Before you start applying for business credit, make sure you take the time to verify that all agencies, banks, and trade credit vendors have your business listed with the same Tax ID number.
Business address must be a real brick-and-mortar building, deliverable physical address cannot be a home address, cannot be a PO Box, and cannot be a UPS address. Some lenders will not approve and fund unless this criteria is met.
Business credit can be obtained VERY fast. You can get approved for initial vendor credit to help your business grow within one week. That credit will typically report within 30-90 days.
Once reported, you will then have reported tradelines which in turn give you an established profile and score.
Once your profile is established in 90 days or less, you can then start getting real useable revolving store credit cards. Within 120-180 days you can then get real cash credit such as Visa, MasterCard, Discover, and AMEX credit you can use anywhere.
Perfect for startups and established companies. It's also perfect for companies that don't have collateral, which is required for all SBA 7a loans. Perfect for companies that have no cash flow to verify, no tax returns to supply, or ones that don't want to verify this information even if they do have it.
It truly provides a good way to get money for ANY business, big or small, new or established, regardless of the owner's personal situation.
Business credit refers to the securing of credit cards under your business entity. Typically, funding w/ a personal guarantee is swift and seamless. There are no long waits or strenuous application processes. Do you recall how quickly lending decisions came back after you applied for personal credit cards? Business credit decisions work the same. Some decisions are instant while others take a little over a week.
Always evaluate the potential expenses that accompany your selected funding option prior to making decisions.
Raising capital doesn't need to be stressful or time-consuming.
Don't allow burdensome lending to slow you down.