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BUSINESS CREDIT BUILDER PROGRAM
About Us
What We Do
The Process
The Process
Here at Cash Nerd! We take pride in our clients finacial well being. Our goal is to get your Business Credit file in compliance so you'll be able to obtain tradelines and funding by just using your EIN and to be BANKABLE. We know how to navigate through all of the obstacles that may occur. Keeping your Personal & Business Credit seperate is key in this journey.
The Process
The Process
The Process
This process usually takes about 7 to 9 months. Reason being is because there are four tiers to building your Business Credit the right way so that you can maximize funding opportunities. Please be patient because there are step by step instructions to follow to be successful. LLC's and Corps credit applications are looked at differently at times for credit approvals, so we would have to apply to certain vendors and institutions to get you approved depending on your entity.
Business Credit
Business credit serves a similar function to personal credit, in that it can help you to qualify for loans or lines of credit when you need to borrow. Having a good business credit history can also make it easier to get approved for credit lines through your vendors, suppliers and banks. Making sure that institutions and creditors are reporting to the proper Business Credit Bureaus. Monitoring your scores keeps the accuracy of the reporting process.
Business Credit Bureaus
When you're trying to get a business loan, establish payment terms with a new vendor or get any type of business credit, your business credit report can be a major factor in your success. Dun & Bradstreet, Experian and Equifax are the “big three” business credit bureaus that generate business credit reports.
The 5 c's of business credit
1. Character
Lenders will order a copy of your credit report and look at debt repayment trends. They want to know if you pay your bills and if you pay them on time. If there are blemishes on your report, be prepared to explain them.
2. Cash flows
Lenders will look at historical and projected cash flow statements to determine whether or not you will be able to repay the loan and still have money to adequately run the business. Include written justification for your projections in your loan proposal.
3. Capital
Capitalization refers to the basic resources of the company including owner’s equity, retained earnings, and fixed assets. You do not have to be fully capitalized to qualify for a loan.
4. Collateral
Collateral is an asset (something you own), which a lender may claim to satisfy a loan in the event the loan is not repaid according to the required terms. Often the assets purchased with the loan may serve as collateral. If the business does not have enough collateral, the bank will look to personal assets.
5. Conditions
Factors that affect the success of the company yet are external to the business will also be considered by the lender. Examples include government regulation, competition and industry trends.
A lender will want to see your business plan and feel secure that you are ready to run a business. You should also know how much money you need and be able to explain why. This is significant in getting your loan approved, in addition to proving your financial stability. An entrepreneur that does not know the specifics of their financial needs can put a lender on edge. Be prepared with your financials, projections, and business plan, and know exactly what your request is for and what benefit it will bring to your company.
vendor tradelines vs. financial tradelines
There are two types of credit tradelines a company can get to build payment history, a financial tradeline and a vendor tradeline.
- Vendor Tradelines: Vendor tradelines can have a variety of names, such as merchant tradeline, supplier tradeline, business vendor tradeline, trade credit, vendor account, or even a corporate tradeline. Regardless of the name, a vendor tradeline is a report from a merchant or supplier to a business credit bureau about a specific company’s payment history when the supplier or merchant has extended them credit. An example of this would be an office supply company extending net-30 terms to a customer to pay an invoice for a delivery of office supplies.
- Financial Tradelines: A financial tradeline is an extension of credit from a bank or financing company, for example, a business loan from a bank, commercial credit card, or equipment lease financing. When a financial tradeline is established, the lender reports your company’s payment history to one or more business credit bureaus. If you’re interested in obtaining a financial tradeline, Credit Strong Business offers secured installment loans that you can use to build business credit by establishing a positive payment history.
Business Credit Builder Program
$1,500.00
Let's take a journey together building your Business Credit to create unlimited possibilities...
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