What is the SBFE & How Do They Impact Small Businesses? 

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SBFE

As you build your business credit, you’ll start to see the Small Business Financial Exchange (SBFE) mentioned here and there. It’s probably immediately apparent that they’re involved in business credit data. But, how does this apply to you, as a small business owner?

Here, I’ll break down what the SBFE is, what they do, who they are affiliated with, and how this applies to small business and business credit. And, I’ll answer a couple of the most common questions I hear about the SBFE. 

This is what’s in store: 

Now, let’s roll! 

What is the Small Business Financial Exchange? 

SBFE tradelines

The SBFE is like a guild for over 135 U.S. small business lenders, including big banks, merchant acquirers, and credit card companies. It started in 2001 and gathers info about how businesses pay their bills—This info goes to the major credit reporting companies, helping them figure out how risky it is to lend to businesses. 

The goal is to make sure lenders have accurate insights into business’ credit health. However, it’s not a commercial credit reporting agency. Instead, it collects payment history from its member lenders and provides that data to the credit reporting agencies.

Here’s how it works:

  1. SBFE member lenders report business payment history to SBFE.
  2. SBFE shares the data with commercial credit reporting agencies.
  3. The agencies use this data – along with information from other sources – to create credit reports and scores.

Payments to suppliers, loan payments, commercial lease payments, and auto payments are examples of payment experiences that can end up on your business credit file via the SBFE. They collect and share both positive and negative payment information, which includes on-time payments as well as late payments.

And, unlike personal credit data, business credit data is not protected under the Fair Credit Reporting Act FCRA, which means that anyone can access your business’s credit information without your permission. However, SBFE data is available only to SBFE members for credit risk assessment purposes, not for marketing.

As for membership, small businesses can’t join SBFE or report payment history directly to it (the reason they don’t allow you to submit your own trade references is to prevent duplicate account reporting). SBFE membership is open to those who originate small business financing.

Recommended: 41 Companies That Help Small Businesses Build Business Credit 

What You Need to Know About the SBFE Score 

SBFE score range

The SBFE maintains independence from business credit reporting bureaus, which enables bureaus to set their own criteria for data sharing. Meanwhile their regulations help make sure the data remains unaltered once bureaus incorporate it into their systems. So, commercial credit reporting agencies come up with their own SBFE scores based on (accurate) information obtained from the SBFE as well as other sources. 

For example, Dun & Bradstreet’s (D&B’s) SBFE Score predicts how likely a business is to have financial problems like severe delinquency, charge-offs, or bankruptcy within the next year—It ranges from 706 to 999, with higher scores meaning lower risk. 

The score is based on data from SBFE and other sources, including tradelines that report directly to D&B. D&B’s SBFE score available for most U.S. businesses, except for some with missing info or those flagged as high risk. The score is used to help lenders determine a business’ credit risk and optimize profitability. 

So, what is a good SBFE score for a business? Well, typically one on the higher end of the scale, which indicates lower risk for financial issues.

Experian, Equifax, and Lexis Nexis have their own, comparable business credit scoring models. I am most familiar with D&B’s scoring models, since it’s the business credit bureau that I primarily work with (in my experience, it has the greatest breadth). 

Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

Company Overview

SBFE phone number

Small Business Financial Exchange Inc. (SBFE, LLC) is a trade association that was founded in 2001 to support the safe and secure growth of small businesses. According to Crunchbase, they’re based in Illinois, but the Ohio Secretary of State’s Website lists them as an actively-registered, foreign (registered in Delaware) Limited Liability Company headquartered in Cleveland. Their LinkedIn profile lists them in Shaker Heights, Ohio. 

Sbfe login

The organization has raised a total of $15.8 million in funding from investors, and recently made headlines with their efforts to strengthen small business credit decisions. 

Prior to taking her role as the current CEO of SBFE, Elisabeth Hughes Macdonald (New York) was the Managing Director of Investment Banking at Chase and the Senior Vice President at Citizens Bank. She’s also served as a board member at Lafayette College and Impact 100 Garden State.

