American Express Business Blueprint Review (Formerly Kabbage)

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American Express Business Blueprint Review

Key Takeaways

  • Kabbage became Amex Business Blueprint, from lending to a full financial platform.
  • Blueprint combines banking, lending, and cash flow insights in one dashboard.
  • Amex Lines of Credit have lower fees than Kabbage (0.95% to 27%, depending on the term).
  • Business Checking offers higher (1.3%) APY, no fees, and a rewards debit card.
  • The iOS app is highly rated, but Android users report issues and bugs.
  • Payment Accept replaced Kabbage Payments, but new customer availability is unclear.
  • The Resource Center provides business insights and financial tools.

Kabbage was once a popular online lender and one of the SBA’s approved PPP loan providers. American Express quietly acquired Kabbage’s platform in 2020, and reworked it to create Business Blueprint—a comprehensive business cashflow dashboard. 

So, what’s changed? And, is American Express Business Blueprint worth checking out? Here, we’ll take a quick peek at why Kabbage might have exited from their operations and learn everything you need to know about the new and expanded offer from Amex. 

This is what’s in store: 

Now, let’s dive in! 

What Was Kabbage? 

What is Kabbage?

Kabbage, founded in 2009, was an automated lending platform offering quick loans up to $250K for small businesses. Known for convenience but high fees, it paused lending during COVID-19 to focus on PPP loans, earning mostly low ratings. 

Kabbage Reviews

Later, a few years after the purchase by American Express, it transitioned into Amex Business Blueprint, discontinuing its original offer. 

Near the end, Kabbage offered tools like: 

  • Kabbage Checking (competitive APY)
  • Kabbage Payments (low invoicing fees)
  • Kabbage Insights (cash flow tracking)

While useful, these services faced some technical issues before the transition. The hiccups near the end may have made selling the company the wise choice. 

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

What is American Express Business Blueprint? 

American Express Business Blueprint

When I first heard that Amex had acquired Kabbage (whose lending funds used to come from Celtic Bank), I said, “If the brand does bring back working capital in the future, it will most likely come directly from Amex itself. We’ll just have to wait around to see.”  

Well, that future is now. 

American Express Business Blueprint is a free platform positioned to help small businesses manage their cash flow. It lets you view your American Express business products and linked external accounts in one place. Then, it provides personalized insights to help you make informed financial decisions. 

With the tool, you can access features like a 30-day bank account balance projection, which uses data from your linked accounts to help you anticipate future balances. In a nutshell, business Blueprint aims to simplify financial management for small business owners.

Moreover, Amex is offering a Business Line of Credit up to $250K (same as Kabbage), with no mention of Celtic Bank. Today, these loans are serviced directly by American Express National Bank.  

Recommended: Amex Business Checking Review: What You Need to Know…Really 

Company Overview

American Express Business Blueprint Benefits

American Express, aka Amex, is a global financial services company with roots dating back to 1850. Founded by Henry Wells, John Butterfield, and William Fargo—names you might recognize from Wells Fargo—Amex has built a reputation for reliability and innovation in finance. 

Initially known for credit cards, charge cards, and traveler’s checks, the company has since expanded its offerings to include business checking accounts (and, now working capital) further solidifying its leading position in the financial world.

Headquartered in New York and led by CEO Stephen Squeri, Amex stands out as a trusted name in American finance. It’s publicly traded and has endured as a stable force in a fast-evolving industry. 

You might also like: A Complete, Unfiltered Amex Business Gold Card Review 

How Does American Express Business Blueprint Work? 

American Express Business Blueprint login

As I said before, American Express Business Blueprint is free. And, you can log in with existing credentials, if you’re already an American Express member, or create an account. 

Once you’re in, you’ll have access to a lot of the same features and services that were available with Kabbage, but with some notable improvements. 

1. Business Lines of Credit

american express business line of credit

Kabbage’s fixed-rate loan fees were steep, ranging from 24-99% APR, with no savings for early repayment, no long-term options, and approval limited to businesses with online checking or PayPal. 

In contrast, Amex Business Lines of Credit offer a more affordable alternative, with funding from $2K to $250K secured by business assets and personal guarantees. 

Amex’s fees range from:  

  • 0.95% to 6.05% for single repayment loans (1 to 3 months)
  • 3% to 27% for installment loans (6 to 24 months)

So, Amex offers a much less expensive business lending option than Kabbage was able to. They also offer reduced costs with early repayment on installment plans. However, you must be an Amex cardholder to apply.

2. Business Banking Accounts

American Express Business Checking

Before the transition, there was no such thing as a Kabbage business savings account. Likewise, there is no American Express business savings account (though they do have a consumer savings option). 

Kabbage Checking offered FDIC-insured banking with 1.10% APY earned on funds, which they declared was the best deal you’ll find. This wasn’t true with 2% earnings from Bluevine and varying larger amounts from several credit unions. 

Today, American Express Business Checking is worth taking a look at.  Their business checking account earns 1.3% APY on balances up to $500K and charges no  monthly maintenance fee—They also offer a rewards debit card that earns 1 point with every $2 spent, and their high deposit limits can house balances up to $5 million. 

However, they lack integrations for tools like QuickBooks and don’t accommodate cash deposits (despite free MoneyPass™ ATM access). Currently, they don’t offer virtual cards, either. 

Recommended: Best Business Bank Accounts: 5 Top Picks for Small Businesses   

3. American Express Business Blueprint Cashflow Management 

Amex Cashflow Management

Kabbage Insights, in my opinion, was comparable to Quickbooks. While it did deliver visual reports, it was basically an accounting platform. Theoretically, it allowed users to view all their accounts in one place for a clearer picture of cash flow and revenue. 

Users could link the system to various banks, including smaller credit unions. PayPal and Stripe integrations were unavailable when I reviewed Kabbage, despite being advertised. 

Today, Business Blueprint™ is the core of Amex’s small business offer, with a real-time financial dashboard that consolidates Amex business products and linked external accounts. 

It offers: 

  • Personalized cash flow insights
  • Business  income and expense tracking
  • 30-day balance projections
  • A bird’s-eye view of your financial health

You can get all of this in one place. It’s designed to help you focus on growth instead of spreadsheets. The platform is free, but individual Amex financial products have their own fees and eligibility requirements.

You might also like: Plastiq Review: Can Plastiq Really Simplify Your Finances? 

4. American Express Business Blueprint App 

American Express Business Blueprint App

Back in September 2020, I noted that Kabbage’s web app and mobile app both seemed a little wonky. I assumed this was because they had recently furloughed staff and cut back on their service offer for the time being. 

Today, the American Express Business Blueprint app, available on both iOS and Google Play marketplaces, seems upgraded. 

Apple users give The Amex Business Blueprint™ app a 4.8 out of 5 rating, based on 8,500 reviews. Users appreciate its convenience and ease of use. However, some have reported limitations in banking functionalities, like viewing canceled checks and scheduling payments. 

However, most Android users seem find the Amex Business Blueprint app frustrating due to: 

  • Persistent login issues
  • Slow transfers
  • Frequent glitches
  • Poor support

Many of them prefer using the web instead.

You might also like: What is the Best Personal Finance Software? Free and Paid Options 

5. American Express Invoicing & Payments 

American Express Business Blueprint Payments

Kabbage Payments was an online invoicing platform with competitive rates at 2.9% + $0.25 per transaction, slightly lower than most major competitors. It supported email and web link billing, with next-day deposits for transactions processed before 5 PM. 

Users could also create a unique URL to sell gift certificates ranging from $15 to $500. 

Today, American Express Payment Accept is a service designed to help small businesses process card payments online efficiently. It offers a straightforward solution with transparent pricing, aiming to make payment processing simple and quick.

*But, they may not be accepting new customer applications at this time—Check with Amex for Updated info. 

You might also like: Melio Payments Review: Can It Make Business Payments and Getting Paid Easier? 

6. American Express Financial Resources 

American Express Business Blueprint Customer Service

Kabbage’s “Resource Center” was a blog dedicated to financial advice for business owners. I found the articles to be pretty useful, easy-to-understand, and worth a look. 

Kabbage Funding Reviews

American Express, on the other hand, has a full suite of resources for small business owners through its Business Blueprint™ platform. 

This includes a Resource Center featuring: 

  • Articles on various small business topics
  • Customer success stories
  • A massive help center 

It provides not just articles but also tools, customer success stories, and guided resources to help business owners manage and grow their finances more effectively.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

Frequently Asked Questions

Is it hard to get an American Express business line of credit?

Approval for an Amex business line of credit depends on factors like your business’s financial health, credit score, and cash flow. While the process isn’t overly difficult for well-qualified applicants, Amex does require a personal guarantee and evaluates your business assets carefully.

Does Amex business report to Dun & Bradstreet?

Yes, American Express reports business credit activity to Dun & Bradstreet as well as other major credit bureaus, helping you build your business credit profile.

Why do so many businesses refuse Amex?

Some businesses avoid accepting Amex due to higher transaction fees compared to other credit card providers. These fees can cut into profit margins, especially for small businesses.

Is American Express business hard to get?

Obtaining an Amex business card or account generally requires a good to excellent credit score and stable business finances. While not excessively hard, it may be challenging for newer businesses or those with weaker credit profiles.

What is the minimum income for Amex Business Platinum?

American Express doesn’t specify a minimum income requirement for the Business Platinum Card. But, MyFico forums have a lot of anecdotal stories that suggest that they expect applicants to demonstrate significant income or business revenue to justify approval.

Final Takeaway

American Express Business Blueprint took what Kabbage started and expanded it into a full-scale financial platform. With better lending terms, a solid business checking account, and improved cash flow tools, it’s a clear upgrade. 

However, some drawbacks remain, like limited integrations and an inconsistent mobile app experience. If you’re an Amex cardholder looking for streamlined business banking and financing, it’s worth considering—just be aware of its gaps.

Are you ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

A Complete, Unfiltered Amex Business Gold Card Review 

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Amex Business Gold Review

Key Takeaways

  • Earn 4X points on your top 2 spending categories (up to $150,000/year), 1X on others.
  • Get 3X points on flights and hotels, no foreign fees, and trip delay insurance.
  • Manage expenses with QuickBooks, employee cards, and year-end summaries.
  • Annual fee is $375, with up to $240 in select service credits.
  • Requires good credit (700+ FICO score), $3,000+ monthly revenue, and solid business credit.
  • Includes cell phone protection, extended warranties, and purchase protection.

Have you considered applying for the Amex Business Gold card, but not sure what you’d be getting yourself into? In business, the sheer number of financial management options can be overwhelming, but let’s simplify to determine if this choice is right for you. 

In this Amex Business Gold card review, you’ll find what the card is, see a company overview, explore the benefits, and find out if (and when) it might be worth it to apply. 

This is what’s in store: 

Now, let’s dive in. 

What is the Amex Business Gold Card? 

Why Should You Get the Amex Business Gold?

The Amex Business Gold card is a premium business credit card from American Express with a handful of standout features, including: 

  • Rewards on spending
  • Expense management tools
  • Travel perks 
  • Business services

It also offers cash flow flexibility with revolving credit, which you can pay over time when needed, along with no preset spending limit. When you apply for the card, it won’t impact your personal credit, because approval is based on your business credit score. 

