Building Business Credit for Small Business
Did you know the marketplace for government and corporate supplier programs is over $350 billion a year?
In fact, 93% of Fortune 100 companies have supplier programs that are set up to support contracts with small business owners just like you.
Major corporations and government programs focus on working with a diversity of businesses, such as veteran-owned, woman-owned and minority-owned small businesses.
What is supplier diversity?
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In today’s business environment, when it comes to information, potential customers and lenders alike expect nothing less than precision – but that can be difficult to verify when the information about your business can’t be found or appears in so many scattered places. 
You’ve heard me constantly talk about how important it is for your company’s information to be accurate and match perfectly across all documents, bank accounts, 411 listings, directory listings, and business credit profiles.
The fact is inconsistent data can cause a denial of credit due to mismatched data or even cause your company to have a duplicate credit file created.
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Did you know major banks view personal FICO® scores of 640 or less as a “bad credit” risk?
Now it’s difficult to generalize about FICO Scores® when getting approved for a business loan, because every borrower and bank is different. However, when it comes to qualifying for an unsecured business loan with a major financial institution there are stricter lending standards imposed. 
The reality is many small business owners struggle even today to get the loan they need because of less than perfect credit ratings. Even though we are a few years past the recession and the economy is slowly recovering, what does “bad credit” mean for small businesses?
Can you still get a business loan even if you have bad credit? Here are three ways you can get an unsecured business loan and overcome bad credit once and for all:
1) Use a Business Credit Partner
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Are you a small business owner that shops online at Amazon.com?
If you answered yes, the Amazon Corporate Credit Line may be just what your company needs. As you know you can pretty much buy anything through Amazon so having a credit line can be a very convenient way to shop for your business. 
The fact is Amazon has hundreds of millions of products in all type of categories from industrial to janitorial, construction to office supplies. It is the largest Internet-based retailer in the United States. Whether it’s a 3D printer or snacks for your employee break-room, you won’t find it difficult to find what you need and at a decent price.
Best of all you can customize your business account to suit your needs. For example, as an administrator you can create multi-user accounts and assign permissions for each user. Whether you have one or two employees or hundreds, you can easily connect your team and set up roles, payment methods and shipping addresses.
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Does your company need credit fast for an unexpected expense or upcoming purchase?
Instant approval business credit cards are a convenient way to speed up the application process because when you apply online you get a quick decision, usually within minutes, on whether you’re approved or declined. 
Now before you apply let’s go over what to expect. First of all, to get an instant approval, you will need good to excellent FICO® scores. So if your scores are in the 680+ range then you are more likely to get approved. If you don’t know your current credit scores you can obtain all three credit reports and scores at BusinessFundingEngine.procredit.com.
Now if you have limited, fair or bad credit history, you still have plenty of options. Several credit card issuers offer prepaid business cards, secured business credit cards, and instant approval business credit cards specifically for business owners with fair to bad credit ratings. Another alternative to overcoming a credit challenge is through the use of a business credit partner.
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