Fast-Track Your Business Credit in 30 Days

Getting Started with Building Business Credit

• Business credit is established under your company’s name, separate from personal credit.
• It’s a continuous journey and must be handled intentionally.
• Business credit doesn’t grow on its own, you need to take action.
• With the right steps, you can start building strong business credit in just 30 days, after making your business more fundable.
• Most business credit options don’t require a personal credit check.
• Your personal credit score is not a factor.
• You can double your funding potential by creating two distinct credit profiles.
• Business credit grows faster than personal credit.
• Business credit lines are 10 to 100% higher than typical consumer credit limits.

Strengthen Fundability Beyond Business Credit

• Improving your business’s fundability not only helps you access credit quickly but also boosts your overall credibility.
• A credible business draws more attention from potential clients and improves your ability to convert them into loyal customers.
• Fundability can also reduce your sales cycle, giving you long-term benefits that last well beyond the first 30 days.
• Many of the steps needed will require you to speak with service providers by phone or chat online to get things done.
• To speed up the process, ask someone to assist you. With a little help, you can complete the initial setup within just 2 or 3 days.

Choose a Fundable Business Name

• Does your business name include your industry type?
• This can be a red flag if your business operates in a high-risk industry.
• High risk typically means:
  • A greater likelihood of workplace injuries
  • Businesses with frequent cash transactions compared to others
  • To improve fundability, avoid including a risky industry term in your business name.
• Picking the right name that avoids risk can take less than a day and is a quick way to help your business appear more stable, professional, and fundable to lenders and credit issuers from the start.

Set Up a Credible Business Phone Number

• Avoid using a personal cell or home phone number for your business.
• These numbers can make your business appear unprofessional and unestablished.
• This negatively impacts your credibility and overall fundability.
• Use a Voice Over IP (VoIP) system to route calls to any device, including your cell.
• Choose a toll-free number with prefixes like 800, 877, or 888 for a professional image.
• Toll-free numbers are more trusted by lenders and credit issuers.
• Ensure your business number is listed with 411 using ListYourself.net.
• Lenders often verify your business phone, so it must be easy to find.
• A proper phone setup boosts your fundability and business credit profile.
• Use services like Ring Central to quickly get a professional toll-free number.

Boost Business Credit Quickly: Use a Proper Business Address

• Running your business from home can trigger red flags with lenders and credit bureaus.
• They often verify your location using Google Street View, and a residential address can lead to credit denial.
• A virtual business address solves this issue effectively.
• These addresses are deliverable and not PO boxes or UPS stores, which can also cause denials.
• You get a real, physical office location—enhancing your business’s legitimacy.
• Many virtual office plans include access to mail services, conference rooms, receptionists, and more. Providers like Alliance, Da Vinci, and Regus offer flexible options.
• You can reach out to any of these companies and receive a fast quote to get started today

 Accelerate Business Credit: Create a Professional Website

• A polished, business-ready website and matching email address are essential for credibility.
• Your domain should end in .com or .net—such as yourcompany.com.
• Avoid free website builders like Wix or Weebly, as they appear unprofessional.
• Choose a reliable hosting provider like GoDaddy to host your site.
• You can register a domain and build a basic website in a single day. Major hosting companies offer tools and support to help, even if you’re new to web design.

Set Up a Professional Business Email

• Your business email should match your website’s domain name.
• Use simple, professional formats like admin@yourwebsite.com or support@yourwebsite.com.
• Avoid using free email services like Gmail, Yahoo, or AOL for your business communication.
• Don’t worry about managing another inbox—business emails can be forwarded to your primary email for easy access.
• You can easily create your business email when setting up your website hosting, making the process quick and seamless. A professional email address adds credibility and is essential for building trust with lenders and customers alike.

Start Licensing with the Secretary of State

• Your state’s Secretary of State office provides details on all the licenses required to legally operate your business.
• They also offer valuable guidance, such as whether you need ongoing education to maintain your credentials.
• Licesing timelines differ by state, and in some cases, it may not be processed within 30 days.
• Still, beginning the application process early ensures you’re on track, even if approval takes longer.
• Many lenders and credit providers who require licenses might accept proof that your application is already submitted.
• Always print and keep copies of any receipts, confirmations, or forms related to your licensing process. This documentation is useful if you need to verify your progress or meet fundability requirements during the credit-building phase.