You might also like: Amex Business Checking Review: What You Need to Know…Really 

Amex Business Gold Requirements

American Express Business gold card limit Reddit

Wondering how to get an Amex Business Gold card? Well, as you may know, the requirements are fairly stringent. However, they’re not clearly specified anywhere. 

So, here’s what I know is required: 

  • Solid business credit score 
  • FICO (personal credit) score above 700
  • Average monthly revenue of at least $3K  

The more revenue you have and the higher your business and personal credit scores, the more likely you are to qualify for an Amex Business Gold card. 

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

Business Credit Score Impact

When you apply for the Business Gold card from Amex, your business credit score might take a small hit because Amex may check it during the application process. Your personal credit score won’t be affected at this stage. 

However, If you’re approved and decide to accept the card, it may impact your personal credit, because you’ll likely need to guarantee the account. This means that, if the account defaults, you’re on the hook. 

This card could offer a good way to build business credit if you manage it well, but be sure you’re comfortable with any potential impact on your personal credit before accepting.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

Amex Business Gold APR and Fees

Amex Gold Business review

The Amex Business Gold Card offers 0% APR for the first 6 months, so no interest accrues during this time. Be mindful that the introductory 0% APR doesn’t apply to cash-like transactions or fees, and this is an intro offer, which can change any time.

After that, the APR will range from 18.74% to 27.74%, based on your credit and the Prime Rate, which can change with the market. Then, if you miss payments or have returned payments, a 29.99% Penalty APR might apply for at least a year. Paying on time helps you avoid this. 

Interest is calculated using the average daily balance method.

Amex Business Gold 200k

So, let’s say you spend $20,000 in a year using the Amex Business Gold Card and only make minimum payments—Here’s what you might expect: 

  • First 6 months: You pay 0% interest during the intro APR period. Assuming you spend evenly, your balance after making minimum payments (~$300/month) is about $8,200.
  • Next 6 months: The remaining balance and new charges start accruing interest at around 21.74% APR. You’d pay about $1,130 in interest over this time.
  • After a year: You’ll have paid about $5,300 in minimum payments but still owe $15,830, including interest.

Paying only the minimum can add up quickly. To save, pay more than the minimum, especially after the 0% intro APR period ends. And, to avoid interest, you can pay your balance in full by the due date, which is at least 25 days after the billing cycle closes. 

The card also has an annual fee of $375, but no foreign transaction fees. Late payments or returned payments can cost $39 or 2.99% of the past due amount, whichever is higher.

Amex Business Gold Benefits Worth Exploring

Is Amex Gold worth getting?

Now, let’s take a closer look at some of the benefits of being an Amex Business Gold cardholder, including rewards, tools, travel perks, and business services. 

1. Amex Business Gold Rewards

Amex Gold card benefits

This card rewards you with 4X Membership Rewards points on the top 2 categories your business spends the most in each billing cycle, from options like restaurants, gas stations, transit, software providers, and more (up to $150,000 per year; 1X points after). All other purchases earn 1X points.

Here’s an example scenario of how this might stack up: 

  1. Let’s say your business spends $2,000 on software subscriptions and $1,500 at restaurants in a billing cycle. These would be your top 2 categories, so you’d earn 4X points on those purchases, giving you 14,000 points (4 points per dollar).
  2. If you also spend $500 on office supplies, you’d earn 1X points for that, adding 500 points.
  3. In total, you’d earn 14,500 Membership Rewards points for that billing cycle. The top 2 categories adjust each cycle based on where you spend the most.

You can also get up to $240 annually in statement credits for eligible purchases at FedEx, Grubhub, and office supply stores, plus a monthly credit for a Walmart+ membership (up to $12.95/month). 

This could be a great way to earn points and save on business essentials.

2. Expense Management Tools

Amex Gold business card review

The Amex Business Gold Card offers tools to simplify expense management. 

With this card, here are the tools you could get:

  • A year-end summary to simplify expense tracking
  • Employee cards to control spending and earn rewards
  • QuickBooks integration to auto-categorize expenses

You can also take advantage of Vendor Pay by Bill.com to streamline payments and assign an Account Manager to handle tasks like payments and transaction reviews. Plus, you can stay on top of spending with account alerts, online statements, and the Amex app, which lets you track expenses and manage your account in real-time.

You might also like: BILL Spend & Expense Card Review (Formerly Divvy Credit Card) 

3. Travel Perks for Cardholders

Amex Business Gold card rewards review

The Amex Business Gold Card enhances travel with 3X Membership Rewards® points on: 

  • Flights
  • Prepaid hotels
  • Packages booked through AmexTravel.com

There are no foreign transaction fees, which can make international business travel seamless. 

Plus, you can enjoy perks from The Hotel Collection (like a $100 experience credit and potential room upgrades for stays of two nights or more), Global Assist® Hotline for emergencies, baggage insurance for lost or damaged items, and car rental insurance for theft or damage (secondary coverage). 

Finally, If your trip is delayed by 12+ hours for a covered reason, Trip Delay Insurance may provide assistance. These features can make business travel smoother and more rewarding.

You might also like: What are the Best Business Credit Cards for Travel? 

4. Business Services from Amex

Amex cardholder cell phone protection

The card also offers valuable business services to protect and support your operations. 

Some of the services include: 

  • Cell phone protection up to $800 per claim
  • Dispute resolution for fraud and unauthorized charges
  • Extended warranties (up to 5 years) on eligible purchases
  • Annual purchase protection up to $50K per year
  • 24/7 support through Relationship Care® 
Amex business Gold Reddit

These features can help safeguard your purchases and simplify some aspects of managing your business.

You might also like: Comprehensive ZenBusiness Review: Is it Legit for LLCs? 

Frequently Asked Questions 

Does the Amex Business Gold card have a limit?

The Amex Business Gold card has a flexible spending limit that adjusts based on your usage, payment history, and other factors–This means your spending capacity can vary over time.

Is the Amex Gold a luxury card?

The American Express® Gold Card is considered a premium card, offering substantial rewards on dining and groceries. However, it doesn’t provide the extensive luxury perks found in higher-tier cards.

Does the Amex Gold Business have lounge access?

No, Amex Business Gold doesn’t include airport lounge access. But, it does offer other travel perks like trip delay, baggage claim, and car rental loss insurance. Lounge access is typically reserved for luxury cards like the Amex Platinum.

Is it hard to get approved for the Amex Business Gold card?

Amex Business Gold approval generally requires good to excellent credit. American Express evaluates credit history, income, and other factors during the application process.

What income is recommended for the Amex Business Gold card?

While American Express doesn’t specify a minimum income, higher revenue can improve your approval odds. They consider your overall financial profile, including income, existing debts, and both business and personal credit scores.

Conclusion: Is Amex Business Gold Worth it? 

The Amex Business Gold card offers a suite of features that can be worthwhile if you think you’ll take advantage of them. But, a $375 annual fee isn’t going to work for everyone. 

If you think the benefits can outweigh the cost for you, this is a high-value card from a reputable servicer. If you’re looking for more perks like lounge access, consider a platinum card instead. If you want something with no annual fee, keep shopping around—the right card is out there.   

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

FairFigure Review: Is it Really That Easy to Build Business Credit?

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FairFigure review

I first discovered FairFigure when writing up my most recent post, a comprehensive Fidextech review. I found it so interesting that I put it at the top of the list to research next. Now, here’s everything I know. 

Let’s take a look at what FairFigure is, see an overview of company leadership, and explore the features of the card in detail. 

This is what’s in store: 

Now, let’s roll! 

What is FairFigure?

Fair figure net 30

FairFigure is a platform designed to help small business owners build, monitor, and improve your business credit. They offer a service that allows you to track both your business and consumer credit scores in real time. It includes features like a Business Credit Correct tool that helps identify and fix incorrect information. 

FairFigure also offers the FairFigure Business Capital Card, which you can use to get funding without personal credit checks or personal guarantees.

Key features include:

  • Business and consumer credit monitoring.
  • FairFigure Capital Card that helps build credit while providing same-day funding.
  • Payment reporting to commercial credit bureaus. 
  • Identity Theft Protection and Darknet Scanner to help secure your company.

With FairFigure, there are no personal credit checks for funding or credit applications, since they rely on business EINs instead. The company positions itself as a tool to help businesses grow by helping them improve credit scores and secure better funding options.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024 

Company Overview

Is Fair Figure legit?

FairFigure Capital LLC is a Fort Lauderdale-based company that was founded in 2021 by Dana Angelino. Angelino happens to own and co-own several other companies, including numerous net 30 offers that help people build business credit. 

His other businesses include: 

So, FairFigure’s founder is as informed as anyone could be about the business credit building market and net 30 offers. Other than a bank executive, I can’t think of a better background for a business credit builder company leader. 

While FairFigure is not Better Business Bureau-accredited, they have an A- rating on the platform, with minimal complaints and a handful of positive reviews from satisfied users. 

FairFigure reviews complaints

I didn’t find any FairFigure reviews on Trustpilot, mentions on Reddit, or staff reviews on Glassdoor. Most of the reviews I did find appeared to be affiliate reviews, so I assume they were somewhat biased. 

FairFigure credit card reviews

Without ever having applied for the card myself, I can only say that, if I were a betting man, I would wager that the company is trustworthy based on what I know about its leadership. 

With that said, I did notice something about the offer that is quite misleading. FairFigure claims to offer cashback on card purchases. 

FairFigure coupon

However, while I was searching for the cashback amount, I came across a blog post on the official website that states: “Instead of cash back, [the FairFigure Capital Card] benefits primarily revolve around your credit.”

FairFigure does not offer cashback

I’m not a fan of deceptive messaging or brands with a lack of transparency, so this doesn’t sit so well with me. But, even without cashback, the offer is worth taking a look at. 

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

FairFigure Capital Card Features

FairFigure business credit card

The FairFigure Capital Card is a “no PG” (no personal guarantee) business credit builder card. It lets you apply using your company’s EIN, which allows you to build business credit without personal credit checks or guarantees. 

The card offers: 

  • Flexible four or eight week repayment terms. 
  • Credit monitoring tools. 
  • Identity theft protection.
  • Reporting to commercial credit bureaus. 

Moreover, it provides funding based on business revenue and reports payments to key business credit bureaus, which helps boost your credit score. Ultimately, it’s designed to separate personal and business finances, which makes it practical for small businesses that want to build credit and access funding.

Note, funds must be repaid in full within the payback terms you choose—It’s more like a corporate card, not a credit card. 

Recommended: Business Credit Cards You Can Get Without a Personal Guarantee 

1. No Personal Guarantee

Fairfigure login

You don’t have to worry about personal credit checks or guarantees when you apply for the FairFigure Card—This keeps your personal and business finances separate, which reduces the risk to your personal credit score and assets. 

No PG business credit offers are perfect for businesses that want to build credit solely through their EIN.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

2. Adjustable Spending Limits

Fairfigure credit limit

Your spending limit with FairFigure is based on your business revenue. For example, if your business meets the qualifications, you could start with a $1,000 limit. As your revenue grows, so does your spending power. 

So, if your business brings in $10K in monthly revenue, you might qualify for an $8K limit. The scalability allows you to extent your purchasing power as your business expands and gives you access to more capital when needed.

