ENHANCE YOUR BUSINESS PLAN
Business Credit Checklist.
Should I pay DNB for anything?
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
The Secretary of State’s Office
Your EIN and Business Entity
DBA/FICTITIOUS BUSINESS NAME/TRADE NAME
SIC and NAICS Codes
Incorporating Your Business
Aged Shelf Companies
Step 2: Your Business Credit Reports.
Business Credit Reports
How to Prevent Declines
Dun & Bradstreet
Business Credit Scoring Factors
Payment history 35%
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
What Influences Your PAYDEX Score?
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
D&B Credit Profile
Unsecured Business Financing
Vendor Credit Accounts
True Starter Vendors
Quill Office Supplies
Reliable Office Supplies
Uline Shipping Supplies
Monopolize Your Marketplace
Strategic Network Solutions
Summa Office Supplies
WEX Fleet Card
Vendor Credit Tier
Retail Credit Tier
Fleet Credit Tier
Crossroads Equipment Lease & Finance, LLC
Cash Credit Tier
Responsible Credit Management
The Wrong Way to Get Business Credit Tradelines.
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
Why Was My Loan Application Denied?
Most People Fail at Obtaining Money to Grow Their Business
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?
Small Business Financial Exchange
Membership in the SBFE
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?
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 Credit Cards
Business Funding with Cash Flow
Cash Flow Financing
Merchant Cash Advances
Merchant Lines of Credit
Peer to Peer (P2P) Lending
Business Funding with Collateral
Account Receivables Financing
Business Funding with Good Personal Credit
Credit Line Hybrid
Business Funding Through Selling a Part of Your Business
Business Funding Through Federal Grants and Loans
Business Funding Through Personal Financing
401 K 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
Amber Grants for Women: ambergrantsforwomen.com/ get-an-amber-grant/ apply-now
The Cartier Women’s Initiative Award: cartierwomensinitiative.com
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
Statewide Loans for Disabled Business Owners:
https://www2.illinois.gov/ dceo/SmallBizAssistance/ AdvantageIllinois/ Pages/default.aspx
Maryland Technology Assistance Program:
The Abilities Fund in Nebraska: https://abilitiesfund.org/programs -and-services/
Small Business Funding for Members of all Minorities
Backstage Capital: http://backstaecapital.com/apply/
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
Community Connect Grants:
NIH Small Business Innovation Research (SBIR):