SBFE CEO

The SBFE apparently doesn’t have a lot of employees, so they don’t have a presence on Glassdoor or Indeed. As a result, we don’t know what employees think about working there or whether they approve of company leadership. And, you won’t find user reviews on Trustpilot or complaints with the Better Business Bureau because they’re not a consumer or small business-facing institution. 

What Companies are Affiliated with the SBFE? 

SBFE members list

The SBFE collaborates with various entities that can significantly impact small businesses’ financial health and creditworthiness. While SBFE doesn’t publicly disclose its entire list of members, here are some key entities they work with that small businesses should be aware of.

By understanding SBFE’s partnerships with these entities, you can gain insights into the credit ecosystem and make informed decisions about their financing options and credit management strategies.

Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

1. Major Banks

Does Chase report to SBFE?

Many of the largest banks in the United States are members of SBFE. These banks often offer a wide range of financial products and services to small businesses, including loans, lines of credit, and business credit cards.

You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. Credit Card Issuers

SBFE credit card issuer members

SBFE partners with credit card issuers who provide small businesses with credit cards tailored to their needs. These issuers play a crucial role in helping small businesses manage cash flow and access credit for various business expenses.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

3. Alternative Lenders

Alternative lenders that report to SBFE

In addition to traditional banks and credit card issuers, SBFE may also work with alternative lenders such as online lenders and fintech companies. These lenders often provide innovative financing solutions to small businesses that may not qualify for traditional bank loans.

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

4. Business Credit Bureaus

Does SBFE report to Dun and Bradstreet?

SBFE shares data with four major commercial credit reporting bureaus: 

  1. Dun & Bradstreet
  2. Equifax
  3. Experian
  4. LexisNexis Risk Solutions

These bureaus compile and analyze small business payment data to create credit reports and scores used by lenders to assess creditworthiness.

Recommended: Dun and Bradstreet / How to get a DUNS Number 

Frequently Asked Questions

How do I find out my business credit score?

You can find out your business credit score by contacting commercial credit bureaus like Dun & Bradstreet, Equifax, Experian, or LexisNexis Risk Solutions. They can provide you with your commercial credit report, which includes your business credit score.

What is a small business as defined by the US SBA?

According to the US Small Business Administration (SBA), a small business is typically one that has fewer than 500 employees for most industries—The definition can vary based on industry and other factors.

Conclusion 

In sum, the SBFE isn’t super transparent with small businesses when it comes to how they operate and what information they report to bureaus. They’re primarily a lender-facing institution. So, when you have questions about your business credit as it relates to SBFE reporting, it’s best to go straight to the business credit bureaus that they report to (D&B, Experian, Equifax, or Lexis Nexis). 

If you’re unsure whether or not your lender is an SBFE member, you can ask them directly. 

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!

Can you transfer a personal credit card to your business?

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can you transfer personal credit card to business

In the world of business, the lines between personal and business finances can sometimes blur. This is particularly true during the early stages of entrepreneurship. Many business owners rely on credit cards or funds to support their ventures. Unfortunately, this approach poses several challenges, especially relating to increased personal liability and potential tax issues down the line.

While it is true that you can use your personal credit card for business expenses, have you considered transferring personal debt to your business? This post explores the distinctions between personal and business credit and offers practical steps to transfer personal credit to your business effectively.

Personal vs. Business Credit: What are the Differences?

To understand the process better, let us quickly examine the differences between personal and business credit. Here are some facts about personal credit:

  • Used for personal expenses like buying a car and home
  • Personal liability for any debts incurred
  • Connected to the Social Security Number (SSN)
  • Reported to consumer credit reporting agencies like Equifax, TransUnion, and Experian
  • Credit scores range from 300 to 850
  • Subject to consumer protection laws, including the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA)

Meanwhile, here are some things to know about business credit:

  • Used for business expenses like purchasing equipment and inventory
  • Utilized for managing operational costs and cash flow
  • Tied to Employer Identification Number (EIN) or Tax Identification Number (TIN)
  • Liability for debts is on the business and not the individual owner
  • Reported to business credit bureaus like Dun & Bradstreet, Equifax Business, and Experian Business
  • Credit scores range from 0 to 100 (or 0 to 300, depending on the credit reporting bureau)

Payment history and length of that history, credit utilization, and types of credit used are some of the factors that affect both personal and business credit.

