How to Get a Business Cash Advance that Builds Biz Credit

December 5, 2014 By Marco Carbajo

How to Get a Business Cash Advance

In today’s lending climate, finding traditional business loans with bad credit or no credit and little or no collateral is next to impossible. The good news is because of this tight credit market some alternative financing sources have spawned new opportunities for business owners to get access to the funding they need.

Now some of these programs have been around for quite some time. According to a USA Today article, 65% of commercial loans issued to small businesses were considered “unconventional” — including factoring, business cash advances and revenue based lending – up from about 25% two years ago.

In this particular post we’re going to address the business cash advance also known as a merchant cash advance. This specific program is becoming more popular and mainstream because it’s fast, requires minimal paperwork, and doesn’t require pristine credit ratings or collateral that many other programs do.
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Do I Build Business Credit? Five Reasons Why You Should

November 26, 2014 By Marco Carbajo

Do I Build Business Credit

In a recent post for the Small Business Administration (SBA) I covered five key reasons to start building business credit for your startup or existing business. If you have been following my blog for some time I know we’ve talked about this at length, but there have been a few additions recently, I thought you may find helpful.

When it comes to building credit in your company’s name, Marc Kirshbaum, president of Experian’s Business Information Solutions group says “Just as your personal credit has a big impact on your financial health, your business credit can help you get competitive business loan rates and terms from potential suppliers.”

Let’s recap the five key reasons:

Business Credit Reports – According to Creditera, in the first 6 months of 2013, Dun & Bradstreet had 45 million business credit report requests and Equifax Commercial had 35 million. It’s clear that suppliers and lenders conduct business credit checks. If your business does not build its own credit then your personal credit will always play a major role in credit granting decisions for your company.
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The Best Way to Build Business Credit (Part 2 of 2)

November 11, 2014 By Marco Carbajo

Best Way to Build Business Credit

In Part 1 of the Best Way to Building Business Credit we covered credit listings, creditworthiness, credit categories, and Tier 1.

Part 2 of this series we’ll cover the remaining tiers of the structure. As a quick recap, Tier 1 should consist of 4-5 reporting trade lines made up of service providers and starter vendors across all three major business credit agencies.

Once you have accomplished this your business will now have a business credit score generated across all three business credit reporting agencies. For example, with Dun & Bradstreet it requires a minimum of three reporting trade experiences to generate a Paydex® Score. Like your personal FICO® score, a business credit score is a statistical measurement of your company’s creditworthiness.

Now keep in mind, a business credit score is only one indicator that lenders and suppliers use to assess the creditworthiness of a business. In Part 1 we discussed the other key factors that contribute to creditworthiness.
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The Best Way to Build Business Credit (Part 1 of 2)

November 3, 2014 By Marco Carbajo

Best Way to Build Business Credit

Is your startup or existing business ready to build business credit?

Do you know what crucial business credit building components you need before your company starts applying for credit?

Well, the good news is in today’s post we’re going to take out all the guesswork and show you the best way to build business credit. According to Wells Fargo Bank, “The longer you delay establishing business credit, the longer you delay taking advantage of business financing.”

So let’s get started.
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The Best Online Business Directories to Get Listed With

October 23, 2014 By Marco Carbajo

Best Online Business Directories

Since searching the internet is the number one tool used to locate a business today, it’s crucial to make sure your business is listed on major online business directories. While there are many popular online directories to get listed with there are several key sites that play a role in the business credit building process.

Certain online directories are the online equivalent of a modern day phone book so getting listed is a great way for not only customers to find you but also lenders to verify your business listing.

To get you started, here are my top five online business directories to get listed with:

1) Google Places for Business – The fact is google outperforms every other search engine with nearly 6 billion searches on a daily basis. It’s free to get listed and your business listing will also appear on Google Maps. Create your Google Places for Business listing as soon as possible if you haven’t already.
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