be some variations in how ads are displayed, and your ads may also appear on more than one platform.

Why You Should Run Sponsored App Ad Campaigns?

There’s no doubt about it; developing and launching an app is tough. It takes a lot of time and financing, and that’s before you even start to think about the marketing side.

However, regardless of the niche you’re in, you’ll want to drive installs and interest. That’s why you should consider running a sponsored app campaign. 

Is it worth your while? Potentially.

No one can say just how well your paid advertising will go and whether it will pay off long term. That said, there are some methods you can use to tip the scales in your favor.

Begin by ensuring your messaging is consistent throughout every stage, from the initial ads right down to the installation.

Also, make sure you understand your audience and the best methods to reach them. You may find it helpful to see which apps are performing best so you know if yours would be a good fit.

Finally, look for opportunities to re-engage and retarget your customers and continuously track your metrics along the way. I’ll talk more about the app metrics you should be monitoring later.

Before I move on to the next section, something else you’ll want to think about is your company’s budget and how far it’s likely to take you.

In the United States, it costs an advertiser $2.07 for each iOS app install and $1.72 for each Google Play Android installation, so be sure a paid campaign makes financial sense for your business.

Mobile Vs. Desktop App Ads

Now let’s talk about mobile and desktop ads, as these are the two main ways to display your app ads.

With 260 million smartphone users in the United States alone, it makes sense to focus on mobile app ads. You’re going to want to catch mobile users while they’re on the move, and these are the users who are most likely to install your app.

When you’re running mobile ads, these will show in tablets, wearables, mobile and smart devices, and in other apps as promotional adverts. You can also link your Google Ads account to Google Play Developer Account to display ads to app users without the need for retargeting.

Mobile apps are good for personalization and reaching your target audience, while research indicates tablets have a higher conversion rate than desktops.

With desktops, your ads will appear on static devices, like a laptop. This method may not seem like the most obvious way to advertise your app, but you shouldn’t ignore them completely.

Some argue to create the most effective sponsored app campaign, you need to run both types to improve your chances of success.

How to Run App Ads in App Stores

The process for running app ads will vary depending on the app stores you’re using. You can run these campaigns yourself or ask an agency to run them on your behalf.

Here are some of the most high-profile options and how get started.

Apple App Store

sponsored app ad campaign - apple search ad image

With stores in 175 countries and regions and half a billion users every week, Apple’s App Store is the place to be.

To get started advertising your app, you’ll have to set up an Apple ads account if you haven’t already. You’ll need to fill out details like personal information, accept Apple’s terms, and provide a payment method.

If you haven’t set up an ad before, Apple makes the whole process user-friendly.

  1. Go to the Search ads “Promote an App” page.
  2. Go to your account dashboard. Select the app you’re promoting from the list. Apple lets you choose up to 50. 
  3. Select your target country and regions.
  4. Decide on your budget. Apple sometimes offers a free $100 to get you started.
  5. Detail your cost per install. Apple states it will set a “max CPI based on what we know about your app and what other developers are willing to pay to reach the same users.” However, you can change this.
  6. You’re ready to go!

Android App Store (Google Play)

sponsored app add campaign - google adstore

If you want a sponsored ad on Google Play, you can do this by creating an app campaign in Google Ads. Google’s app adverts allow you to advertise both Android and iOS apps.

Google will help you out by optimizing your adverts so your target audience sees them, and you won’t need to design your ads. Google does this for you by using the material you have in your App store listing. 

When you’re using Google, your app ads can appear on Play, YouTube, Discovery, and other channels.

Unlike some other sites, Google has quite a lengthy process, so I’ll break it down as simply as I can.

  1. Sign up or log in to Google Ads. If you don’t already have an account, you can set one up online.
  2. Look out for the page menu. You’ll find it on the left. Choose “Campaigns.” You’ll see a blue button with a white plus sign in the middle. Click on that and then select “New Campaign.”
  3. You’ll then need to set your campaign goals. In this case, it’s going to be “App promotion.”
  4. Next, Google will ask you for a campaign subtype. You can choose between “app installs” and “App engagement.”
  5. Choose your platform (iOS or Android.)
  6. You’ll then see a search field. Here, you add your app’s name, package name, and publisher. Your app should then show in a list.
  7. Select your app and press “continue.” Google suggests, “You may want to indicate in the name that this is an App campaign.” Doing this will make your app campaign easier to find if you need to refer to it later.
  8. Update location or language setting. Be careful when selecting target languages because Google won’t translate your adverts for you.
  9. Choose your average daily budget.
  10. Go to “campaign optimization.” Here, you can optimize the campaign depending on the user actions most important to you.
  11. Fill out your target bids. You don’t need to do this for app install campaigns.
  12. Set your campaign dates.
  13. Choose an ad group name.
  14. Go to “Ad Assets.” Include two headline ideas (minimum) and a description idea. You can add up to five.

