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Many business owners are unaware of the secret criteria that lenders and credit issuers use to determine whether or not to approve a loan application. This criteria, known as funding standards, is designed to weed out fraudulent applications and protect the lender from potential losses. If your business does not meet these standards, your loan application will likely be denied. Keep reading until the end of this blog to learn more about how you can improve your business credit and get approved for funding.
There are several funding factors that affect a business's chances of approval. For example, using a personal cell phone number instead of a business phone number, not being listed on 411, not having your EIN and entity set up correctly, using a home address instead of a business address, not having a website, not having a business bank account, and using a personal email address instead of a business email address
Another major reason businesses don’t meet eligibility and funding standards for business credit is that they lack a strong business credit profile. Business credit is different from personal credit, and it can be difficult to build a strong business credit profile if you're starting from scratch. Many business owners don't know where to start or what steps they need to take to build a strong business credit profile. And just like with personal credit where you need to show history and demonstrate responsible credit management, businesses need to do the same.
All the big corporations you see today -Walmart, Amazon, Apple -they all had to start somewhere, and they all had to build their business credit profiles from the ground up. Without a robust business credit profile, it can be difficult to obtain the financing you need to grow your business. There are a number of things you can do to build up your business credit profile, including establishing relationships with vendors and suppliers who report to the major business credit reporting agencies, maintaining a good payment history, and using a business credit card responsibly.
We understand that one of the biggest challenges for businesses is obtaining financing. That’s why we’ve created a business credit builder program to help you build your business credit without a personal guarantee or personal credit check in 4 easy steps.
Our software is user-friendly and intuitive, and our full-service business credit advisor team will guide you through every step of the process. Once you are set up with the business reporting agencies, we help you access multiple revolving credit with limits of $5,000 –$50,000!
If you're having trouble getting approved for business credit, you're not alone. Many businesses don't meet the eligibility or funding standards required by most lenders. We want to help you get the funding you need to grow and scale your business. Our program offers business funding for businesses that don't qualify with other lenders, and we have a team of business advisors who are ready to help you meet eligibility requirements and get funded.
If you’d like more information about our business credit builder program, schedule a call to speak with one of our Business Advisors here: https://calendly.com/dispute-nation/businesscredit