Can You Use Your Personal Credit Card for Business Expenses?

Keeping track of expenses can be challenging, so some people opt to use a personal card for both personal and business-related purchases. To address the question above, yes, you can use your personal card for business expenses.

You might choose to do so for several reasons, including the enhanced protection offered by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act). This legislation provides better safeguards for cardholders by requiring written disclosures and imposing limits on fees and interest rates.

Why Transfer Your Personal Debt Over to Your Business

While you can use your credit card for business expenses, it lacks the same legal protections as business credit. If your company is set up as an LLC or a corporation, you automatically obtain legal protections based on your chosen business structure. However, intertwining your personal and business expenses can diminish or even nullify those protections you would otherwise enjoy.

If that’s not convincing enough, here are additional reasons why transferring personal credit to business is a smart financial move:

  • If there are ever any legal or financial issues, minimize your personal financial risk, even as the business owner.
  • Transferring personal debt to business credit helps establish your business’s credit profile and history, which is crucial for accessing credit lines and loans.
  • Business credit, when used for business expenses, aids in simplifying tax reporting. This activity can also maximize tax deductions, potentially reducing tax liabilities and taxable income.
  • Building strong credit for your business shows professionalism and credibility as it is a demonstration of how responsible and stable your business is. These traits are essential to other entities you will likely work with, such as suppliers, partners, lenders, and even your customers.
  • Separating business from personal credit allows access to more credit and financing options based on your company’s creditworthiness. That way, you do not have to rely solely on personal credit limits, which are often lower.

Creating a clear distinction between your personal and business credit profiles is significant in defining the company as a separate legal entity. By using business credit accounts, such as business credit cards or lines of credit, when incurring business-related expenses, you begin to build your company’s own credit history. However, just like personal credit, you should always make on-time payments and manage your business credit responsibly to create a positive credit history for your company.

How to Transfer Personal Credit to Business: The Different Methods

One standard method for transferring personal credit to a business is to apply for business credit cards, which should be under the business’s name. Doing so lets you establish your business’s credit history while separating its usage from your credit cards. Other ways to go about it include the following:

  • Applying for business lines of credit to access funds for your ongoing expenses
  • Applying for business loans from banks or alternative lenders when in need of funding for expansion and other more significant investments
  • Establishing trade credit accounts with vendors and suppliers, such as Net 30 vendors, that allow your business to make purchases on credit
  • Using alternative financing solutions specific to businesses, including merchant cash advances and invoice factoring
  • Exploring rental or lease agreements for vehicles, real estate, or equipment to build a credit profile

It may also be an option to cosign with a personal guarantee, mainly if you first must use personal credit to secure business loans or business credit cards. This method, however, involves personal credit. Nevertheless, it still contributes to building your business’ credit history.

With the choices above, picking the proper method for you may be a little confusing. The best way to do it is to select the option based on your creditworthiness and business requirements. For example, you can consider your short-term and long-term goals, such as whether you want to finance immediate expenses. Perhaps you wish to build credit for the future or invest in growth opportunities. Whatever your goal, you can align it with the best method for your business.

Other factors to consider include:

  • Your business’s creditworthiness
  • Payment history
  • Debt-to-income ratio
  • Credit score
  • Existing credit accounts, if any
  • Type and size of funding you need
  • Interest rates and fees
  • Repayment terms

The method you choose can impact your credit and liability as an individual, such as if it requires cosigning or a personal guarantee, so consider that as well. It is also helpful to assess the method’s long-term sustainability, especially if it will benefit your business’s financial growth and stability in the long run.

Steps to Take

Regardless of the method you see fit for transferring personal credit to business credit, the entire process involves a few steps, which often include the following:

If you have not done so, you will first have to incorporate a legal business entity. This means picking whether you have a partnership, a Limited Liability Company (LLC), a corporation, or any other type of business structure. You will also have to register it with the local and state government. From here, you can obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS).

You will then need to open a business bank account in the name of your business. This account will be used for all your business-related purchases and transactions. That way, there is a clear separation between your personal and business expenses.