Tips to Create Effective App Ads

How do you write effective app ads? It helps if you think of them in the same way you would for your other marketing content. 

With regular marketing content, you’d:

  • Craft a compelling headline.
  • Provide a clear, concise summary detailing your product (app) and its features.
  • Target your content toward your ideal user.
  • Use easy-to-understand, everyday language.
  • Include keywords and a call to action.

You should also consider that ad space is limited, so you want your messaging to be precise and targeted, with the most important information first. 

Here are a few more tips for creating an effective app campaign. 

Remember, Image is Everything

Images are every bit as important as text if you want to capture mobile users’ attention. Choose an image that is in line with your brand and appropriate to your audience. Include branding in the image if you can.

Also, make sure your images are consistent with your overall style and tone, so both blend seamlessly.

One last tip: Always use the recommended image sizes for each platform you’re selling on for the best results.

Test and Tweak Your App Ads 

To see what works, you’ll need to test different ads to compare results when you start advertising. Consider testing: 

  • image
  • app description 
  • targeting options 

Running A/B campaigns can help you better understand which adverts are resonating best with your audience. Test over time and keep tweaking until you’re getting the results you’re aiming for.

Keep Your App Ad Objectives in Mind

Most importantly, know what your objectives are. Be clear on what you want your ads to achieve, what you want users to do, and ensure your sponsored app ads convey it clearly. For example, if your goal is to drive free downloads and push paid add-ons later, focus on the features in your free version. 

Tracking App Ad Metrics

To understand if your sponsored ad apps campaign delivers the results you want, you’ll need to track your ad metrics. If you’d like a refresher, I’ve covered this subject before. However, you may find there are others you want to focus on, like:

  • App store conversion rate: This will vary depending on the platform, your category, traffic type, and ad quality.
  • CPC: Your CPC rate will differ depending on several factors, like your chosen platform and ad placement.
  • Daily and monthly users: Also known as DAU and MAU, these metrics help you understand how often your customers are revisiting your app. 
  • Return on investment: Are sponsored app campaigns worth the cost? Make sure you include the efforts of testing your ads, the cost per click of your ads, and the cost of developing and marketing your app.
  • User growth rates: This will help you see if your audience is growing.
  • App store rank: This metric is essential for seeing if your app ranks for a keyword and its visibility.

Conclusion

It’s one thing to build an app, but you may find getting traffic to be a challenge. An effective sponsored app ad campaign can drive traffic and increase installs. 

Even if you’re new to it, the entire process is user-friendly. With just a few steps, you’ll be ready to get going.

To maximize your results, carefully craft your app ads and track your metrics so you can make adjustments. This will allow you to optimize your campaigns and drive results. 

Once you’ve started getting downloads, make sure to encourage your users to leave app reviews and implement app store optimization efforts to keep your audience growing. 

Do you run sponsored app campaigns? What strategies helped you the most?

New comment by Christoph98 in "Ask HN: Who wants to be hired? (June 2020)"

Hi there! I just graduated college and am looking for Data Scientist positions!

Location: Boulder, CO

Remote: Preferred

Willing to relocate: Yes

Technologies: SQL, Python, Hadoop, Spark, Jupyter Notebook, Git, Scala, Java, JavaScript

Résumé/CV: https://www.linkedin.com/in/christoph98/

GitHub: https://github.com/Christoph98

Email: christophuhl07 AT gmail.com

Work Taxes– Depositing With The IRS

Work Taxes– Depositing With The IRS

You need to pay work tax obligations if your organisation has workers. The settlement system can be a little bit complex, so this post goes over exactly how to deal with transferring work tax obligations with the IRS.

Transferring Employment Taxes

To pay work tax obligations, you have to transfer the cash with the IRS. As is regular with tax obligation scenarios, the repayments are not really made to the IRS. Rather, you have to transfer the work tax obligations with a government vault.

To transfer the tax obligations, you ahead cash per the financial institution requirements. You will certainly additionally require to submit a Federal Tax Deposit Coupon, Form 8109, with the down payment.

When To Deposit

As soon as or two times a month, you need to transfer work tax obligations either. The IRS will certainly send you a timetable at the end of yearly for the succeeding year. As a basic regulation, you intend to submit within a couple of days of each pay duration.

Failing To Deposit

Gathering work tax obligations is a high concern of the IRS. In brief, make definitely certain you transfer the work tax obligations.

In Closing

There is nothing else means to place it– paying work tax obligations is a discomfort. Simply make certain you pay them to prevent the rage of the IRS.