Quick Business Credit Building: Open a Business Bank Account

• Many lenders and business credit providers require you to have a dedicated business bank account.
• This account should be used exclusively for business finances.
• It also helps you avoid mixing personal and business funds, which can cause financial and legal issues.
• You can open a business bank account online at most major banks, even if they have physical branches.
• If you already have a well-managed personal account, it can speed up the approval process.
• Some banks can approve your business account in just 15 minutes online.
• However, receiving your debit card or checks by mail may take extra time.
• To speed things up, consider visiting a branch and completing the process in person.

Apply for an EIN and Choose a Business Entity

• Go to the IRS website to get your EIN for free.
• An EIN is essential for building business credit and opening accounts.
• Choose a legal structure like an LLC or corporation for better protection.
• Starting as a sole proprietor is possible but not ideal long-term.
• Corporations offer reduced liability and potential tax benefits.
• A DBA (Doing Business As) is just a trade name, not a legal entity.

Build Business Credit Fast: Use the IRS to Set Up Your Business

• Applying for your EIN and selecting your business entity at IRS.gov is quick and easy.
• The process takes only as long as your internet speed.
• Completing these steps now ensures you already have your business address, phone number, and other essentials in place.
• This way, you won’t need to update or change them later.

Pick the Best SIC and NAICS Codes

• Visit IRS.gov to select your SIC and NAICS business classification codes.
• These codes define what your business does and how it’s categorized.
• The IRS is transitioning from SIC to NAICS, but both are still accepted for now.
• SIC stands for Standard Industrial Classification, while NAICS stands for North American Industry Classification System.
• These codes impact how lenders and credit bureaus view your business.
• For example, NAICS code 531312 is used for Nonresidential Property Managers.
• If your business fits multiple categories, choose the least risky code.
• Riskier industries usually involve more cash handling or greater chances of injury.
• Businesses in risky categories often face difficulties securing credit or lender approval.
• You’ll select your codes during the process of getting your EIN and setting up your business entity.
• With reliable internet access, you can complete this step in under an hour.

Incorporate Your Business the Right Way

• The time required to incorporate your business can vary widely.
• It depends on the state where you’re registering and the method you choose.
• Online incorporation is typically faster than mailing documents.
• However, even online filings may take a few business days to process.
• Most states require you to file Articles of Incorporation to become officially registered.
• For fast and accurate drafting, consider hiring a corporate attorney to handle the paperwork.
• While waiting for approval, you can focus on other important steps that enhance your fundability and help you start building business credit quickly.
• Taking action on multiple fronts saves time and keeps your business moving forward efficiently.

Get Your DUNS Number Fast

• A DUNS number from Dun & Bradstreet is essential to begin building your business credit.
• Once three or more vendors report payment activity, your DUNS will generate a business credit report.
• This report plays a key role in establishing your credit profile.
• Apply online at: dnb.com/duns-number/get-a-duns-number-product.html.
• The free option may take up to 30 days to receive your DUNS number.
• For faster results, pay $229 to get your number within five business days.
• This premium service includes DUNSFile and CreditSignal monitoring tools.
• CreditSignal only monitors your D&B scores but provides real-time alerts for any changes.
• You’ll also gain access to a basic version of your D&B credit file.
• Fast-tracking your DUNS number helps you begin building strong business credit quickly and efficiently.

Fast Business Credit Building: Create Strong Payment Histories

• Credit history is a key factor lenders use to assess your business’s financial reliability.
• Paying vendors on time shows potential creditors and partners that your business is trustworthy and low risk.
• You can apply for most vendor credit accounts online in just minutes, though it may take some time before they influence your business credit score.
• To make the most of your efforts, focus only on vendors that report payment activity to major business credit bureaus.

Fast Business Credit Building: Choose Vendors That Report to Bureaus

• Most vendors don’t report payment activity, but Uline, Crown Office Supplies, and Strategic Network Solutions are known to report.
• Some reporting vendors have requirements, like minimum purchase amounts, before they report your activity.
• Crown Office Supplies also requires an annual membership for reporting eligibility.
• Always read the details carefully, and connect with customer support through phone or chat for the fastest answers.
• Note that reported transactions can take more than 30 days to appear on your business credit profile.

Fast Business Credit Building: Final Takeaways

• While building business credit can take more than 30 days, having your business already structured can significantly reduce the timeline.
• Investing in services to get things done correctly and quickly may cost more upfront, but it will save time and prevent delays.
• Regardless of your timeline, by the end of 30 days, your business will be fully established and positioned for strong fundability.
• A well-structured, fundable business will benefit you not just now, but for many years into the future.