3. Net 30 or Net 60 Repayment Terms

Business credit for new business

Net 30 or net 60 terms refer to how much time you have to pay back what you’ve borrowed. With FairFigure’s card, you can choose either 30 or 60 days to pay your balance in full. 

If you choose net 30, you’ll need to pay off your card in full within 30 days of making a purchase. And, if you choose net 60, you have 60 days. 

4. Personal and Business Credit Monitoring 

Business credit builder

For $30 per month, FairFigure offers business credit monitoring that helps you track your financial health. 

FairFigure monitors business credit scores from: 

  1. Fundex
  2. CreditSafe
  3. Equifax

And, provides consumer credit monitoring from: 

  1. Equifax
  2. Transunion
  3. Experian

This service not only keeps you updated on your credit scores but also reports your $30 monthly subscription as a separate vendor tradeline. 

So, paying for the monitoring service helps build your credit faster by adding an extra positive payment to your business credit report.

5. Identity Theft Protection

Business credit cards for fair credit

With the $30 credit monitoring subscription, FairFigure includes $1 million in identity theft protection to safeguard your business. You’ll also benefit from a Darknet scanner that alerts you if your business’s sensitive information is exposed. 

With this added security, you can focus on growing your business without the worry of identity theft.

Recommended: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection 

6. Reporting to Business Credit Bureaus

Who does Fair Figure report to?

According to FairFigure’s official website, they report data to: 

  1. Equifax Commercial
  2. CreditSafe USA
  3. SBFE
  4. Their own Foundation Report

So, you can get your credit monitoring and FairFigure card payments reported to these bureaus. 

However, there is no current indication that FairFigure reports to Experian Business or Dun & Bradstreet. This may change, so it’s a good idea to check their official website for the most up-to-date information.

You might also like: Everything You Need to Know About a DUNS Number – and Why You Should Care 

FairFigure Partnership Opportunity

FairFigure waitlist

Again, I first learned about FairFigure through Fidextech, a web design and marketing agency that offers FairFigure net 30 terms to their clients, which caught my attention. 

Through the affiliate program, you can earn up to $120 for each client or customer who signs up and is approved for the FairFigure Capital card. The card allows you to offer net 30 terms to your clients who can then pay you while building positive payment histories. 

The program supports new businesses by establishing their profiles with credit bureaus and helps most business owners get approved for at least $1,000 in initial funding. 

You might also like: A Complete Fundwise Capital Review: Should You Use Their Business Funding Services? 

Conclusion: Is FairFigure Legit? 

So, can you really build business credit that easily with FairFigure? It’s a bit more complex than a simple yes or no. While FairFigure offers two tradelines—the Capital Card and the monitoring service—these alone may not be enough to significantly boost your business credit. 

Still, you can use the FairFigure card to pay your other tradelines, which might be super helpful. Keep in mind that paying $30 for credit monitoring is optional and may not be necessary on the business credit building journey; there are other ways to track your credit without this added expense. 

Ultimately, FairFigure provides some solid tools, but building substantial business credit often requires more than just these offerings. Consider your options carefully before you dive in.

Want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

9 Best Business Credit Books Worth Reading in 2024

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Business Credit Books

The best way to get business credit is to research and learn everything you can about the process. But, that doesn’t mean you should believe everything you read or hear. The best business credit books are those that provide practical advice, real-world examples, and proven strategies from experts who have successfully navigated the business credit landscape.

Here, I share the best business credit books you can invest in to get tangible results.  

This is what’s in store: 

Now, read on! 

What are the Best Books on Business Credit? 

Business credit books tend to fall into one of two categories. 

  • Books on how to build business credit 
  • Credit repair business books 

So, I’ve included a section here for each segment. First, we’ll look at the best books for small business owners that want to learn how to build business credit. Then, we’ll explore the best books for credit repair business owners. 

You might also like: A Credit Stacking Breakdown: What it is & How it Works 

4 Best Books on How to Build Business Credit

Instead of just relying on your own money, traditional loans, or investors, learning how to build business credit gives you a smart way to access funds that fit your business needs. 

These books can help you keep your personal and business finances separate, lower financial risks, and set your business up for steady growth by using credit wisely and responsibly.

Recommended: This is How to Leverage Business Credit to Transform Your Life 

1. The #1 Technique to Get No-Doc Lines of Credit 

Book Get No-Doc Lines of Credit

The free report on how to obtain up to $100K+ in business credit in 30 days offers a shortcut to acquiring significant business credit quickly, highlighting strategies to secure financing without traditional financial documentation. It outlines essential steps for building a strong business credit profile, the best tradelines for business credit, and identifies top lenders offering lines of credit and credit cards without the need for income verification. 

You’ll need to upgrade to a membership for detailed criteria for lender qualifications and comprehensive strategies for long-term credit management. This report is ideal for small business owners who want rapid access to business credit.

> Get The #1 Technique to Get No-Doc Lines of Credit

2. LLC QuickStart Guide

LLC QuickStart Guide

If you’re looking to build business credit, the “LLC QuickStart Guide” by Matthew C. Lewis is a must-read. It covers the essential steps to form a Limited Liability Company (LLC), which is crucial to protect your personal assets and professionalize your business—This book addresses the complete LLC formation process across all 50 states, from documentation and compliance to writing Articles of Organization and an Operating Agreement. 

It also simplifies LLC taxes and offers strategies to minimize tax liabilities. While it’s excellent for understanding the foundational aspects of LLCs and asset protection, you’ll still need additional resources on specific business credit-building strategies and maintaining a strong credit profile over time.

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

3. Small Business Finance for the Busy Entrepreneur 

Small Business Finance Book

“Small Business Finance for the Busy Entrepreneur” by Sylvia Inks is invaluable when you’re looking to build business credit because it focuses on practical financial strategies essential for sustainable business growth. It addresses crucial elements such as how to understand business finances, manage cash flow effectively, and make informed financial decisions—all vital to lay a solid foundation to qualify for and manage business credit. 

This book stands out by offering step-by-step instructions and real-life case studies that illustrate the impact of financial management on business success. However, while it excels in financial management tips, you’ll still need to supplement with resources specifically tailored to building and managing business credit profiles, including nuances of credit reporting and strategies to establish credit relationships with lenders effectively.

You might also like: 1-800Accountant Reviews: Expectations vs Reality 

4. How to Win Friends and Influence People

Dale Carnegie Book

When you’re aiming to build business credit, “How to Win Friends & Influence People” by Dale Carnegie offers timeless insights that can be instrumental, especially in networking with local banks—a critical aspect of credit building. This classic emphasizes interpersonal skills crucial for fostering positive relationships, which are vital when approaching lenders for business credit. 

It addresses foundational elements like building rapport, understanding others’ perspectives, and influencing decisions positively. However, while it excels in interpersonal strategies beneficial for networking, you’ll need additional resources focused specifically on financial literacy, credit reporting nuances, and practical steps to establish and maintain a robust business credit profile effectively.

You might also like: 3 Best Credit Unions for Small Business Banking in 2024 

5 Best Credit Repair Business Books 

Instead of relying solely on personal strategies or generic financial advice, learning from credit repair business books provides you with specialized knowledge to effectively navigate the complexities of offering credit repair services.

These books offer targeted insights into: 

  • Improving credit scores
  • Disputing inaccuracies
  • Guiding clients toward financial health

They equip you with proven techniques and legal guidelines essential for helping individuals and businesses regain financial stability and achieve their credit goals responsibly.

1. Credit Secrets 

Credit Secrets Book

“Credit Secrets” by Scott and Alison Hilton is ideal for anyone diving into the credit repair business because it delves into practical strategies that helped the authors overcome financial challenges. 

It covers essential elements like: 

  • Understanding credit repair techniques
  • Negotiating with creditors
  • Leveraging legal protections for consumers 

This book provides valuable insights into building a credit repair business by sharing personal experiences and proven methods that can help clients improve their credit scores. 

However, while it offers foundational knowledge and success stories, you’ll need additional resources to navigate legal complexities, stay updated on industry regulations, and master advanced credit repair techniques.

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

2. How to Remove All Negative Items From Your Credit Report

Remove Negative Credit Items Book

The book ‘How to Remove ALL Negative Items from your Credit Report’ by Riki Roash is a valuable resource for anyone starting a credit repair business because it provides a straightforward, do-it-yourself approach to removing derogatory items from credit reports. 

It’s particularly useful for understanding the exact steps professionals use to dispute and remove negative marks, such as charge-offs, bankruptcies, and late payments, which is essential knowledge in the credit repair industry. By following Roash’s step-by-step guide, aspiring credit repair professionals can learn how to navigate the credit reporting system effectively and help clients improve their credit scores. 

However, while this book offers practical methods for disputing negative items, building a successful credit repair business also requires understanding consumer protection laws, ethical guidelines, effective client communication, and ongoing updates on credit industry regulations. This additional knowledge ensures compliance and enhances the credibility and effectiveness of the credit repair services provided.

You might also like: Is Credit Suite Legit? — A Business Credit Expert Review 

3. Rapid Results: Credit Repair Credit Dispute Letter System

Dispute Letters Book

“RAPID RESULTS Credit Repair Credit Dispute Letter System” by John D Harris is a valuable resource for anyone entering the credit repair business because it offers a comprehensive system backed by the author’s extensive expertise in finance and credit management. 

Harris, with a background as a loans officer and Credit Bureau Manager, provides insider knowledge on effective credit dispute strategies and how to navigate recent legal changes affecting credit repair practices—His inclusion of attorney-written dispute letters and direct email support makes this book particularly practical for beginners looking to initiate credit repair services. 

However, while it covers essential dispute tactics and provides direct access to the author for guidance, aspiring credit repair professionals will still need to deepen their understanding of compliance with the Credit Repair Organizations Act (CROA), maintain awareness of evolving industry standards, and develop additional skills in client communication and service delivery.

You might also like: Credit Repair Cloud Reviews Examined: Is This Offer Legit?  

4. The Culture Code

The Culture Code Book

“The Culture Code” by Daniel Coyle is a valuable resource for anyone entering the credit repair business because it provides essential insights into building a cohesive and motivated organizational culture, which is crucial for fostering teamwork and achieving business success. 

Coyle explores how successful groups like SEAL Team Six and IDEO cultivate strong cultures of: 

  • Trust
  • Collaboration
  • Innovation

The practical strategies that can be applied to any organization, including credit repair firms—It addresses key elements such as fostering trust among team members, promoting effective communication, and creating an environment where learning and adaptation thrive. 

However, while it excels in explaining the dynamics of successful group cultures, aspiring credit repair professionals will still need to focus on specific industry knowledge like consumer credit laws, ethical practices in credit repair, client management strategies, and the latest developments in credit reporting and scoring systems.

You might also like: From Hire to Retire – Finding & Engaging a Committed Workforce 

5. Governance, Risk Management, and Compliance

Compliance Book

“Governance, Risk Management, and Compliance” by Richard M. Steinberg is a valuable read when you’re venturing into the credit repair business because it offers deep insights into how effective governance and risk management strategies can safeguard businesses against pitfalls and enhance long-term success. 

