Establish Business Credit
As a non-profit organization there are many opportunities for you to get business credit? For example, Wal-Mart offers a Community Business Credit Account specifically designed for non-profit organizations such as charities, hospitals, schools or religious organizations.
When you apply for the account you will need to provide the legal name of your organization, your tax exempt 501 (c)(3) number and DUNs number.
You will also need to determine how many authorized buyer cards you want with the maximum set at 99. I also suggest that you consider selecting the purchase order option.
Now on this new business credit account you are required to furnish your social security number but I would suggest leaving it blank if you have a strong Dun & Bradstreet file with an 80 paydex score and at least five or more trade accounts with decent credit limits.
You can complete the new business credit application online but you will need to print it out and fax it upon completion.
Now keep in mind you can build business credit with this account and receive larger extensions of business credit but each month you will have to pay the balance in full because it’s a net 30 account.
The Wal-Mart Community Account Application is specifically designed for non-profits so if you’re company is a for-profit business then you will need to check out Wal-Mart’s Business Credit Account.
As a non-profit I encourage you to establish business credit with companies like Wal-Mart that are willing to provide business credit cards or corporate accounts that cater to non-profit community organizations.
To your Business Credit Success!
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Marco Carbajo is a business credit specialist, author, speaker, and founder of the Business Credit Insider’s Circle. He is a weekly columnist for Dun & Bradstreet Small Business Solutions, a business credit blogger for All Business & American Express Small Business and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.