The next useful step is to have a business credit card. Make sure that you do comprehensive research by comparing various card options. Don’t just look at offers from banks; explore other products from financial institutions and credit unions. When applying, you must use the legal name of your business and provide its EIN and other relevant information. Once you have a credit card, you should always pay your debt on time whenever you use it for business expenses. This is the key to establishing a positive credit history for your company.

business credit card

Some businesses may skip this step, but it is helpful in many ways. You need trade credit accounts as you continue to grow as a business. Be sure to foster relationships with trade partners and suppliers that use trade credit terms. You may also request to open a trade credit account under your business and use it for purchases on credit. Once again, you need to pay net 30 invoices promptly, which will show suppliers and vendors your creditworthiness. It also establishes trust, making it easier for you to access larger financing in the future.

You can apply for lines of credit or business loans from online lenders or banks using your business information. At this stage, you will typically be asked to provide financial data, such as a business plan, revenue, and cash flow. Once approved, you can use the lines of credit and loans for operational, investment, and expansion investments. Just like other debts, you should always maintain responsible repayment to help build your business’s credit profile.

At this stage, you can use the balance transfer option with the new business credit card / business line of credit to transfer your debt over. Some banks will also allow you to use “convenience checks” where you can write a check using your business credit card available balance to your personal credit card company to payoff the balance (and avoid a cash advance fee). You can also look into programs like Plastiq and Melio Payments to get cash off your business credit card.

Your work is incomplete, as you must still monitor and manage your business credit. It always helps to review your business credit reports regularly. If you find any errors, dispute them, as they will not fix themselves. You must ensure accuracy in reporting all your credit activities. Don’t forget to maintain a low credit utilization rate while avoiding accumulating excessive debt under the name of your business.

You might also like: Our Review of NAV, a service that boosts, tracks and monitors business credit scores

Using your business credit accounts involves being responsible for you to build a positive credit history for your company. As you keep your credit utilization low, it helps to increase your credit limits. Do so gradually as your credit history improves and your finances stabilize.

Common Pitfalls to Avoid

As the process ensues, you will realize that some difficulties may arise that could add to the challenge. Therefore, it is crucial to be on the lookout for the following pitfalls:

Many businesses fail to separate business and personal expenses, which typically leads to confusion and inaccuracies, particularly in their financial records. If there is no clear distinction between the two, tracking deductible expenses can pose a challenge, resulting in paying more taxes than you should. Always talk to a tax qualified professional when considering getting credit and moving debt from person to business.

Another issue is relying on personal credit when making business purchases. Although this is the more convenient option for some people, it hinders their businesses’ ability to build a strong credit profile.

One more problem is operating as a sole proprietorship without forming a legal business entity. Unfortunately, this approach exposes the owner to personal liability, especially given the rising business debts and obligations.

Not having a business bank account is another issue to address as you progress with the transfer. That way, you avoid complicating the accounting procedures and tax reporting, making it easier to track income and expenses.

Legal and Financial Implications to Consider

While there are benefits to transferring personal to business credit, it is vital to understand the potential legal and financial implications of the activity for both the business and the owner. These include the following:

You can get legal liability protection as a business owner when you move your personal credit to business credit rather than having it all in one account. However, you must operate as a single entity, such as an LLC, to shield your personal assets from possible debts and lawsuits.

Some lenders require a personal guarantee, particularly if you have a new business. Typically, this means you do not have an extensive credit history. With a personal guarantee, you should know that you, as the business owner, will be held liable for any financial obligations. That includes if your business defaults on credit payments.

While a personal credit to business credit transfer establishes a separate credit profile and history for your company, it can also result in negative credit activity. Late payments and other mistakes can adversely affect your business’s creditworthiness. You must continuously build and protect your credit profile so that you do not have to worry about accessing financing in the long run.

visa-credit-card

The transfer requires careful documentation and recordkeeping. Otherwise, you could risk complying with tax laws and missing proper business deductions.

Compliance with the rules and requirements is important when using business credit. It mitigates potential issues and ensures legal adherence, so be sure to be mindful of your business’s legal structure and registration. Your business must have the appropriate licenses and permits to operate legally. Talk to a representative or local authorities if you require more information.

Finally, it is valuable to understand the reporting requirements of business credit bureaus, such as Experian Business and Dun & Bradstreet. You should always have your business credit activity report accurately, including your timely payments and credit utilization, for a favorable credit profile and history.