Steinberg, a renowned expert in corporate governance, provides practical guidance on how to establish: 

  • Robust processes
  • Organizational structures
  • Essential technologies

You can use this information to achieve your goals while navigating regulatory landscapes. The book delves into critical elements like compliance programs, risk management practices, and the board’s role in overseeing corporate strategy and performance measures. 

However, while it addresses foundational aspects crucial for business stability and growth, aspiring credit repair professionals will need to complement this knowledge with specific expertise in consumer credit laws, effective dispute resolution techniques, client relationship management, and ongoing industry developments.

You might also like: Business Credit Repair: How to Get Your Business Credit Back on Track 

Bonus Tips to Build Business Credit Fast

Here are some essential tips to guide you as you build your business credit profile:

  1. Start small — Begin with smaller credit lines and manage them carefully. This approach demonstrates reliability to future lenders and sets a strong foundation.
  2. Always pay your bills on time — Timely payments are crucial for building a solid credit reputation and unlocking larger credit opportunities in the future.
  3. Diversify your credit — Explore various credit options such as business credit cards, trade lines with suppliers, and small lines of credit. This diversification reduces financial risk and showcases your ability to manage multiple credit relationships effectively.
  4. Build relationships with lenders — Foster positive connections with lenders and vendors who report to business credit agencies. Their endorsements can significantly enhance your credit standing and lead to better terms.

Remember, building business credit is a gradual process. Each strategic step you take strengthens your business’s financial health and opens doors to greater growth opportunities.

Frequently Asked Questions

What is good credit to start a business? 

A good personal credit score to start a business is typically 700 or higher. But, having a strong business credit profile is equally important, which involves having a solid payment history, low debt levels, and positive relationships with lenders and vendors.

Can I get credit with my LLC? 

Yes, you can get credit with your LLC. Establish business credit by obtaining an Employer Identification Number (EIN), open a business bank account, access tradelines that report to business credit bureaus, and apply for the right business credit cards or lines of credit. Keep personal and business finances separate to build a strong business credit profile.

How to get a 100 business credit score? 

To achieve a perfect 100 business credit score, pay all your bills on time or early, maintain low credit utilization ratios, and establish diverse credit accounts such as trade lines and business credit cards. Regularly monitor your business credit reports for accuracy and develop strong relationships with vendors who report to credit bureaus. 

How do I get my first business credit line? 

To get your first business credit, register your business and get an EIN. Open a business bank account, apply for a business credit card or a small line of credit, and establish trade lines with vendors that report to business credit bureaus. Ensure all payments are made on time to build a positive credit history.

Obtain Up to $100K in Business Credit With Business Credit Workshop

Don’t miss out on the transformative power of business credit to lift your business. Mastering business credit isn’t just about funding—it’s about seizing opportunities that propel your growth and secure your financial future. Imagine accessing up to $100K in business credit within 30 days, empowering you to scale operations, invest in marketing, expand your team, or seize new business ventures. 

Start paving the way to financial independence and business success now! Join Business Credit Workshop today!

The Ultimate Guide to Fix and Flip Loans: Fund Your Next Venture

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Fix and Flip loans

Fix and flip or “flipping houses” involves buying properties, renovating them, and selling them quickly for a profit. It’s an exciting way to invest in real estate and offers the potential for significant profits. But, the right financing is crucial. 

Thinking about diving into the flipping market? Here, I want to walk you through everything you need to know about fix and flip loans so you can make informed decisions and boost your investment potential.

This is what’s in store: 

Now, let’s dive in! 

What Are Fix and Flip Loans?

Fix and Flip Loans Florida

Fix and flip loans are short-term financing options designed for investors looking to buy, renovate, and sell properties quickly. Unlike traditional mortgages, these loans focus more on the property’s potential value after renovations rather than your credit history. They typically have higher interest rates and shorter repayment terms but provide fast access to capital—exactly what you need when timing is critical.

Understanding the various funding types can help you choose the best option for your needs.

How Fix & Flip Loans Work

Fix and flip loans reviews

For the sake of relevance, we’ll talk about hard money loans that are dedicated to property flipping. 

To get started, you apply for a loan by submitting a detailed plan that includes: 

  1. How much the property will be worth after renovations (ARV)
  2. What the renovations will cost
  3. When you plan to finish them

Once the lender approves your plan, they give you the money in stages, called “draws,” as you finish different parts of the renovations. This helps manage your budget and lowers the risk for the lender.

These loans usually need to be paid back quickly, often within 6 to 18 months. So, it’s important to have a clear plan for how you’ll either sell the property or get long-term financing before the loan term ends. This way, you can pay back what you borrowed and any interest on time.

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide 

The Risks & Challenges of Fix and Flip Loans

While fix and flip loans can definitely be lucrative, they come with inherent risks, like: 

  • Short repayment periods 
  • High interest rates or fees
  • Market volatility
  • Renovation overruns 

Fix and flip loans have short repayment periods, typically six months to a year, aimed at minimizing interest costs but requiring precise project planning and timely property sales to avoid financial penalties. 

These loans often incur higher costs than traditional mortgages, impacting profitability, particularly if renovations are extensive or sales are delayed. 

Plus, economic shifts and unforeseen events like recessions can affect project profitability, which is why you need market awareness, thorough research, a contingency fund, and experienced contractors to manage risks effectively.

You might also like: The BRRRR Method: A Real Estate Portfolio-Building Blueprint 

The Benefits of Fix & Flip Loans

Despite the risks involved, fix and flip loans offer several benefits:

  • Quick access to capital 
  • Flexible options
  • Potential for high returns 

Fix and flip loans provide you with quick approval and funding, essential for seizing real estate opportunities swiftly, especially in competitive markets. You’ll find a variety of loan options tailored to different financial needs and project sizes, accommodating both single property ventures and larger portfolios. 

With strategic property choices, renovations, and marketing efforts, fix and flip investments can yield substantial profits in a relatively short period, which makes them a potentially lucrative path to build wealth through real estate.

Recommended: How to use Business Credit to Buy Real Estate! 

Types of Fix & Flip Loans to Consider

In general, people are talking about “hard money loans” when they talk about applying for a fix and flip loan. But, this isn’t the only type of financing you can use to fund a property flip. So, let’s explore your best options. 

Hard Money Loans

Fix and flip loans roswell ga

Hard money loans are the most common type of fix and flip loan. They’re popular for their quick approval process. 

These loans are secured by the property itself, making them ideal for investors who may not have perfect credit. They’re based more on the property’s after-repair value (ARV) than on your financial history. 

While hard money loans offer flexibility and speed, keep in mind that they often come with higher costs. 

Fix and flip loans Reddit

Hard money lenders usually charge “origination points,” which are upfront fees calculated as a percentage of the loan amount. It’s best to try to negotiate with the lender to reduce this percentage and lower your initial costs—Negotiation can be critical to minimize expenses and improve the financial viability of your fix and flip project.

Before you choose this route, consider whether the speed of access to capital outweighs the cost.

You might also like: A Review of Alpha Funding Partners – Are Their Solutions Right for You? 

Business Lines of Credit

Fix and flip loans no money down

Business lines of credit aren’t a loan, per se. Still, they can be used in much the same way, particularly in real estate investing—This option provides flexible access to funds whenever you need them. 

Business lines of credit function similarly to revolving loans. They offer flexible access to funds as needed, making them ideal for covering project expenses without borrowing a lump sum upfront. If you have a strong credit history, securing a business line of credit can be advantageous due to its cost-effective nature—you only pay interest on the amount you draw. 

Here’s a tip: Some lenders may offer promotional periods with lower interest rates or waived fees initially. It’s worth exploring these options to maximize savings on your real estate investment projects.

Recommended: This is How to Leverage Business Credit to Transform Your Life 

Home Equity Loans

No money down fix and flip loans

Using the equity in your home is a cost-effective strategy for financing fix and flip projects. Home equity loans and HELOCs generally come with lower interest rates than hard money loans, making them attractive options for funding. 

However, it’s important to understand that defaulting on these loans puts your home at risk. So, you need careful financial management and a solid exit strategy—This approach is particularly beneficial for experienced investors who are adept at managing risks and timelines in real estate projects. 

For those considering real estate investor lines of credit (REILOC), these specialized credit lines offer tailored financing options designed specifically for ongoing real estate investments, providing further flexibility and potential cost savings compared to traditional funding methods.

You might also like: Should You Use a Real Estate Investor Line of Credit to Renovate Property? 

Personal Loans

100 percent fix and flip loans

Personal loans can be a viable option for funding fix and flip projects, particularly if you need a smaller amount of capital and have a good credit history. Here are some common types:

  • Unsecured personal loans – These loans don’t require collateral, which makes them less risky for your assets. They’re typically based on your creditworthiness and income. While they may come with higher interest rates, they offer flexibility and quick access to funds.
  • Peer-to-peer (P2P) loans – P2P lending platforms connect borrowers directly with individual lenders willing to fund their projects. These loans often have competitive rates and terms, depending on your credit profile and the platform’s requirements.
  • Revolving credit lines – Using revolving credit to finance renovations can be convenient, but it’s important to manage interest rates and repayment terms carefully. Some credit cards offer promotional periods with low or zero interest rates, which can be advantageous if you can pay off the balance before the promotional period ends.

When considering personal loans for fix and flip projects, compare rates, terms, and repayment schedules from different lenders to find the option that best fits your financial situation and investment goals.

You might also like: 11 Alternate Ways for Entrepreneurs to Raise Capital with Online Lenders 

401(k) Loans

100% fix and flip loans no credit check

Borrowing from your retirement fund can provide a convenient source of financing for fix and flip projects, allowing you to avoid external lenders. Since you’re essentially borrowing from yourself, the interest payments contribute back into your account. 

However, it’s important you make some important considerations based on IRS guidelines:

  • If you fail to repay the loan according to its terms, any unpaid amounts may be treated as a distribution from your retirement plan.
  • You may need to include the previously untaxed amount in your gross income for the year of the distribution
  • Unless you meet exceptions, You might face an additional 10% tax.
  • Not repaying the loan can reduce your retirement savings.

To mitigate these risks:

  1. Ensure your repayment plan aligns with your project timelines and financial capabilities.
  2. Consider consulting a financial advisor to navigate the complexities of using retirement funds for real estate investments.

These steps are crucial to assess whether borrowing from your retirement fund is the best choice to fund your fix and flip projects.

You might also like: 1-800Accountant Reviews: Expectations vs Reality 

Seller Financing

Fix and flip loans for new investors

You may be able to leverage seller financing, also known as owner financing or seller carryback, when the property seller provides financing instead of or alongside a traditional mortgage lender—This arrangement can offer flexibility in terms, potentially lower costs, and a streamlined approval process. It’s particularly attractive if you may not qualify for a conventional loan. 

Now, while it seems like a great idea, it’s super important  to approach seller financing with caution. Conduct thorough due diligence on the property and negotiate clear terms with the seller to avoid misunderstandings or disputes later. 

Weigh the benefits against potential risks and consider seeking legal advice to ensure all agreements are legally sound and in your best interest. 

This is How to Qualify for a Fix & Flip Loan

Best fix and flip loans

Qualifying for a fix and flip loan hinges on several key factors that can significantly influence your ability to meet fix and flip loan requirements. 

