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The Advantages of Social Capital When Getting Business Credit

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Advantages of Social Capital

I’m sure you’re no stranger to what factors impact your company’s fundability. In a previous post we talked about the 10 factors impacting your ability to get small business credit. advantages of social capital

But did you know one of the new trends growing in the business funding space is using a business owner’s ‘digital footprint’ as part of assessing fundability? When it comes to measuring “Social capital” several companies have even developed their own unique scoring models.

What is social capital?

It is the collective value of all your relationships and contacts via social networks, phone lists, SMS contacts and email databases. These data sources may be an invaluable asset to help run and grow your business successfully.
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7 Compelling Reasons to Start Building Business Credit in the New Year

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Start Building Business Credit

With a New Year just around the corner this is a time for small business owners to benchmark overall performance and set plans for moving forward in the year 2016.

In a lot of ways this was a year of innovation, change, and efficiency in small business lending. Although big banks have loosened their belts and started lending again; their focus still remains on issuing large loans to big businesses. start building business credit

Since applying for a loan or line of credit with a bank requires a small business owner to produce a plethora of documentation such as financials, personal tax returns, business tax returns, etc.; alternative lending and non-traditional lines of credit  have become a much more viable and attractive option for small business owners.

I’m sure you’ve seen the rise of online business lending platforms pop up over the internet this year alone.  Online platform such as Kabbage are working hard to fill the void in the marketplace for quick and easy business loans online. There is no question the demand for fast, cost-effective, go-to funding sources for small business owners will continue to grow in the upcoming year.
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5 Very Important Business Credit Tools for Business Owners

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Very Important Business Credit Tools

The credit climate for businesses has changed drastically since the financial system crash of 2008. Today, most banks, business credit card issuers, and major lenders are conducting business credit checks and sharing data with the business credit reporting agencies. very important business credit tools

Even FICO® has its own credit scoring model for lenders to assess the risk of small business credit applicants known as the FICO® Small Business Scoring Service (SBSS).  This means that you as a business owner must pay serious attention to establishing the creditworthiness of your business.

Here are five essential business credit tools that all small business owners should have readily available in their arsenal of financial tools.
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How to Monitor Your Business Credit Report with D&B®

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Monitor Your Business Credit Report

It’s essential for small business owners to keep a close eye on their business credit reports. The fact is a business credit report impacts your company’s financial and funding ability. It affects financing costs, credit terms, interest rates, insurance premiums, credit limits, and much more. monitor your business credit report

Did you know business credit reports and scores are constantly changing? They change because of a variety of factors, including the number of reported transactions, outstanding balances and whether you pay invoices on time. One of the advantages of having ongoing access to your company credit file is to know your current credit standing. This is especially useful to know before you apply for additional credit.
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Get Small Business Credit: 10 Factors Impacting Your Ability

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Get Small Business Credit

Do you know what type of credit and funding your company may qualify for today?get small business credit

I’m sure we can agree that there’s nothing more frustrating for a small business owner than not having access to the funds needed to grow a business.

Unfortunately, the most common mistake business owners make is applying for credit without knowing which factors play a role for each type of funding option.

Here are the top ten elements that impact the most popular forms of credit and financing for businesses today.

1) Personal FICO® Scores – It’s remarkable how strong FICO® scores (720+) streamline the credit granting process. The fact is with strong FICO® Scores you have more funding options available. For example, unsecured business credit lines, business loans & SBA loans all factor in personal credit scores as part of their underwriting requirements.  Now if you have low scores you can always utilize a business credit partner to secure the funding you need.
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