Score Based Business Line of Credit with Soft Pull and No PG

December 4, 2020 By Marco Carbajo

Score Based Business Line of Credit

I’m excited about today’s blog post because we are going to show you how to get an unsecured business line of credit with a soft pull and no personal guarantee.

This is an actual line of credit that you can acquire that not only builds your business credit but also protects your personal credit too.

So, before we get into details on applying, let’s talk about what a score based business line of credit is.

This credit line provides two ways for you to access funds up to your approved credit limit.

Draw Cash Online – You can draw cash from your business line of credit directly to your business bank account via your online account portal. Once logged in you can select how much funds you want deposited into your account up to your credit available.

The benefit of this function is no cash advance APR. With standard business credit cards, you are limited to how much cash you can advance. Also, if you do there is a cash advance APR that is triggered on the amount advanced which is typically above 20%.

Business Credit Card – A World Business MasterCard® is issued to your company which can be used for purchases up to your credit limit.

Now, once you use your credit line there are several options to repay your outstanding balance. You can either pay the minimum monthly payment, pay more than the minimum monthly payment or pay the balance in full.

The annual interest rate ranges from 9.9% – 19.99%. The rate issued to your company will depend on how strong your personal Experian FICO® score is since this is based on your score alone.
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How to Build Business Credit When Paying Your Business Expenses

July 31, 2020 By Marco Carbajo

How to Build Business Credit

In today’s post we’re going to talk about a key fundamental step for building business credit for your company.

While acquiring credit from vendors, suppliers and other businesses that report to the business credit agencies is a widely known practice for establishing business credit; why not also have your business expenses build business credit too?

The fact is, if you have a business, you will have business expenses. These are costs you have in the ordinary course of running your business day-to-day. For example, putting gas in your car to go to a business appointment, taking a client out to lunch, paying utility bills, paying for postage to ship a product, etc.

When you pay for these expenses, it’s crucial to keep your personal finances separate from your business finances. You don’t want to commingle these expenses because it will cause a real challenge during tax time.

In addition, you should establish a budget, keep good records and implement an effective business credit building strategy.
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Easy Approval Net 30 Vendor: Reports to Business Credit Agencies

June 28, 2020 By Marco Carbajo

Easy Approval Net 30 Vendor

In today’s post we are going to share with you an easy approval net 30 vendor that reports to Dun and Bradstreet, Equifax Business and Creditsafe.

Whether you’re a startup or existing business, this is an easy way to get started building up your company’s credit file. First things first.

What is a Net 30 Vendor?

A net 30 vendor also known as a net 30 account, is a company who extends a credit line to another business with repayment terms of 30 days. Unlike a business credit card, with a vendor credit line you can only use it towards purchases at that particular vendor.

Also, purchases must be paid in 30 days whereas with a business credit card you can carry a revolving balance.

With this type of account your business is able to purchase a vendor’s products or services using up to your approved credit limit with the balance being due in 30 days. When it comes to paying your invoices, we suggest to pay better than terms such as 10 days earlier than the due date.
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4 Ways to Get Cash and Credit For Business Fast

May 2, 2020 By Marco Carbajo

Get Cash and Credit for Business Fast

Access to cash and credit for your business is crucial whether you’re in the early stages of starting a business or been in operation for years.

When you have working capital, you have the ability to cover those unforeseen expenses you didn’t plan for and other costs you didn’t expect.

So, what can you do if time’s not on your side and you need cash and credit fast?

In today’s post we’re going to show you four ways to get cash and credit for your business fast.

Before we get started let’s go over the different types of business lines of credit.

First, there is the business line of credit which provides a business a predetermined credit limit you can borrow against whenever needed. You can access any amount of money up to the credit limit for your business and repay that money back over time with an added interest fee.

Secondly, you have a business line of credit which provides a credit limit you can borrow against whenever needed but the repayment terms are shorter (typically 6 or 12 months).

Finally, you have credit lines you can get for your business with little to no interest charges but with repayment terms ranging from 30-60 days.
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Guide to CARES Act Small Business Relief Programs – COVID-19

April 2, 2020 By Marco Carbajo

Guide to CARES ACT Small Business Relief – COVID-19

The coronavirus pandemic is affecting small businesses all across America. Things are changing fast during the COVID-19 outbreak.

In today’s post we’re going to help you navigate this challenging time by going over several ways you can get cash from the Coronavirus Aid, Relief, and Economic Security Act also known as the CARES Act.

Now that the CARES Act is law, what steps do you need to take to make sure you can get money as efficiently as possible.

Let’s go over each of the programs.

Economic Injury Disaster Loans

The SBA’s Economic Injury Disaster Loans (EIDLS) are not new loans, they have been available for disasters. What’s different is this is the first time the program has defined a virus or pandemic as a disaster.

By making this declaration, businesses in every state are now eligible to apply for an Economic Injury Disaster Loan.

Here are the terms in the SBA’s EIDLs:

Loans up to $2 million
Repayment term is 30 years
Interest rates are 3.75% for small businesses and 2,75% for non-profits
First month’s payment is deferred 1 year from the date of the promissory note
No loan fees, guarantee fees or prepayment fees

Requirement: You must have been in business by January 31^st to qualify. You can’t start a business now and receive this kind of grant.

From the passage of the CARES Act, $10 billion is allotted for EIDLs and $350 billion for Paycheck Protection Loans to help small businesses across the country.
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