To enhance your chances of qualifying for a fix and flip loan and secure favorable terms:

  • Work on your credit score 
  • Build your real estate experience
  • Invest in the property evaluation process 
  • Get your documents organized 

By taking proactive steps to strengthen your financial profile and project plan, you can position yourself as a strong candidate for a fix and flip loan. Here’s a deeper dive into each factor to help you navigate the process effectively.

1. Get Your Credit in Check 

Improving your credit score is crucial before applying for a fix and flip loan. 

For personal credit, focus on paying down debts, correcting any errors in your credit report, and ensuring timely payments on all obligations—A higher personal credit score generally leads to better loan terms and lower interest rates, reflecting your financial reliability to lenders.

For business credit, maintain a good payment history with vendors and suppliers, and ensure your business accounts are separate from personal finances. A strong business credit profile demonstrates stability and can improve your chances of favorable terms for fix and flip loans. 

Lenders often consider both personal and business credit when evaluating your loan application, so strengthening both can enhance your borrowing options and overall financial position.

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

2. Network With Other Real Estate Investors 

If you’re just starting with fix and flip projects, team up with seasoned investors or tackle smaller projects first to establish a track record. This builds credibility and gives you hands-on experience in real estate investing.

Having prior experience in real estate investment can significantly strengthen your standing with lenders. They often prefer borrowers who have successfully completed fix and flip projects before. This track record demonstrates your ability to handle property renovations and sales effectively, reassuring lenders about your capability to manage projects and repay loans on schedule. 

Note that, in some cases, lenders may even stipulate a minimum number of completed projects as a qualification requirement.

You might also like: The Best Credit Cards for Landlords: A Comprehensive Guide 

3. Learn How to Evaluate Properties Effectively

Make sure the property undergoes a thorough evaluation by a specialized real estate appraiser. A precise estimate of its after-repair value (ARV) supports your loan application and may increase your borrowing potential.

Lenders rely heavily on the ARV, which forecasts the property’s post-renovation worth. A professional appraisal is typically required to accurately determine the ARV, guiding the maximum loan amount based on future value. This calculation influences the loan-to-value (LTV) ratio, crucial for securing financing. Lenders also assess the property’s current state and location to gauge renovation feasibility and market potential.

Real estate investors commonly use two strategies to assess potential fix and flip profitability:

  • The 70% rule advises not paying more than 70% of the ARV minus repair costs. For instance, if a property’s ARV is $200,000 and repairs cost $40,000, the maximum purchase price should not exceed $100,000.
  • The 2% rule suggests that monthly rent should ideally be at least 2% of the property’s purchase price, primarily used for rental property evaluations.

These strategies help investors make informed decisions to optimize returns and minimize risks in real estate investment.

You might also like: Y Combinator: Fast Track to Success or Waste of Time? 

4. Get Really Good at Organizing Your Documents

Ensure you gather all required financial documents early in your loan application process. A well-organized project plan is crucial to show your readiness and dedication.

Thorough financial documentation is vital when applying for a fix and flip loan. Include recent tax returns, bank statements, and a detailed project plan outlining your renovation strategy and projected costs. 

Transparency about your financial status demonstrates your ability to manage the loan responsibly and gives lenders confidence in your financial management skills—This can enhance your chances of approval and may result in more favorable loan terms.

You might also like: Free, Printable Business Credit Application Template

Common Alternatives to Fix and Flip Loans

When traditional options won’t work, consider alternative funding options like cash reserves, crowdfunding, or joint ventures for your fix and flip project.

ProsCons
Cash Reserves No loan interest costs.Best for financial stability.No new debt obligations.Ties up liquidity.May limit opportunities.May reduce emergency funds.
CrowdfundingSpreads risk by pooling funds.Access to larger projects.Increases diversification.Limits control over choices.Potential project delays if goals are unmet.
Joint VenturesCosts shared with partnersRisks shared with partners.Access to capital and experience.Requires clear agreements.Highest potential for conflict or disagreements with partners.

In some cases, these alternatives can provide flexibility and leverage in financing your fix and flip ventures beyond traditional loan options.

With cash reserves or “personal capital,” you can use your personal savings to avoid loan interest costs. But, this may tie up liquidity, which can limit other investment opportunities or emergency funds. 

Crowdfunding platforms like Fundrise let you pool funds with others, spreading risk and accessing larger projects. It offers diversification, but may limit control over property choices.

Partnering with investors allows you to share costs and risks, which is beneficial if you lack experience or capital. Just make sure to establish clear agreements to manage expectations and ensure a successful partnership.

You might also like: Torro Business Funding Review: Is This Zero Hassle Offer Legit? 

Frequently Asked Questions

Can you get a fix and flip loan with bad credit?

Yes, but expect higher rates. Hard money loans may be an option as they focus more on the property’s value than the borrower’s credit score.

How do fix and flip loans differ from traditional mortgages?

They are shorter-term, have higher interest rates, and focus more on the property’s potential value rather than just your credit score and income.

What happens if you default on a fix and flip loan?

You may lose the property, and it can impact your credit score. It’s essential to have a solid exit strategy to avoid default.

How do you avoid taxes on a fix and flip?

Consider reinvesting profits into another property through a 1031 exchange to defer taxes. Consult a tax professional to understand your options.

Conclusion

Deciding on fix and flip loans comes with challenges and rewards. Understanding these loans—from hard money to personal funds—helps you fund projects wisely for better profits. Each loan type has things to think about, like fast cash or higher rates. Pick what matches your goals and risk level.

As you start your fix and flip journey, keep learning about markets, property checks, and money plans. This helps you make smart choices, lower risks, and grab good deals in real estate. Whether you’re new or a pro, using the right loans can make your fix and flip projects successful.

Ready for more? Look into loans, plan your investments, and jump into fix and flip real estate. Your path to money growth and real estate wins starts now!

Interested in using business credit to fund your fix and flip venture? To learn how to obtain up to $100K in business credit, join Business Credit Workshop today!

Space Coast Credit Union Review: SCCU’s Small Business Offer

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Space Coast Credit Union

Here, I want to introduce Space Coast Credit Union (SCCU) and point out some of the special advantages that credit unions offer compared to large banks, particularly for businesses. You’ll find an overview of SCCU’s business credit cards, loans, and other small business financial products.

 And, you’ll see insightful comparisons of some of SCCU’s accounts with highlights of their benefits, features, and how they cater to your needs. By the end, you’ll have a clear idea of what SCCU has to offer and whether or not you should consider them for your business banking. 

This is what’s in store: 

Now, let’s get ready for takeoff!

What is Space Coast Credit Union?

Space Coast Credit Union Review

SCCU is a financial institution that offers a range of services tailored for both personal and small business needs. Founded in 1951, it has grown to become one of the largest credit unions in Florida, serving over 500K members.

The credit union was established with the mission to give members competitive financial products and services and maintain a strong commitment to the community. Over the years, SCCU has expanded its offerings to include comprehensive banking solutions for individuals and businesses.

SCCU helps small businesses through a variety of offers:

  • Business banking
  • Business loans
  • Business credit cards
  • Merchant services

SCCU offers some unique benefits including the “True Cash Discount” from Banc Card, which promotes cash transactions and reduces fees. Plus, SCCU’s Business Advisors provide personalized guidance on strategic planning and financial management. 

Space Coast Credit Union Reddit

Finally, their “Honestly Free Business Checking” really has no hidden fees and no required minimum balance. 

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Space Coast Credit Union near me

SCCU operates in the eastern part of Florida, with a strong presence in Miami, Melbourne, Palm Bay, Boca Raton, and Fort Lauderdale. They have approximately 60 branches spread across these areas to make sure members have convenient access to banking services. 

Branches are equipped with features like ATMs with night drop boxes, drive-thrus, safe deposit boxes, coin sorters, and some offer specialized services like deposit ATMs and extended hours—Their online banking services further extend accessibility to members nationwide.

You might also like: Is BHG Financial Legit? Personal & Business Loans, VC, & More 

Membership and Eligibility

Space Coast Credit Union login

To become a member of SCCU, you need to reside in one of the 34 counties in Florida that SCCU serves. These counties include Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.

If you meet this criteria, you can join SCCU by opening a personal Share Savings Account online or at any of their 65 branch locations. Your Share Savings Account not only makes you a member but also a co-owner of the credit union—It comes with benefits like earning dividends on the first dollar of savings and no monthly maintenance fees.

When you join, SCCU will check your account, credit, and employment history to verify your eligibility. This may include getting reports from third parties, including credit reporting agencies. Once your membership is established, you can access SCCU’s business products and services.

To open a business account online or in-person with SCCU, you’ll need to provide:

  • Business legal name
  • Ownership percentage (and have at least 25% ownership
  • Employer Identification Number (EIN)
  • Articles of Organization, partnership registration, or fictitious name verification from Sunbiz
  • Partnership agreement (if applicable)
  • Signers/Beneficial owner information

SCCU will provide a Resolution of Authority Form and a Business Service Account Agreement. 

You might also like: Novo Bank Review: First-Rate Small Business Banking or Scam? 

Business Financial Products and Services

Whether you’re starting a new venture or expanding an existing one, SCCU offers many tools to help your business thrive. Learn more about their business banking, loans, lines of credit, and merchant services.

1. Business Banking/Checking

SCCU business checking

SCCU offers two main business checking accounts: Free Business Checking and Business Interest Checking. These accounts are designed to save you time, money, and stress, so you can focus on running your business.

  1. Free Business Checking is SCCU’s most popular option. It comes with no direct deposit requirement, no minimum balance requirements, no transaction limits or fees, and no monthly low balance fee. You only need a minimum opening deposit of $50. This account is ideal if you want a straightforward, cost-effective way to manage your business finances without additional costs.
  2. Business Interest Checking provides the added benefit of earning interest on your account balance, without the need for traditional bank sweeps. Like the Free Business Checking account, it also has no direct deposit requirement and no minimum balance requirement—This account allows your money to work for you while maintaining the simplicity of no monthly fees and transaction limits.
Free Business CheckingBusiness Interest Checking
Minimum Opening Deposit$50$50
Monthly Low Balance FeeNoneNone
Minimum Daily BalanceNoneNone
Transaction FeesNoneNone
StatementsFreeFree
Multiple Business Account HoldersAllowedAllowed
Earns InterestNoYes

Both accounts offer numerous free services, including:

  • Free statements
  • Free online and mobile banking
  • Free mobile deposit
  • Free Visa® debit card
  • Free access to SCCU ATMs
  • Free account alerts and 2-way text fraud alerts
  • Free bill payer
  • Free CALL-24 telephone banking
  • No processing limits

Plus, SCCU advertises that you can get paid up to two days early. 

2. Business Credit Cards

SCCU business credit card

SCCU offers a Visa® Platinum Business Credit Card with rewards and competitive interest rates. You earn 3 points per dollar at restaurants and office supply stores, 2 points per dollar on gas, and 1 point per dollar on all other purchases. 

Points can be redeemed for: 

  • Cash back
  • Gift cards
  • Travel
  • Entertainment
  • Theme park tickets

The card features a 0.00% introductory APR for the first 6 billing cycles on purchases, balance transfers, and cash advances. After the intro period, the APR is based on creditworthiness, with rates as low as Prime Rate (8.5% as of today) + 7.99%. 

