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5 Ways to Get Business Credit for Startups

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Get Business Credit for Startups

In a recent post that we wrote for the Small Business Administration (SBA.gov) we discussed the five different ways to get business credit whether you’re a startup or existing business. In today’s post, we’re going to expand on that article and provide immediate actions steps you can take to get the credit you need. get business credit for startups

Now establishing business credit may appear to be a difficult and time-intensive process but that’s far from the truth. In fact, the process of building credit for your startup is not that different from what you did to build up your own personal credit.

Here are the five ways to get business credit for startups:

1) Get Payment Terms from Suppliers – If you’re an established business you can most likely get payment terms from suppliers especially if you’re a long-standing customer. Typically, suppliers will extend credit arrangements on net 30 terms.
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New Business Funding Based Only on Bank Deposits

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New Business Funding

Is your business in need of working capital?

What if I told you there is a way to get business funding with no paperwork and no hard personal credit check to get started?new business line of credit

What if it’s as easy as syncing your business bank account online and have a decision within hours?

How about access to funds as soon as next business day?

Now I’m sure you probably have questions but if the concept interests you then keep reading on and we’ll get into the details.
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How Do I Increase My Credit Card Limit? 7 Factors to Know

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Increase My Credit Card Limit

Do you know increasing credit card limits is more than just expanding purchasing power?

In fact, it lowers your individual and overall credit card utilization ratios which results in your FICO® scores getting a boost. On top of that, with lower credit utilization and larger credit limit availability, you will appear much more favorably to banks when applying for additional credit. increase my credit card limit

For example, when it comes to applying for our stated income business credit lines the size of your personal credit limits have an impact on how much you pre-qualify for. As a general rule, the highest credit limit you have on a personal card means you may qualify for 4 to 5 times that amount in business credit lines.

For example, let’s say you have a personal credit card with Barclay’s and your $10k card limit was recently increased to $20k. As a result, this can potentially pre-qualify you for $80-$100k in unsecured business credit lines for your startup or existing business.

The reason is the higher the credit limits you have, the more creditworthy you appear to banks and lenders. Of course, other factors such as utilization, length of payment history, age of accounts and types of credit play a role as well.
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How to Get Stated Income Business Credit Lines

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Stated Income Business Credit Lines

Are you tired of all the documentation requirements needed for getting business funding?

If you’re looking for a way to get access to business lines of credit without having to worry about all the time and documents required then read on. stated income business credit lines

Whether you are just starting a business, own and existing business or you’re a real estate investor; the stated-income business credit lines program may be the perfect solution for you.

Typically, banks offer stated income for self-employed individuals or borrowers who may have difficulty documenting their income.

These credit lines require no income verification, financials or tax returns, and do not require any collateral because they are completely unsecured. It is the ideal solution to obtain credit for your business without all the headaches associated with traditional financing.
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DUNS Number Listing: Why do 32 Million U.S. Businesses Have One?

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DUNS Number Listing

Do you plan on getting financing for your business?

How would a business, supplier, vendor, bank or lender get a better understanding of your business’ credit history and creditworthiness?

In today’s post, we are going to dive into the D-U-N-S® Number and why your business needs one. The greatest benefit of having a DUNS number listing for your company is that anyone looking to assess whether your company is creditworthy will likely look to Dun & Bradstreet to find out. Duns Number Listing

If a DUNS Number listing for your company doesn’t exist then your personal credit will most likely play the dominant role for all business credit granting decisions.

Banks almost universally rely on your PAYDEX® score and D&B Score when they are checking your business credit file via the D-U-N-S® Number. Did you know in the first 6 months of 2013, according to Creditera, Dun & Bradstreet had 45 million business credit reports pulled?

In fact, almost all Fortune 500 companies require a D-U-N-S® Number when applying to do business as a supplier, contractor or consultant.
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