To pay work tax obligations, you have to transfer the cash with the IRS. Rather, you have to transfer the work tax obligations with a government vault. You will certainly additionally require to submit a Federal Tax Deposit Coupon, Form 8109, with the down payment. You should transfer work tax obligations either as soon as or two times a month. In brief, make definitely certain you transfer the work tax obligations.

The post Work Taxes– Depositing With The IRS appeared first on ROI Credit Builders.

How to Find Small Business Loans for Women

Female business owners can find small business loans for women to help fund their business.  That’s not their only option though. The key, I think, lies with the terminology. The truth is, there are some funding options that are geared specifically toward women.  However, they are few and far between, and they aren’t really loans. While some female geared organizations offer funding options for women only, they are typically in the form of grants.  

During the COVID-19 situation, there are still loans out there which are specifically for women. But women entrepreneurs should also be looking into SBA Paycheck Protection Program funding.

Is There a Secret Sauce to Finding Small Business Loans for Women?

It isn’t a bad idea to pursue these options.  Yet, that can’t be where it ends. Honestly, you cannot rely solely on specific small business loans for women.  In fact, what you are really looking for are loans available to everyone that may work better for women than others.  Regardless, you need to position your business to be fundable no matter the gender of the owner. If there is a secret sauce, fundability is it.

Get our business credit building checklist and build business credit the fast and easy way.

Small Business Loans for Women: The Small Business Administrationsmall bus loans for women Credit Suite

When it comes to small business loans for women, the Small Business Administration is the cornerstone. Basically, since the loans are guaranteed by the government, they are easier for almost anyone to qualify for than regular traditional loans. Here’s a sample of the loan programs the SBA offers. 

7(a) Loans 

This is the Small Business Administration’s flagship loan program. It offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. These funds are distributed through traditional lenders. 

504 Loans 

These loans are also available up to $5 million and can buy machinery, facilities, or land. They are generally used for expansion.  Similarly, private sector lenders or nonprofits process and disburse these funds. Furthermore, they work especially well for commercial real estate purchases.  

Microloans 

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. For these, community based nonprofits handle funds as intermediaries. 

SBA Express Loans 

These loans max out at $350,000 and have a much faster turnaround. In fact, the SBA takes 36 hours or less to make a decision. Also, there is not as much application paperwork.  As a result, they are a great option for working capital if you qualify. 

Other SBA Resources for Women

Remember, take a minute to check out the other resources the SBA offers for female entrepreneurs. For example, the Office of Women’s Business Ownership.  Their goal is to enable and empower business owners that are women via advocacy, outreach, and education as well as assistance.

Small Business Loans for Women: Private Lenders

Next, if the SBA doesn’t work out, or if you still need more funding, there are some private lenders for small business that tend to work well when it comes to loans for women in business. 

Lending Club

LendingClub functions as a peer-to-peer lender.  It offers mostly fixed-term small business loans. Borrowers that get loans from LendingClub generally use loans funds to buy equipment, finance growth or expansion projects, consolidate other debt, or even hire new people.

Lendio

Lendio offers a loan-connection service that dramatically cuts the time it takes for small business owners to find the perfect loan.  The key is, they do the legwork by vetting a network of competing small business lenders. With Lendio, funding is fast.  It sometimes takes as little as 24 hours.  

Blue Vine

BlueVine offers two options for small business financing.  They include lines of credit and invoice factoring.  Also, they offer the ability to talk with a financing advisor. Their application process takes place exclusively online.  The minimum loan amount is $5,000 and the maximum is $100,000.  To be eligible for financing from BlueVine,  you must be in business for at least 6 months, have revenue of $120,000 per year or more, and have a credit score of at least 600.  

Kiva

Kiva has a different lending model. In fact, their platform is vastly different.  They are a kind of  cross between crowdfunding and lending.  Surprisingly, their  loans have a 0% interest rate. That means, even though you have to pay it back, it is actually free money. In addition, there is no credit check. The only requirement is that you have to get at least 5 family members or friends to donate money for your business.  Furthermore, you yourself have to give at least a $25 loan to another business on the platform. 

Grameen

In contrast to most,  Grameen actually does offer microloans specifically for women.  The loan amounts range from $2,000 to $15,000.  They also offer financial training and support.  

As a bonus, they report payments to Equifax and Experian.  Consequently, these loans help borrowers build credit.

Small Business Loans for Women: Other Resources that Can Help

It can be a good thing to work with these organizations when you are trying to find small business loans for women. Truly, each exists to support and aid women business owners in their small business endeavors.  The tips, tricks, and support they offer can make all the difference in finding loans for women in business.   

Association of Women’s Business Centers

The AWBC runs a network of business centers geared toward women.  These centers work hard to help women succeed.  They offer training, business development, financing, and mentoring opportunities. 