With this card, there are no annual fees, balance transfer fees, or cash advance fees. But, you can incur a late payment fee of up to $27 and there’s a minimum finance charge of $0.50.

Unique perks for cardholders include: 

  • Free 2-way text fraud alerts
  • Visa zero liability protection
  • Digital wallet payment options
  • Contactless payments
  • Card controls through the mobile app 

The Visa® Platinum Business Credit Card provides financial flexibility, rewards, and essential security features.

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

SCCU business loans

SCCU offers a handful of business loans:

  • Commercial real estate loans
  • Commercial construction loans
  • Commercial vehicle loans
  • Business equipment loans

Commercial real estate & construction loans help you build, buy, or refinance properties like offices, warehouses, or retail spaces. SCCU provides loans for owner-occupied and investor-owned properties, as well as commercial construction. There are no application fees or pre-payment penalties, and terms vary based on the project. 

For construction loans, you can expect a structured draw schedule tied to construction milestones.

Commercial vehicle & business equipment loans are ideal for purchasing or refinancing business vehicles or equipment—They offer low credit union rates and flexible terms. Like real estate loans, there are no application fees or pre-payment penalties. Terms range from 24 months to 10 years or more, depending on the equipment and the lender.

For commercial vehicles and equipment loans, the benefits include separating personal and business finances, potential tax deductions, and full ownership of the vehicle or equipment.

SCCU offers fixed- and variable-rate loans, with specific rates based on creditworthiness and loan type. While they don’t disclose their commercial loan rates, comparable consumer loans come with rates as low as 6.25% for mortgages and 6.24% for auto loans. 

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

4. Business Savings & Investment Opportunities 

SCCU business savings and investing

SCCU has a variety of business savings and investment options tailored to help your business grow while earning competitive returns. 

The Business Savings Account and Business Money Market Savings both offer attractive interest rates that vary based on the balance maintained, starting from 0.04% APY for balances under $100K up to 1.25% APY for balances of $250K and above—These accounts come with: 

  • No transaction limits or fees
  • Free account alerts
  • Easy access through online and mobile banking 
Space Coast Credit Union CD Rates

Additionally, their Certificates of Deposit (CDs) offer fixed interest rates ranging from 3.94% to 4.60% APY, depending on the chosen term length from 3 to 60 months. CDs have a $500 minimum deposit requirement.

5. Treasury Services

Space Coast Credit Union Merchant Services

Finally, SCCU offers comprehensive merchant services through a partnership with BancCard. Through this partnership, they’ve made it more convenient and efficient for business members to process credit payments. 

By accepting all major card types (including Visa, MasterCard, American Express, PIN Debit, Fleet, and foreign cards), SCCU enables you to expand your customer base and improve cash flow. 

The services feature: 

  • Cost-effective processing programs with no hidden fees
  • Innovative payment options like gift cards and electronic check acceptance
  • Modern equipment including EMV/NFC terminals and smartphone/tablet functionality 

Whether you operate online or have physical locations, SCCU’s merchant services provide flexibility and next-day availability of funds, ensuring businesses can operate smoothly and securely.

You might also like: Should You Accept a Square Business Loan Offer? 

6. Mobile App 

SCCU Mobile App

The SCCU Mobile app is available for both iOS and Android, and gives you a free and secure way to manage your accounts on the go. With a rating of 3.8 stars from over 4.4K reviews on Google Play and 4.8 stars from 29.6K ratings on the Apple Store, the app is well-received.

In the app, you can:

  • Deposit checks remotely from your mobile device
  • Get help on the go with live chat
  • Monitor your account with customizable alerts
  • Securely access your accounts using fingerprint or Face ID
  • Check balances, view transaction history, and pay bills
  • Transfer funds and make person-to-person payments
  • Locate SCCU branches and ATMs near you

While the app is free for SCCU members, enrollment in SCCU’s Online Banking service is required. Users benefit from data encryption during transmission and can request data deletion. 

However, some users have reported issues like crashes during check deposit and interface navigation challenges (which the developer continues to address through updates and user feedback).

SCCU Customer Service

Space Coast Credit Union customer service

SCCU offers pretty solid customer service for business members. 

First, they have dedicated ‘Business Advisors’ who are meant to understand the unique financial needs of businesses and offer personalized guidance. 

Next, With extended service hours during the week and on Saturdays, SCCU makes sure you can get jelp when it’s convenient for your busy schedule—They provide multiple ways to connect, whether through phone, email, or visiting a branch, so you can choose the method that suits you best. And, SCCU aims for prompt responses to your inquiries, which will help you manage your business finances efficiently. 

SCCU Business Resources

Additionally, they offer educational resources like financial estate guides, articles, calculators, and detailed product information to empower you to make informed financial decisions—Their business-centered customer service approach is designed to be supportive and informative.

SCCU Community Involvement

SCCU Donates to Hurricane Relief

Space Coast Credit Union (SCCU) is really into giving back and being part of their community. They’re all about “People helping people,” which sums up how they roll. They’ve been nominated for Business of the Year, which shows they’re making a real impact locally.

They’re active in lots of charity work, from supporting cancer foundations to helping out with school supplies. When hurricanes hit, like Irma, SCCU stepped up big time, keeping their ATMs and online services running to support their members. They also donated over $76K to the American Red Cross after multiple storms.

SCCU isn’t just about money—they’ve given over $1 million to causes they care about. Whether it’s helping out during disasters or supporting local initiatives, they’re there. Recently, they donated $38k for Hurricane Dorian relief in the Bahamas, showing they’re ready to pitch in when needed.

Overall, Space Coast Credit Union isn’t just about banking; they’re about making their community stronger. Their motto isn’t just words—they live it through their actions, from helping small businesses to lending a hand when things get tough.

Frequently Asked Questions

Does Space Coast Credit Union have monthly fees? 

Space Coast Credit Union offers various accounts and services with different fee structures. Many accounts are fee-free, but some accounts may have monthly fees.

How much does Space Coast let you overdraft? 

Space Coast Credit Union allows up to $500 in overdraft protection, but charges $30 per item. And, the specific amount allowed for overdrafts can vary based on your account type and individual circumstances.

How much can you withdraw from a Space Coast Credit Union ATM?

You can typically withdraw up to $500 per day from a Space Coast ATM. However, you may be able to speak to a banker to get your limits increased, particularly for business accounts.

Is Space Coast FDIC insured? 

No, Space Coast Credit Union is not FDIC insured. Credit unions are insured by the National Credit Union Administration (NCUA), which provides similar coverage up to $250K per depositor.

Conclusion

In all, SCCU offers personalized business financial solutions with competitive rates and flexible terms. They excel in community engagement and social responsibility, contributing actively to local causes. 

While their branch network may be somewhat limited, SCCU provides robust business credit cards, loans, and merchant services. And, you can take advantage of the credit union’s educational resources whether you are a member or not. SCCU stands out for its commitment to supporting local businesses and fostering lasting relationships with its members.

If your business operates or plans to expand outside of Florida, SCCU might not be the best fit for you. The credit union primarily serves Florida, so if you need extensive branch access beyond this state, their geographic coverage is limited. So, if your business requires convenient physical banking locations across multiple states, consider a financial institution with a broader network.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Is Sound Credit Union’s Business Banking Right for You?

By

Sound Credit Union

Sound Credit Union primarily serves the Puget Sound area in Washington. They are known for their low cost banking and fair rates, but they also offer business banking and credit. 

Credit unions tend to stand out from big banks in many ways. While giving back to the communities they serve, they usually offer better rates on loans and lines of credit. Sometimes, credit unions offer better business credit options for members. 

Let’s take a closer look at Sound Credit Union’s business products and services, so you can see if this is the institution for you. Here, we’ll explore their business banking, credit cards, loans, and more. 

This is what’s in store: 

Now, let’s get started!

What is Sound Credit Union?

Sound Credit Union login

Sound Credit Union is a financial institution with a strong emphasis on trust, collaboration, and shared success. Established in 1940, it has a long history of providing accessible and affordable financial services to individuals and businesses in Washington state. 

Over the years, Sound Credit Union has maintained its commitment to helping its members achieve financial well-being, continuously expanding its services to meet their evolving needs.

A key aspect of Sound Credit Union’s mission is its dedication to supporting small businesses. 

It offers a variety of services tailored specifically for business owners, like:

  • Business checking and savings accounts
  • Business credit cards
  • Specialized cannabis business accounts
  • Small business loans
  • Commercial real estate loans
  • Business auto loans 
  • Treasury services 

The credit union further supports business growth by offering educational resources on topics like developing new business models, scaling operations, and implementing contactless payments.

Joining Sound Credit Union is a simple process that involves opening an account online in just a few minutes, with no minimum deposit required. 

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Sound credit union near me

Sound Credit Union primarily serves four counties in Washington state: 

  • King
  • Pierce
  • Snohomish
  • Thurston

In King County, you can find branches in cities like Auburn, Bellevue, Burien, Federal Way, Kent, Redmond, Shoreline, Tukwila, and West Seattle. Pierce County locations include Bonney Lake, Tacoma, Gig Harbor, Graham, Lakebay, Lakewood, and Puyallup. In Snohomish County, branches are located in Lynnwood, Bothell, Edmonds, Everett, and Mukilteo. Thurston County is served by a branch in Olympia.

Sound credit union routing number

And, Sound Credit Union offers online services that ensure broader accessibility for businesses nationwide—This includes online banking, mobile banking, and remote deposit capture, which enables you to manage your finances easily from anywhere in the country.

Membership and Eligibility

Puget Sound credit union

To become a business member of Sound Credit Union, you need to meet a few simple eligibility requirements. 

  1. If you live, work, or attend school in Washington state, or if you are directly related to someone who does, you qualify for membership. 
  2. Additionally, if you work for one of Sound’s Select Employer Groups (SEGs), you are also eligible to join.

To join Sound Credit Union as a business member:

  • Gather your identity docs – Have your Social Security Number, a government-issued ID (like a driver’s license, passport, state, or military ID), and a valid email address ready. These are necessary for identity verification and to comply with government regulations.
  • Start the online application – Start the application process online with basic information such as your name, home address, date of birth, and contact details. You will also need to select your employment status and provide any additional required details.
  • Add a co-applicant or beneficiary (optional) – If desired, you can add a co-applicant or beneficiaries during the application process. You will need their name, Social Security Number, and date of birth.
  • Wait for the final decision – After submitting your application, Sound Credit Union will review it. Upon approval, you will become a member and gain access to the credit union’s products and services.
  • Fund your account – While there is no minimum deposit required, you can choose to fund your new account using a credit card, debit card, checking account, or savings account.

Once you’re a member, you can open any business account with Sound Credit Union. 

You’ll need to verify your business with the usual documents: 

  • Articles of Organization 
  • Employer Identification Number (EIN)
  • Verification of ownership 

Contact the credit union or visit a branch to open a business account. 

Business Financial Products and Services

From their banking to their robust loans, lines of credit, and business services, here’s what Sound Credit Union can offer in the way of small business financial products. 