Conclusion

Transferring your personal credit to business credit is a smart move that can yield significant benefits. The biggest benefit is the potential to improve your personal credit utilization, which can really boost your personal credit score a lot. With a distinct separation between business and personal finances, you can protect your personal assets while aiming to access financing options and build a good credit profile for your company. Take the first step toward building your business credit profile by signing up for free business credit training today!

FAQ

Why should I transfer my personal credit to my business?

It can boost your personal credit score by lowering your utilization. Plus establishing a separate credit profile for yourself and your business can give your business access to more financing options while protecting your personal assets against potential company-related debts and obligations.

How do I transfer personal credit to my business?

You can apply for business credit cards, open a trade credit account with a supplier, or apply for a business loan. Then use a balance transfer or convenience checks.

Why should you not mix personal and business credit?

It is often difficult to separate expenses, making it difficult to track expenses. This can also be a problem when reporting business credit activities. Not mixing personal and business expenses on your personal credit profile can also help with asset protection.

How do I ensure compliance with legal and regulatory requirements when using business credit?

It helps to be knowledgeable about the Truth in Lending Act and Fair Credit Reporting Act, as well as other regulations that may be specific to your business and industry. That way, compliance is much easier as you continue to grow your company. You should also spend the time to speak to an attorney and a tax qualified professional, like a Certified Public Accountant (CPA).

How Long Does It Take to Build Business Credit? Fast Guide

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how long does it take to build business credit

Building business credit is essential. After all, it directly influences a business’s ability to borrow money or obtain products or services on credit. Regardless of the business size, companies must actively build and maintain good business credit to gain access to financing. Additionally, it aids in achieving favorable terms with suppliers, thereby establishing creditworthiness in the market or industry where they operate.

The question is: How long does it take to build business credit? Some say it takes about a year, while others may tell you it is quicker than that. Although the answers vary depending on who you ask, one thing is for sure: You must start building business credit as early as possible.

Why Build Business Credit

A survey in 2022 found that approval rates for business financing were extremely low during the pandemic. Even before that, almost 40% of businesses applying for financing did not get approved in 2020, according to the Federal Reserve statistics. Unfortunately, things did not get better, as it has become even more challenging for small businesses to access venture capital funding beginning in 2023. That’s why it is more important than ever to build strong business credit.

business owner building business credit

Strong business credit is achievable. Start with sufficient credit history; otherwise, poor or lacking history can become a major roadblock once you seek financing—even if it’s not a huge amount. With good business credit, your chances of getting approved for financing increase. That’s because it tells the lender that you have the ability and discipline to pay the amount you owe on time.

In general, many lenders look for a credit score of at least 500 for a business loan. However, this requirement increases depending on the institution you wish to work with. For instance, if you are applying for a business loan through a bank, you may need a credit score of about 700.

Here are the top motivating reasons to build your business credit today:

  • Capital Access: Potential investors like angel investors and venture capitalists are more likely to invest in your company if they see it has good credit. A good rating also opens your business to other financing options, including loans from traditional banks, alternative online lenders, and lines of credit.
  • Separation of Personal and Business Finances: This benefit is crucial for protecting personal assets if your business encounters legal issues or financial challenges. That’s why one of the very first steps you should take is to structure your business as a separate legal entity, like an LLC. That way, creditors cannot go after your personal assets, as they are not a part of your business.
  • Business Growth Opportunities: Because you have access to better credit terms and financing when you need it, you have the chance to seize options and openings for your business. Having a solid business credit profile allows financial flexibility, which is valuable in capitalizing on growth and expansion opportunities.
  • Cash Flow Management: Another benefit of good credit rating is that it improves cash flow, allowing you to have a fallback during economic downturns, for instance. You can get an influx of cash when needed to meet growing or continuous customer demand.
  • Negotiation Power: Gain leverage in contract and pricing negotiations with a good business credit standing. It’s helpful in industries such as professional services, where contracts are generally negotiated on an ongoing basis.

With the list above, you are probably ready to build your business credit. But how long will it take? And more importantly, how long does it take to build good business credit?

