Building Business Credit for Small Business
After completing lending compliance the next step is to apply for credit with net 30 vendors. This is the first stage of the credit building process where you will ob
tain credit with suppliers known to grant small amounts of credit to businesses that have little to no credit history.
Don’t make the mistake of applying for all levels of credit simply because you have a DUNS number with DNB.
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Setting up a solid company foundation is a key component to meeting lender compliance. It enables y
ou to qualify for certain types of financing so you can begin establishing a creditworthy company.
For example, lenders and creditors expect your business to have a dedicated fax number because it is an important means of exchanging information. Even though there are so many new ways to correspond, faxing still remains a fundamental part of a company’s communication structure.
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When was the last time you reviewed your D&B business credit report? 
Did you know you can review your profile at anytime at no cost whatsoever?
iUpdate DNB is a simple tool you can use to ensure the Dun and Bradstreet database contains the most up-to-date information on your business.
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In the previous post we covered Part 1 of SBA Banks with Preferred 
Lender Status which was created to make the entire loan approval process much faster for small businesses.
Under this program, the SBA streamlines the procedures for SBA banks by giving them the authority to make the final credit decision.
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Did you know the SBA has a Preferred Lenders Program (PLP) that was created to make the entire loan approval process much faster for small businesses? 
Under this program, the SBA streamlines the procedures for SBA banks by giving them the authority to make the final credit decision. While the Small Business Administration does not loan money directly, when you apply for an SBA-backed loan, you are basically asking the SBA to provide a guarantee that you will repay.
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