ASSETPROFILE GROUP, LLC

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financial checklist for companies

How to Build Business Credit

Business Credit Benefits

3 Steps to Build Your Initial Business Credit Profile

Step 1: Improve Your Chances of Business Funding with the Basics of Business Credit.

Business Credit Benefits

Business Phone Number

How to Obtain a 411 Listing

Business Address

Business Website

Business Email
The Secretary of State’s Office

Your EIN and Business Entity

ein and business credit information

DBA/FICTITIOUS BUSINESS NAME/TRADE NAME

SIC and NAICS Codes
SIC Codes
NAICS Codes

Incorporating Your Business

DUNS Number

aged shelf corporations

Aged Shelf Companies

Personal Guarantees

guarantees for personal credit

Step 2: Your Business Credit Reports.

get business credit reports

Business Credit Reports

How to Prevent Declines

Experian

Equifax

Dun & Bradstreet

Business Credit Scoring Factors

Payment history                    35%

Utilization                               30%

Credit mix                              10%

Length of Credit History      15%

Accumulation of new credit 10%

Expect payment may come early                 100

Payment is prompt                                        80

Payment comes 14 days beyond terms        70

Payment comes 21 days beyond terms        60

Payment comes 30 days beyond terms        50

Payment comes 60 days beyond terms        40

Payment comes 90 days beyond terms        30

Payment comes 120 days beyond terms      20

Read and Understand Your Reports

PAYDEX Score

What Influences Your PAYDEX Score?

PAYDEX Numbers

PAYDEX 80-100: Low risk of late payment

PAYDEX 50-79: Moderate risk of late payment

PAYDEX 0-49: High risk of late payment

Improving Your PAYDEX Score

D&B Business Information Reports

Monitoring Your D&B Credit Scores and Reports

Correcting Your D&B Credit Scores and Reports

Disputing Issues With Your D&B Credit Scores and Reports

Step 3: Get Approved for Vendor Credit.

There are Five Ways Build Business Credit:

Credit Line Hybrid

five ways to get business funds

D&B Credit Profile

Unsecured Business Financing

Vendor Credit Accounts

True Starter Vendors

Laughlin Associates

Quill Office Supplies

Gempler’s/Office Depot

Reliable Office Supplies

Uline Shipping Supplies

Monopolize Your Marketplace

Strategic Network Solutions

Summa Office Supplies

Supply Works

Wells Fargo

Behalf

Marathon
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WEX Fleet Card

Credit Tiers.

Vendor Credit Tier

venders for business loans

Retail Credit Tier

Fleet Credit Tier

National Funding

Kabbage

Crossroads Equipment Lease & Finance, LLC

Cash Credit Tier

Responsible Credit Management

The Wrong Way to Get Business Credit Tradelines.

business credit wrong approaches

Misconceptions About Business Credit

1. An EIN creates a business credit profile

2. Making business payments automatically results in a good credit score.

3. You should apply for additional accounts as soon as you are accepted for your first.

4. Good Paydex and credit ratings guarantee approval from all creditors

5. Business credit is built the same way as personal credit.

6. Business credit is only useful for net vendor credit lines

Piggybacking Tradelines

CPNs

credit profile numbers

Why Was My Loan Application Denied?

Most People Fail at Obtaining Money to Grow Their Business

business funding failure reasons

The Chances of Getting a Bank Loan are Not Great

There Are Many Reasons for a Business Loan Denial

How Did Small Businesses Make Up Their Funding Shortfalls?

Not getting Funding Can Mean a Business Will Fail

Lenders Use Data to Decide on your Application

Loan Deal Killers

1. Your Business Seems to be Too Risky

2. Records Consistency

3. Issues With Your EIN, SIC and NAICS Codes, Corporate Entity, and Licenses

4. Business Address Issues

5. Lack of Attention to Business Phone Numbers and 411 Listings

6. Non-Professional Website and Email

7. Business Bank Account Carelessness

8. Not Getting Your Personal Financial House in Order

9. No Business Credit

10. Poor Business Credit

Where do Lenders Pull Business Data?

LexisNexis

Small Business Financial Exchange

Membership in the SBFE

Certified Vendors

SBA Members and Data Products

Why Should Merchant Acquirers Become Members?

What Kind of Data Do They Have on a Business?

How the Small Business Finance Exchange Can Help Your Business

Which Actions Can a Business Take?

Why Does the Information from the SBFE and LexisNexis Matter to Lenders?

Records Congruency

Startup Business Loans.

5 Tips For Getting a Startup Business Loan

1. What Are Your Options for a Startup Business Loan?

2. Set Up Your Business the Correct Way

3. Do Not Underestimate the Importance of a Business Plan

4. Don’t Ignore Your Business Credit Score

5. Work With a Business Credit Expert

Small Business Funding Methods.

Without Business Credit, how is Your Company Funded?

Business Funding with Traditional Banks

Bank Loans

Bank Credit Cards

Microloans

Business Funding with Cash Flow

Cash Flow Financing

Merchant Cash Advances

Merchant Lines of Credit

Peer to Peer (P2P) Lending

Bootstrapping

Business Funding with Collateral

Equipment Leasing

Auto Financing

Account Receivables Financing

Business Funding with Good Personal Credit

Credit Line Hybrid

Bridge Loans

Personal Credit

Business Funding Through Selling a Part of Your Business

Angel Investing

Venture Capital

Equity Crowdfunding

Reward-Based Crowdfunding

Business Funding Through Federal Grants and Loans

Government Grants

SBA Loans

Business Funding Through Personal Financing

401 K Financing

IRA Financing

Business Revenue Financing

Without Business Credit, How Does Any Business Know If Your Company Is Reliable?

Business Credit Can Fix These Problems

Business Funding and Grants for Minority Entrepreneurs.

Challenges Minority Business Owners Face

1. Lower Net Worth

2. Lack of Collateral

3. Poor Location

4. Little to No Credit History

Small Business Grants for Women

The Cartier Women’s Initiative Award:  cartierwomensinitiative.com

Small Business Funding for Native American Entrepreneurs

First Nations Development Institute: firstnations.com/grantmaking

Rural Business Development Grants

Small Business Funding for African American Entrepreneurs

National Black MBA Association Scale-Up Pitch Challenge: nbmbaa.org/scale-up-pitch-challenge

The Lemon-AID Foundation: marcuslemonis.com/lemon-aid-foundation

Small Business Funding for Latino Entrepreneurs

Camino Financial: caminofinancial.com

Small Business Funding for Disabled Entrepreneurs

National Arts and Disability Center:   https://www.semel.ucla.edu/nadc/grants

Maryland Technology Assistance Program:
http://mdod.maryland.gov/mdtap/Pages/ MDTAP-Home.aspx

The Abilities Fund in Nebraska: https://abilitiesfund.org/programs -and-services/

Small Business Funding for Members of all Minorities

The Minority Business Development Agency

National Minority Supplier Development Council: bcfcapital.com/borrowers

The Foundation for Business Equity: fbequity.org

The Local Initiatives Support Corporation (ILSC):
https://www.lisc.org/covid-19/ small-business-assistance/ resources/

Government Minority Grants

SBA Community Advantage Loans: sba.gov/funding-programs/loans

SBA Bailout Funding Under the CARES Act: congress.gov/bill/116th-congress/ senate-bill/3548

NIH Small Business Innovation Research (SBIR):