Fast Business Credit

04/07/2020

Beyond SBA and Payroll Protection. Learn how to financially protect your business after the loans are no longer available. https://www.nvinc.com/coronavirus-financial-survival-strategies/

03/17/2020

A great place to check for SBA support for businesses during the coronavirus pandemic. https://disasterloan.sba.gov/ela/Declarations/Index.

Also, it is recommended if your business is in a position for a line of credit or loan to get that now before your sales drop in 2-3 months and you may not be in a position for any time of financing.
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03/06/2020

[Coronavirus Update] 5 Reasons to Build Business Credit

The coronavirus has made a major financial impact to our stock market and the impact on small businesses globally is yet to come.

In Las Vegas yesterday the school district has announced all out of state and international field trips to be cancelled, casino stocks sank 10-15% on the first case, events are being cancelled left and right, and this is only the beginning.

The impact may be similar to the 2008 financial crisis. I believe there is always opportunity (besides just hand sanitizer and toilet paper sales) and you will want to position your business, or a new business service where there is a need.

If your sales are still doing well and your business has not felt the financial impact, this is the ideal time to consider a financial backup for your business. This may involved a line of credit from the bank or another business credit card liked to your entity. A cash advance may work but also is the most expensive money.

If you wait 3-6 months from now and your sales are down substantially the banks likely will not want to lend you money.

Here are some additional steps to build business credit for your business which will also help you financially. You may have already taking some steps over the years to build a business credit profile. If not, these points will be some important reminders.

Building business credit is a MUST in today’s coronavirus damaged economic environment. Do not get thrown off by the term “credit” and think of debt only.

Business credit is very different than personal credit. The reality is that most businesses are off on their sales projections and underestimate their business expenses, a double whammy that quickly leads to problems.

Developing a cushion in your cash flow is key to business success. There are many reasons to build a strong business credit profile, other than just supporting your cash flow. Those reasons include:

1. Separating your personal and business credit. If you have strong personal credit, you want to minimize any damage to that credit caused by your business. If you have a low personal credit score, this is an opportunity to build good business credit.

2. The credibility and fundability of your business. Building business credit is just like being 17 again, with no personal credit, and receiving your first MasterCard® with a $500 limit. You will use and build credit to access more. The key is to manage credit. Banks are now looking to how many vendors you have reporting as a key barometer to determine if they should lend to you.

3. Make sure your business does NOT look financially naked. If someone checks your company out in the business credit bureaus, what will they see? Anything? You may check out a business at these two links: Corporate Experian® and Corporate Equifax® Each one will want you to buy a report on your company or a company you are considering investing in or becoming a partner.

One item to look for is how many vendors are reporting on your business? Two or less sends a message that you may not be very stable. Sounds easy? Well, only about 10% of vendors that grant credit actually report to business credit bureaus.

4. A business credit profile is being built on your company without your knowledge. Yes, that is correct. The business credit bureaus reach out to the secretary of state to pull information on a newly formed entity. It really makes sense to make sure the business credit files are built accurately, because they are a lot harder to update than personal credit.

5. Helping your business gain access to more cash lines of credit after a strong business credit bureau has been developed.

You will want to also develop a strong business credit score with Dun & Bradstreet. Once you have three or more vendors reporting, you will have an 80 score out of 100. You will want to obtain a Duns number.

Go to this link to get one for your business. You can get one for free or pay their fee of $229 and get one in 5 days. https://www.dnb.com/duns-number.html

Need one-on-one support? Go to our link below to learn more about scheduling a strategy session to discuss your financial situation and your best options. ttps://www.nvinc.com/service/strategy-session-with-scott-letourneau/

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Establish your business, get noticed and control your story in the global marketplace.

01/02/2020

Here is the formula to help your business get more funding in 2020! credit

12/27/2019

Incorporate your business in 2020 and protect your personal credit. Build business credit instead under the name of your entity and EIN. Go here to our sister brand for support: https://www.nvinc.com/

12/04/2019

Are you looking to finally separate your personal and business credit and form an entity going into 2020? If so, what is the best time to form your entity, now or in January? Our sister brand, NCP's blog post will help clarify your best option:

Incorporate in 2019 and avoid a schedule C for 2020. Learn the steps to avoid a short year tax return and start with a complete formation.

09/30/2019

[New LLC Formation Tips] Your Business Credit Profile

[New LLC Formation Tips] Your Business Credit Profile

When you look to form a new LLC or corporation for a business, the more creditworthy your entity appears to others, including leads, clients, vendors, and joint venture partners, the more profits your business will generate. We realize that accessing more clients and customers to grow your business is critical.

Does your business look CREDITWORTHY when someone checks it out? Does anything show up, or very little, at the business credit bureaus, including Dun & Bradstreet®, Business Experian®, and Business Equifax®? Even if you have had your business for 5, 10 or 14 years, the odds maybe your business still does not look creditworthy. Check out your own company for FREE.

Your company will appear financially naked to vendors, banks, joint venture partners… if you have 2 or fewer trade lines of credit reporting to your company. Go to the URLs below to check out your company now:

Business Experian®: Go to this link: https://sbcr.experian.com/pdp.aspx…

Business Equifax®: Go to this link:
https://sb.econsumer.equifax.com/bizdi…/companySearch.ehtml…

How did your business score? If the entity applied for business credit, whether vendor or cash lines of credit, would it be approved or rejected? Do you know the items to have in place before you should ever do that?

These are important questions for a brand new business and even a seasoned business to answer and improve if you don't have positive results.

Experian business credit reports from SmartBusinessReports. Get your business credit report before you hire companies. Searching our business database is free. SmartBusinessReports lets you choose from a range of business credit reports