National Association for Female Executives

Also known as NAFE, this organization does a lot as well.  For example, they sponsor events, provide training, and extend other resources to help female business owners achieve success.  

National Association of Women Business Owners

In the same way, the NAWBO works nationwide to offer training, events, and other resources to female owned businesses across the country. 

SCORE

 SCORE is the country’s largest network of expert business mentors that volunteer their time with more than 300 chapters and 10,000 volunteers.  They connect female business owners with mentors.  Alternatively, they can participate in a workshop to help them learn what they need to know to be successful.

Get our business credit building checklist and build business credit the fast and easy way.

Small Business Loans for Women: A Better Option

The thing is, your gender should not define the funding you are eligible to get.  While the nature of our society dictates this somewhat, there are things you can do to ensure your business if fundable despite your gender.  Any business, woman owned or not, should be fundable to ensure the availability of funding whenever needed. So, while you are looking for small business loans for women, make sure your fundability is in order.  

Start with the Foundation

Your business cannot be fundable if it is not set up properly.  That includes the following. 

  • Don’t Use Personal Contact Information for Your Business

This includes a business phone number and fax number,  business address, and email address. Not just any email address though.  It needs to have the same URL as your website. More on that in a bit. 

  • Dump the SSN for an EIN

An EIN is an identifying number for your business that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

  • Get Incorporated

Incorporating your business as an LLC, S-corp, or corporation is non-negotiable when it comes to building fundability for your business. .  

  • Open a Business Bank Account

Open a separate, dedicated business bank account.

  • Licenses

Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

  • Website

Spend the time and money necessary to ensure your website is professionally designed and works well.  Also, pay for hosting. Don’t use a free hosting service

Small Business Loans for Women: What Else Makes a Business Fundable?

The set up is not the end of the story however.  It simply sets the business up to build fundability. After that is done, the actual building begins.  Unfortunately, it may be more of a matter of damage control than building in the beginning, depending on history. 

Business Credit Reports, Business Credit History, and Credit Score

These detail the credit history of your business.  They are a tool to help lenders determine how credit worthy your business is.  

The most common places for lenders to pull a business credit report from  are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Since you have no way of knowing which one your lender will choose, you need to make sure all of these reports are up to date and accurate. 

Lenders will be looking not only at your credit score, but your detailed credit history including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

Other Business Data Agencies 

There are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. They gather data from different sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. 

Identification Numbers 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. You have to have this number to have a file with D&B, and you have to have a file with D&B to build business credit. 

Business Information

This is a problem because of those fraud concerns lenders have.  When business information doesn’t match up, it sets off alarms.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it.  Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the same information?

Get our business credit building checklist and build business credit the fast and easy way.

Financial Statements

Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  For example, ChexSystems issues reports with information on bad checks. These reports can affect your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will seriously affect fundability. 

Anything can come back to haunt you.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? All of this can and will affect the fundability of your business. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion affect the fundability of your business.  The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time. 

The Application Process

Everything about this affects whether or not you can get funding for your business.  Is your application complete and accurate? Are you applying for a loan product that fits your needs?  Is the timing right? Did you find a good lender match?

There is More to Funding than Finding Small Business Loans for Women

There is certainly nothing wrong with female business owners seeking small business loans for women.  They are a great first stop. In fact, now is a great time to borrow with the Fed cutting rates due to the coronavirus economic downturn.   Still, no one should let their funding hinge on their gender. If you work to build fundability for your business, whether you can get funding for your business will never be a question again. 

In fact, when you need funding and you have strong fundability, lenders will be competing to give you money.  With a deep understanding of what makes your business fundable, you will find you can get more funds with lower interest rates.  Gender has nothing to do with fundability, so don’t let it dictate the future of your business. Use gender specific financing to get started if you need to, but focus on total fundability to ensure ongoing business growth.

The post How to Find Small Business Loans for Women appeared first on Credit Suite.

Do You Want To Receive More Affiliate Checks?

Do You Want To Receive More Affiliate Checks? Associate Marketing is without a doubt, among the simplest means to generate income online. It is an income sharing service connection in between the associate that accepts advertise the solutions or items, as well as the seller that supplies them. The associate markets the vendor’s solutions as …

The post Do You Want To Receive More Affiliate Checks? appeared first on Buy It At A Bargain – Deals And Reviews.

Exactly How Creative Professionals Can Get More Perfect Clients

Exactly How Creative Professionals Can Get More Perfect Clients When you collaborate with the “ideal” customer, life is fantastic as well as service is basic. The ideal customer pays on schedule, is delighted with your job, talks of her pals concerning you, and also improvises what you do simple. If you could reproduce the excellent … Continue reading Exactly How Creative Professionals Can Get More Perfect Clients