1. Business Banking/Checking

Sound credit union review

Sound Credit Union offers a variety of business checking accounts designed to cater to different business needs: 

  • The Business Free Checking account requires no minimum balance and incurs no monthly fees, which provides essential banking services without additional costs. 
  • The Business Checking account offers 300 free check deposits and withdrawals per month, with a $5K minimum balance to waive the monthly fee—It also includes free debit cards for employees and access to mobile check deposit. 
  • The Business Interest Checking requires a $10K minimum balance to avoid fees and offers 200 free check transactions monthly. 
  • The Analysis Checking account uses an earnings credit to offset fees, which makes it suitable for those with substantial banking activity.

Here’s a wider look at their business checking offer. 

Minimum BalMonthly FeeFree Check TransactionsMore Benefits
Business Free Checking$0$0100/month ($0.20/item after)No fees or minimums, basic essentials
Business Checking$5K or Cash Management$0 if above $5K, otherwise $10300/month ($0.20/item after)Free employee debit cards, mobile check deposit
Business Interest Checking$10K$0 if above $10K, otherwise $10200/month ($0.15/item after)Interest earnings on balance
Analysis CheckingAnalyzed*Analyzed*Analyzed*Uses earnings credit to offset fees, suitable for large balances

Each account type also benefits from Sound Credit Union’s commitment to security, with features like:

  • EMV chip debit cards
  • Email and text alerts
  • Card lock/unlock options in the Sound Mobile app. 

Moreover, businesses can leverage nationwide access to over 30K surcharge-free ATMs, enhancing convenience for cash management needs.

You might also like: Amex Business Checking Review: What You Need to Know…Really 

2. Business Credit Cards

Sound Credit Union Federal Way

Sound Credit Union offers several business credit cards tailored to different business needs: 

  • The Business Rewards Credit Card is great if you want to earn rewards on every purchase, like Sound Rewards points and travel perks—It also includes features such as auto rental collision coverage and travel assistance, making it handy for business trips. 
  • The Business Platinum Credit Card offers competitive APRs and benefits like purchase security. 
  • The Business Platinum Secured Credit Card is available for businesses looking to build credit with a secured option. 
Sound Credit Union Business Credit Card rewards

Sound Credit Union’s rewards program notably is robust—With every purchase made using the Business Rewards Credit Card or Business Debit Card, you earn points that can be redeemed for: 

  • Travel
  • Merchandise
  • Gift cards
  • Cash back
  • Charitable donations

Plus, new cardholders can kickstart their rewards journey with a generous 10K bonus points upon opening a Rewards credit card account, making it even easier to start enjoying the perks.

All of the business credit cards skip annual fees, balance transfer fees, and foreign transaction fees, keeping things straightforward for managing business expenses. And, they come with EMV chip security and real-time alerts to keep your business transactions safe and secure.

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

Sound Credit Union Tacoma

Sound Credit Union offers a variety of business loan options designed to meet diverse needs and support your business growth. 

Get flexible financial solutions, whether you’re looking to: 

  • Purchase commercial real estate
  • Acquire equipment or an automobile
  • Maintain cash flow with a line of credit

With competitive rates and terms available on both owner and non-owner occupied properties, including SBA loan options for qualifying businesses, you can benefit from lower down payments and longer repayment terms backed by the U.S. government. 

Sound’s commitment to personal service means you’ll receive support from application through funding and beyond.

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

4. Business Savings & Investment Opportunities 

Sound credit union CD rates

Sound Credit Union offers competitive rates across its business savings and investment products to help you maximize financial returns:

  1. High-Yield Business Savings Account – Earn a competitive interest rate on balances. Rates are tiered, typically offering higher rates for larger balances. No monthly fees or minimum balance requirements. Interest is compounded and credited monthly, optimizing your savings potential.
  2. Business Money Market Account – Enjoy competitive tiered rates that increase with higher balances. Benefit from liquidity with no penalties for withdrawals or transfers. No monthly fee when maintaining the minimum balance requirement.
  3. Business Certificates – Rates for Business Certificates vary based on the term and type chosen (Basic, Bump, Flex, Jumbo). Generally, longer-term certificates and jumbo certificates (balances of $100K or more) offer higher dividend rates. Interest is compounded monthly. Certificates allow for additional deposits (varies by type) and rollover options.

These rates are subject to change, so it’s recommended to check with Sound Credit Union for the most current rates and terms applicable to your business savings and investment needs.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious? 

5. Banking Services 

Sound credit union Puyallup

As you probably expect, Sound Credit Union offers a robust suite of treasury services: 

  • Merchant services
  • Payroll services
  • Quickbooks® integration
  • Tax payments 

With a focus on convenience and efficiency, their offerings include merchant services through Total Merchant Concepts (TMC), providing solutions for card payments with options like POS systems and mobile processing. 

You can also benefit from comprehensive payroll services via Paychex®, which offers payroll processing, tax management, and HR services with 24/7 support. 

Integration with QuickBooks® allows seamless access to real-time financial data, while the Electronic Federal Tax Payment System (EFTPS) simplifies tax payments by enabling scheduling up to 120 days in advance. 

These services are designed to streamline operations, enhance financial management, and support growth, backed by local expertise and competitive pricing from Sound Credit Union.

Recommended: What’s the Best Payment Processor for a Small Business? Really 

6. Mobile App 

Sound Credit Union Mobile App

The Sound Credit Union mobile app is available on iOS and Google Play. 

With the app, you can manage your finances from your mobile device by: 

  • Checking balances
  • Making transfers
  • Paying bills
  • Sending money to others
  • Depositing checks
  • Setting security alerts
  • Managing your cards
  • Finding branch locations and co-op network ATMs

Recent updates have improved the login process for biometric users, enhanced visibility for closed accounts, and included various bug fixes to enhance user experience—Despite occasional issues reported by users, such as challenges with check deposit photo alignment and some usability concerns, the overall feedback is positive with 4.4 stars on Android and 4.7 stars on Apple devices.

Overall, the Sound Credit Union mobile app is a valuable tool to manage your finances conveniently and securely on the go.

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business? 

Sound Credit Union Customer Service

Sound credit union log in

Sound Credit Union prides itself on high-quality customer service. The institution offers multiple support channels to ensure you can get the assistance you need. 

Business members can access phone support through the Sound Contact Center from Monday to Friday, 8:00 am to 6:00 pm, and on Saturdays from 9:00 am to 1:00 pm by calling 253-383-2016 or 800-562-8130. 

Sound credit union phone number

For general inquiries, live chat support is available during the same hours (you can get quick responses in real-time).

Additionally, you can send your questions via email using a secure form on the Sound Credit Union website—this helps make sure your sensitive information like account numbers and Social Security Numbers remain protected. 

If your card is lost or stolen, immediate assistance is available by calling 844-332-4899. For those who prefer written communication, Sound Credit Union can be contacted by mail at PO Box 1595, Tacoma, WA 98401-1595, or by fax at 253.383.2079.

Sound credit union reddit

For face-to-face interactions, a comprehensive list of branches and ATMs with their hours of operation is available, making it easy to find and visit a local branch. 

Sound Credit Union Support

The credit union’s website also features a robust Support section, offering 24-hour access to answers for common questions and detailed instructions for various services. You have continuous access to important information and resources. 

Sound Credit Union Community Involvement

Sound federal credit union

Sound Credit Union is deeply involved in the community, showing strong social responsibility and local support. For instance, they’re running the Auto Loan Payoff Sweepstakes from May 1 to December 31, 2024. If you open or refinance an auto loan during this time, you’ll be entered into a drawing to have your loan paid off, up to $40K. It’s their way of saying thanks and helping you financially.

They also support Washington Women in Need (WWIN). In a recent auction, Sound employees and business partners raised over $25K to help women in Washington get scholarships and career resources. This shows their commitment to empowering women and reducing student loan debt.

Sound Credit Union promotes financial tech innovation through a partnership with the University of Washington Tacoma. They host the FinTech Incubator Challenge, encouraging new financial tools. The 2023 winner, Prasanth Chaitanya Gupta Arisetty, created an app called Spendalyze, which tracks and analyzes transactions. He received $10K and a membership to CoMotion Labs in Seattle.

South sound credit union

They also host community events like the Annual Shred Day. This event helps you safely dispose of sensitive documents and supports local food banks with canned food donations.

Through these initiatives, Sound Credit Union shows its dedication to social responsibility, community support, and helping members like you achieve financial security and success.

You might also like: Y Combinator: Fast Track to Success or Waste of Time? 

Frequently Asked Questions

What time does Sound Credit Union open?

Sound Credit Union opens at 8:00 am from Monday to Friday. On Saturdays, it opens at 9:00 am.

What time does Sound Credit Union close?

Sound Credit Union closes at 6:00 pm from Monday to Friday. On Saturdays, it closes at 1:00 pm.

How secure is Sound Credit Union?

Sound Credit Union is highly secure. It employs robust security measures, including encryption, fraud monitoring, and secure login protocols to protect members’ personal and financial information. Additionally, it is federally insured by the National Credit Union Administration (NCUA), providing an extra layer of financial security.

Does Sound Credit Union accept Zelle?

Yes, Sound Credit Union accepts Zelle, allowing members to send and receive money quickly and securely using the Zelle service through their Sound Credit Union account.

Conclusion

Sound Credit Union provides business checking accounts with no monthly fees and robust transaction allowances. Their commitment to community involvement, like the Auto Loan Payoff Sweepstakes and support for Washington Women in Need, shows their dedication beyond financial services. 

With personalized service and local support, Sound Credit Union stands out for businesses seeking efficient financial solutions and responsive customer care. Leveraging their digital banking tools and treasury services can streamline operations and support long-term growth effectively.

If you prioritize competitive rates and community involvement, Sound Credit Union provides a solid option for businesses in the Puget Sound region. However, if you require extensive branch access outside Washington or specialized banking services like international transactions, exploring other institutions may better suit your needs.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Should You Open a Business Account at Gesa Credit Union?

By

Gesa Credit Union

When it comes to banking, Gesa Credit Union is like a friendly neighbor who’s always there for you. Unlike big banks, Gesa is all about community, putting members first and focusing on what really matters–financial well-being. 

If you live in the Pacific Northwest, they may be able to provide you with business credit solutions tailored to your needs, whether it’s a credit card, loan, or savings account. 

So, in this review, we’re diving into Gesa’s lineup of business-friendly offerings, from rewards on credit cards to flexible loans and savings options. Let’s find out if Gesa is a good match for your business banking needs. 

This is what’s in store: 

Now, let’s dive in!

What is Gesa Credit Union?

Gesa credit union login

Gesa Credit Union is a member-owned financial institution. It serves the financial needs of individuals and businesses, especially small businesses. 

This credit union was founded in 1953 by a group of General Electric supervisors. Since then, it has grown into one of the largest credit unions in Washington state. Gesa’s mission is to serve its members and communities by providing affordable financial products and services. This includes a strong commitment to supporting local businesses and community development.

Gesa credit union routing number325181248

Gesa Credit Union is dedicated to helping small businesses thrive. They understand that small businesses are vital to the local economy and community. 

Hence, the credit union offers a range of products and services for small business owners:

  • They offer a variety of business checking and savings accounts to meet different needs.
  • Gesa participates in Small Business Administration (SBA) loan programs, providing access to funding with favorable terms.
  • Their treasury management services help businesses manage their cash flow efficiently.
  • Gesa offers term loans and lines of credit to help businesses finance operations and growth.
  • They provide business Visa cards with competitive rates and rewards.

