Let’s work on your project together
HOW TO BUILD BUSINESS CREDIT AFTER 2020
HOW TO BUILD BUSINESS CREDIT AFTER 2020
According to the Bureau of Labor and Statistics, more than half of businesses will fail in 5 years or less. In addition, 82% of business failures are due to issues with cash flow, 90% of business owners agree that loans are not easily available, and 51% of small business owners worry weekly about capital.
Improve Your Fundability
Have you ever applied for a business credit card and received an automated and instant approval? Lenders and credit issuers have an unpublished set of standards in their Artificial Intelligence systems that must be met for business credit approval.
How fundable your business is will determine if you get automated approvals, or automated denials. Fundable means that the public records and the information on the loan application match, and the data is accurate, and consistent.
Some fundability factors include:
Even if your business is fundable
Even if you are fundable, most business loans applications get denied because of potential fraud concerns, not because you don’t qualify
Business Lenders
Business Lenders combat fraud by matching your company and application details against other data they have from places such as:
Build Credit for Your EIN
Business applies for Money
When your business applies for money your business credit is being used to determine:
Initial Step to Build Credit for Your EIN
Get initial credit
Use Credit Line Hybrid to Build EIN Credit
Use Vendors to Build EIN Credit
Use Vendors
Use vendors with no personal guarantee