BUSINESS CREDIT REQUIREMENTS.
First of all, for those that do not have a registered LLC or Corp, this is not a problem.
You DO NOT have to be in business to be a business.
REMEMBER: We will be raising this capital WITHOUT proof of revenues of your business or Business Tax Returns. Simply, NO Documentation.
ALL CREDIT AND LOANS: Will be based on your Personal Credit Profile and your Business Credit Profile.
WHAT IS BUSINESS CREDIT
Business credit is similiar to your personal credit profile, except it is faster and easier to build.
You can establish a basic business credit profile completely in 45 to 60 days. This will make your business crediable and fundable.
As you know personal credit takes a very long time to establish, especially waiting for your credit to age and create history. But with business credit, a so called starter business credit profile is enough to start getting funding.
ESTABLISING BUSINESS CREDIT CONSIST OF TWO PARTS
- Business 20 Points Compliance Check
- The actual building of the business credit.
Business 20 Points Compliance Check
This 20 points business compliance check is what the banks required of every business to be legit.
This means your business entity was set up correctly and has all the nuts and bolts that are required to make your business crediable and fundable. These 20 points must be completed to ensure that your business passes the compliance checks and then you can start building business credit. The 20 points compliance check is the FOUNDATION of your business and this will be the determining factor of whether your business will be approved for loans or credit.
Here on our website we show you step by step how to get the 20 points compliance checklist done.
BUILDING BUSINESS CREDIT
The art or building business credit simply means establishing relationships with other businesses that will offer their products or services to you ON CREDIT and allowing you 30 days ( This is called a Net 30 Account ), to pay the invoice. These companies or vendors in turn will report this credit that is extended to you to the BUSINESS CREDIT BUREAUS, hence the CREDIT LINE that they extended to your business, now shows up on your company’s business credit report.
You will the get a business credit score. The more venors that extend credit to your business as a Net 30 Account, they stronger your business credit profile and score will get.
A good basic business credit score is a 80 Paydex ( Just like your personal credit score is called FICO, a business credit score is called PAYDEX ).
This can be achieved fast with THREE vendors. We suggest for you to have SEVEN to 10 Vendors.
We show you for FREE, here on our website how to complete the 20 points compliance and build your business credit. Just follow the step. Go to Build Business Credit tab on the navigation bar.
VENDORS THAT OFFERS NET 30 ACCOUNTS.
On our website here we have over 50 vendors that will offer a new business like yours Net 30 Accounts.
We suggest you start by clicking on the ” BUILD BUSINESS CREDIT ” tab on the navigation bar and start with the:
- The 20 Points Compliance Checklist
- Then below the 20 Points checklist are the Vendors that you can apply to once you have completed the 20 points compliance checklist. Apply to 7 to 10 of them.
MIMIMUM REQUIREMENTS OF A BUSINESS CREDIT PROFILE
- LLC or Corp ( New Accepted – We also offer 2+ year old LLC or Corps for sale ).
- The 20 Points Compliance Checklist Completed
- Apply to 7 to 10 Vendors that offer Net 30 Accounts and wait for all of them to report to the business credit bureaus.
REMEMBER: banks like to lend to businesses that are 2+ Years old. We offer aged corporations that are 2+ years old for sale. You can also use a new LLC or Corp, but funding will be less.
Since your personal credit remains great, you can build out more than ONE LLC or Corp and fund multiple companies. Build, Fund and Repeat. You can raise $500K+ with thos method!