Gesa Credit Union focuses on keeping money within the community, supporting local schools, organizations, and businesses. When you bank with Gesa, you help support these local initiatives and contribute to the overall well-being of the community.

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Gesa credit union near me

Gesa Credit Union serves businesses primarily in Washington state, with branches in Richland, Pasco, Kennewick, Walla Walla, Moses Lake, Yakima, Wenatchee, Pullman, Spokane, Puyallup, Seattle, Tacoma, Kirkland, Lynnwood, and Bremerton. Additionally, they have a branch in Post Falls, Idaho.

To enhance accessibility, Gesa offers extensive online services, including online and mobile banking through their “Gesa to Go” app. Members can manage accounts, transfer funds, pay bills, and deposit checks remotely. 

Plus, Gesa Credit Union is part of the CO-OP Financial Services Network, the second largest branch network in the U.S. This allows Gesa members to access almost 200 locations in Washington State and conduct banking at credit unions nationwide. Additionally, members have access to over 77,000 surcharge-free ATMs across the country, which ensures convenient banking wherever you are.

You might also like: A Complete Northwest Registered Agent Review & Analysis 

Membership and Eligibility

How to become a Gesa credit union member

To become a business member of Gesa Credit Union, the business must meet certain eligibility criteria. Businesses qualify if they are located in Washington state, or select counties in Idaho and Oregon.

Specifically, these counties in Idaho include Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, and Shoshone. In Oregon, eligible counties are Clackamas, Clatsop, Columbia, Gilliam, Hood River, Morrow, Multnomah, Sherman, Umatilla, Union, Wasco, and Washington. 

Additionally, businesses owned by individuals who live, work, worship, or attend school in these areas, or those who have a close relative who qualifies, can also join.

Here’s what you’ll need to do: 

  1. Make sure your business is located in the eligible regions of Washington, Idaho, or Oregon.
  2. Open a personal checking or savings account with Gesa.
  3. Prepare key business details, including the business name, address, and tax identification number.
  4. Owners or authorized signers should be ready to provide personal identification (e.g., driver’s license) and verification information as per Federal requirements to combat terrorism and money laundering.
  5. Visit a local Gesa branch or call their customer service to begin the membership process.
  6. Inform the representative that you are interested in opening a business account.
  7. Fill out the necessary membership application forms.
  8. Provide all required documentation and identification for both the business and its owners or authorized signers.
  9. Make an initial deposit into your new business account.

And, voila! As long as you meet the eligibility criteria, the process of becoming a member is no different than opening any other business bank or credit union account. 

You might also like: Unlock Business Success with Oregon Community Credit Union 

Business Financial Products and Services

From business banking to credit, loans, and beyond, here’s what Gesa Credit Union offers in the way of small business financial products.

1. Business Banking/Checking

Gesa Credit Union Business Checking

Gesa Credit Union offers a range of business checking accounts to meet a variety of small business checking needs. 

Each checking account comes with: 

  • Free access to online banking 
  • Automated and online bill pay
  • Competitive rates 

Here’s a side-by-side comparison of their business checking accounts. 

Analysis Business CheckingValue Business CheckingVersatile Business Checking
Ideal ForBusinesses with high monthly transaction volumes.Small businesses with a lower volume of transactions.Businesses with moderate account activity.
Costs & FeesCharges based on account activity.No fee per deposited or cleared check if 100 or fewer checks presented monthly.No fee per deposited or cleared check if 200 or fewer items presented monthly.
RequirementsLow $100 minimum deposit to open.Low $100 minimum deposit to open.Low $100 minimum deposit to open.
Daily balance of $5,000 required to waive monthly service fee.
AdvantagesEarns credit back based on balance.
Can use earned credits to offset service fees.
Includes Cash Management Services.		No monthly service charges.Flexibility and freedom for your business.

Gesa Credit Union shows support of small business growth through its tailored business checking accounts. They also have options tailored to nonprofits and municipalities. See their website for details. 

You might also like: Amex Business Checking Review: What You Need to Know…Really 

2. Business Credit Cards

Gesa Credit Union Business Credit Cards

Gesa Credit Union offers two business credit card options designed to meet the diverse needs of business owners. Both cards provide business owners with the ability to manage expenses efficiently while enjoying additional perks such as enhanced security features and separation of business and personal finances.

The Gesa Business Visa® Credit Card provides flexibility, convenience, and security, enabling easy separation of business and personal finances. With variable rates ranging from 14.74% to 26.99% APR, this card offers instant purchasing power and 24/7 member service support. 

Similarly, the Gesa Business Visa® Rewards Card is ideal for businesses seeking to earn cash back on everyday purchases. Featuring variable rates between 19.24% and 28.99% APR, this card offers 1.5% cash back for net purchases, along with the same benefits of instant purchasing power and 24/7 member service support. 

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

Gesa Credit Union Business Loans

Gesa Credit Union offers various types of business loans tailored to meet the diverse needs of local small businesses. Gesa is well-known for its over 50 years of SBA lending experience, local decision-making, and commitment to prompt customer service. 

The SBA loan programs available through Gesa include: 

  • The 7(a) Business Loan
  • Express Lines of Credit
  • 504 Loan
  • CAP Lines

These programs offer low down payment requirements and longer terms, making them popular choices among small business owners. The loans can be used for various purposes such as acquiring an existing business, purchasing, constructing, or renovating owner-occupied commercial real estate, financing long-term working capital, purchasing vehicles and equipment, and refinancing debt.

 The 7(a) Business Loan, in particular, offers terms up to 10 years for business acquisitions, equipment, and working capital, and up to 25 years when commercial real estate is involved. Loan amounts can go up to $5 million, providing businesses with the financial flexibility they need to thrive. 

And, Gesa provides Business Term Loans and Lines of Credit with competitive interest rates, local decision-making, and personalized service from experienced commercial lenders. 

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

4. Business Savings & Investment Opportunities 

Gesa Credit Union Commercial Savings Account

Gesa Credit Union’s Business Savings Accounts are ideal for those seeking competitive rates and overdraft protection for checking or money market accounts. With a balance of just $100 to open and maintain the account, businesses can benefit from competitive rates that ensure their funds are working for them—You can earn 0.04% APY when you maintain a minimum balance of $500 each month.  

Additionally, the low monthly service charge can be waived based on the aggregate average daily balances in all other Business Accounts, providing flexibility and cost savings.These accounts also offer online banking access for convenient account management and ensure membership as a business account member.

Business Certificates are perfect for businesses looking for higher-yield, fixed-rate savings accounts for excess funds. 

Gesa credit union CD rates for business

With terms ranging from 3 to 60 months, you can choose the option that best suits your financial goals. Interest is compounded and paid monthly and at maturity, allowing businesses to maximize their earnings. Plus, certificates can be used as collateral to secure a loan at a competitive margin, providing added flexibility. 

5. Treasury Management Services 

Gesa Credit Union Merchant Services

Gesa offers a comprehensive suite of Treasury Management services tailored to streamline business operations and maximize financial efficiency. 

These services include:

  1. Online and mobile banking
  2. Online bill pay
  3. Sweeps (Automatic funds transfers to investment products)
  4. ACH services 
  5. Wire transfers
  6. Merchant services
  7. Merchant Deposit Capture (MDC)
  8. Electronic Federal Tax Payment System (EFTPS)

These Treasury Management services are designed to simplify financial processes, enhance cash flow management, and provide flexibility and convenience for businesses. And, Gesa’s dedicated Treasury Management Officers are available to assist with inquiries and provide personalized support to optimize business banking experiences. 

Recommended: What’s the Best Payment Processor for a Small Business? Really 

6. Gesa Mobile App 

Gesa Credit Union mobile app

Gesa digital banking mobile app is available on Google Play and the iOS app store. Users rave about Gesa Credit Union’s mobile app for its convenience and user-friendly interface. With the app, you can handle all your banking needs on the go – from transferring money between accounts to depositing checks and even applying for loans or credit cards. 

Plus, Fast Balances lets you check your account snapshots without logging in. While some users have reported minor issues like slow loading times or search limitations, overall, Gesa’s app is a hit among members, making managing your finances a breeze wherever you are.

Gesa Credit Union Customer Service

Gesa credit union phone number

Gesa’s member contact center, available Monday through Saturday, provides personalized assistance via phone and email, addressing various inquiries related to new accounts or loans, online banking, debit/ATM cards, account inquiries, stop payments, payments by phone, telephone banking, and general Gesa information. 

Gesa credit union reddit

In addition to traditional communication channels, Gesa also offers Live Chat support, available Monday through Saturday from 9:00 am to 5:00 pm Pacific Time—This feature enables quick access to assistance for inquiries such as branch locations, account balances, payment due dates, loan payment help from Gesa accounts, and general credit union questions. 

Plus, Gesa recognizes the importance of feedback from its members and encourages business members to share their suggestions, appreciation, or concerns through the member feedback form. 

Gesa credit union sign in

This shows that they’re probably committed to continuously improving their services and ensuring that business members’ voices are heard and valued.

Overall, Gesa Credit Union offers a pretty robust customer service framework.

Gesa Credit Union Community Involvement

Is Gesa or Hapo better?

When you bank with a credit union that supports the local community, your funds contribute to initiatives that matter most to your small business customers. 

Thankfully, Gesa Credit Union is committed to giving back to the community. 

In 2022, they gave $3.8 million to local communities, including $630,000 in scholarships to local students and $1 million to local schools through their Affinity Card Program—These efforts extend to financial education, having reached over 55,000 participants since 2015 through various programs and seminars.

You might also like: Should You Open a Navy Federal Credit Union Business Account? 

Frequently Asked Questions

What does Gesa Credit Union stand for? 

In 1953, the General Electric Supervisor’s Association (GESA) established Gesa Federal Credit Union to serve the exempt employees of the Hanford contractor.

Does Gesa use Zelle? 

Yes, Gesa offers the option for members to enroll in services provided by Zelle.

How much can you withdraw from Gesa ATMs? 

You can withdraw up to $1K in a single day from an ATM, provided that your account has enough funds available.

Are accounts with Gesa Credit Union insured? 

Yes, accounts with Gesa Credit Union are insured as Gesa is federally insured by the National Credit Union Administration (NCUA).

Does Gesa have a minimum balance on business accounts?

Yes, Gesa Credit Union has minimum balance requirements. To open a business checking account, there is a $100 requirement. And, a daily balance of $5K is required to waive the monthly service fee. The minimum to open a business savings account is $100, and you must maintain a minimum balance of $100 to avoid a service fee. Finally, to earn Annual Percentage Yield (APY), a minimum daily balance of $500 must be in the account each day.

Conclusion

Gesa Credit Union offers business members personalized service, competitive rates, and a range of financial products and services tailored to meet their needs. 

While its limited branch network and membership eligibility criteria may pose some challenges, Gesa’s commitment to supporting small businesses and involvement in the community set it apart. As a federally insured institution, Gesa provides security and peace of mind for deposits, and its participation in networks like CO-OP Financial Services expands access to surcharge-free ATMs and branches nationwide. 

However, while Gesa offers a ton of financial literacy resources, they don’t seem to have dedicated business financial education—while this isn’t a dealbreaker, I think it’s certainly worth mentioning. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today! 

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