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Business Credit Building
In Our Business Credit Building Program we help you to build your Business Credit Profile to help you establish Business Credit. We help you to establish business credit with a goal to get you business funding from one of our business funding partners.
Building Business Credit is a totally different process than establishing or building one’s personal credit. Business Credit Scores are established Solely on your Business payment history.
Build Your Business Credit In 60-90 Days Using These Steps
Before you actually start building yourbusiness credit you must first ensure your business is properly structured and set-up to build.
Follow these steps to ensure your business has a strong foundation to start building. DO NOT SKIP any of these steps and DO NOT move on to Tier 1 without completing all of the below steps.
- Come up with your Business Name
- Where will your business be located: This should not be a home address. If you have a home based business use a virtual address
- In selecting a virtual address be sure that when the address is googled the back of a building, warehouse, or home address doesn’t come up
- Apply for your LLC – if using your home address you can be your own Registered Agent if using any Virtual address I advise to hire a registered agent.
- Apply for your EIN – its free
- Apply for your DUNS number- its free
- Get a business logo
- Get a business telephone number Local and Toll Free
- Register your business number with 411
- Get your business a simple 1 page website, unless you need something with more pages
- Create a business email- something professional yourname@yourdomain.com
- Find your Naics– Sic Code ( you need this when opening bank account)
- Open a Business Bank Account
- Freeze your Personal Credit
- Make Social Media accounts for your Business – Facebook, Twitter, Instagram, etc
- Add your Business to Yelp and Bing
- Establish Business presence with Google by making a Google Business Profile.
- Open a Experian and Equifax Business Credit Profile
Tier 1
Tier 1 of 3 in the Business Credit Building Process is where you obtain NET 30 Accounts to start getting some payment history reported. You need at least 6 Payments reporting to move on to Tier 2
What are NET 30 Accounts?
Net 30 Accounts are simply named by the account payment terms. Net 30 Creditors allow you to make a purchase, you receive your items, and your invoice has to be paid within 30 days from the date of purchase. Net 45 and 55 accounts are also common.
**A good practice while building your business credit is to pay at least 5-10 days before your invoice is due** Example: A Net 30 account you would pay on Day 20**
⭐️⭐️ If your personal credit is GOOD, you can bypass Tier 1, go straight to Tier 3 get a few Cash Credit Cards, then circle back to Tier 1 to solidify your Business credit foundation ⭐️⭐
Tier 2
Tier 2 is where you would apply for Store Credit. Don’t move onto this tier unless you have completed Step one and have at least 6 payments reporting from Net 30 Accounts.
Here a few NET 30 Vendors that we recommend:
Always be sure to check to see what Business Credit Reporting Agencies they report to and when they report.
A few Tier 2 Store Creditors we recommend:
- Hertz Rent a Car
- Lowes Account Receivables
- Amazon Net 55
- Best Buy Business Advantage
Corporate Cards
AFTER YOU HAVE A FEW STORE CARDS UNDER YOUR BELT YOU SHOULD THEN APPLY FOR AT LEAST 2 NO PG CORPORATE CREDIT CARDS.
What does No PG Mean?
PG Means Personal Guarantee: When you Personally Guarantee debt you are securing the debt by use of your personal credit score and you will be personally held responsible if your business defaults on the debt.
A FEW NO PG CARDS CORPORATE CARDS WE RECOMMEND
- Capital on Tap
- Get Divvy
- Sams Club Mastercard
Get a Car in your Business
Name
If your looking to purchase a car with your Business Credit Tier 2 is where you can purchase a Corporate Vehicle Using the Business Name and Credit ONLY (No PG). If you have followed all the Business Credit Building Steps so far, your business credit profile should be ready for a corporate car purchase.
Rent an Apartment in your Business Name
Did you know you can actually rent an apartment in your Business name with no Personal Guarantee?
If you have followed all the Business Credit Building Steps so far, your business credit profile should be ready to rent an apartment in the business name with no Personal Guarantee. Ask us How!
Tier 3
If you have followed each of the steps from structuring through Tier 2, you are now ready for Tier 3 Bank Cash Credit Cards
⭐️⭐If your personal credit score is strong 700+ you have higher chance of getting approved. ⭐️⭐
A few Bank Cash Credit Card we recommend:
- Chase Bank
- TD Bank
- AMEX
Business Credit Services
Business Credit Analysis: $249
Want to ensure your business is properly structured and ready to start building business credit
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Book a Business Credit Analysis and get.
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A Full Review of Your Business Structure
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Set up with All 3 Business Credit Reporting Agencies
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A Review of Your Dun & Bradstreet Profile
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A Chance to ask all your Business Credit related questions.
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A complimentary list of all Creditors from Tiers 1-3.
Business Credit Building Program$1500 (3 Month Program)
In our Business Credit Building Program we offer done for you services which includes:
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Business set up &structure for Business Credit Building
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Registration to all major Business Credit Reporting Agencies
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DUNS Number Application (If applicable)
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Coaching through Tiers 1-3
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Monthly one on one Coaching calls
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Access to our Network of Funding Partners
Funding
We’ve partnered with ROK Financial who offers funding to small businesses. We understand the need for capital to launch your small business or to fund your investment project. We offer several different loans and financing options( even for those with not so great personal credit scores) making getting funding for your business a little bit simpler.Example of some of the Loan options Available
Working Capital Loan:
Unique Benefits
- 24-48 hour funding process
- Bad Credit Ok
- Liens/Judgements Ok
Qualifications
- 1 year in business
- $25,000 monthly revenue
- 500+ FICO Score
To Apply must provide
- 12 Months bank statements
- 6 months credit card processing statements ( If applicable)
- Application