So, here’s our short answer to the question: It takes as few as 30 days to build business credit. However, building a solid profile with a positive and reliable credit history that reflects your business’s creditworthiness is a different kind of ballgame.

In order to have a solid profile, you must demonstrate responsible financial behavior, which includes making timely payments on loans and lines of credit. You must also never overspend, making sure to maintain a reasonable credit utilization level or the ratio of your business credit balances to your credit limits. In general, you should keep the credit utilization level below 30%.

Additionally, as a business, you most likely have several credit accounts. How you manage your various accounts can impact your business credit. Therefore, you should establish these credit accounts and use credit responsibly, which often involves monitoring the business credit report regularly. If there are any issues, they should be addressed immediately to maintain a solid credit profile over time.

Rapid Business Credit Boost in As Little As 30 Days

If you go to Google and search for “how long it takes to build business credit,” you will find a variety of answers, along with tips and how-to guides. Steps include formalizing your business and its structure, getting business insurance (if needed), licenses, and an Employer Identification Number (EIN), which you can use to apply for credit. You also need to open credit accounts that regularly report to business credit bureaus:

  • Dun & Bradstreet (D&B)
  • Experian Business
  • Equifax Business
  • Bureau Credit Reports, Inc. (BCR)

Perhaps the most important one is a Dun & Bradstreet number, commonly referred to as the DUNs number. This unique nine-digit number is generally used to identify a business. Typically, creditors ask for your DUNS number and EIN before agreeing to issue any business credit.

A checking account is also essential to building your credit profile. It’s important to maintain an adequate balance with no overdrafts and bounced checks to show creditors you are financially responsible. You should also network with banks and other professionals in the finance industry. This article provides a more detailed guide on how to build your credit.

Now, onto the more exciting part: building your business credit quickly. Here, I present two ways to fast-track building a solid foundation for your business credit.

First, register for relevant Net 30 accounts. These accounts let you purchase goods on credit, which you must pay back within 30 days. Suppliers demand that you have a separate Net 30 account. That’s why businesses usually only register with suppliers they use often. The significant requirement to bear in mind is to be consistent in paying off your Net 30 accounts on time. With this simple strategy, you don’t just accelerate your business credit building but also create a strong start for it.

Here’s how 30-day net vendors help with business credit building:

When you work with vendors who offer Net 30 terms, you establish trade references. These vendors typically report your payment history to Dun & Bradstreet, which helps you build a positive credit history for your company.

Let’s say you have business credit cards, loans, or other credit accounts on top of the trade references mentioned above. This means you have diversified your credit profile, which many creditors and lenders view more favorably. As a result, your business credit score has a bigger chance of seeing improvement within 30 days.

woman holding business credit card

As discussed in this article, you need to make timely payments with vendors, particularly those with Net 30 terms. Doing so demonstrates your company’s ability and reliability when it comes to managing credit. Pay invoices without delays consistently to strengthen your creditworthiness, and you will see a positive impact on your credit score in no time.

The next step is to expand your credit access by ensuring you have positive trade references with Net 30 vendors. This simple activity allows you to enhance your business’ creditworthiness, further increasing your access to credit and financing options over time.

Lastly, you need to build good relationships with vendors, starting with responsibly paying invoices on time and in full. That way, you get favorable terms and discounts that could benefit your business in the future, including contributing to your overall creditworthiness.

Utilizing 30-day net vendors is an effective strategy that could lead to a more solid business credit profile and establish a strong foundation for your company’s financial health and future.

Apart from 30-day net vendors, you can gain a quicker and bigger advantage when you have business credit cards. You have plenty of options here, but a top recommendation is a Nav Prime card. If you have doubts about whether this credit card is right for your business, this article can help you decide.

So, what exactly is the Nav Prime Card? It’s a charge card that costs $49.99 monthly. Although expensive, this card lets you manage your business credit, giving you access to reports each month. Unlike other credit cards, Nav Prime does not require an annual fee, personal guarantee, or security deposit. You can even link it to your business checking account, where you can add multiple cards and accounts with no extra charge.

Nav Prime issuers will generally report payment activity to business credit bureaus. That’s why it is significant that you make timely payments on the card, which is the key to establishing a positive payment history for your company. Paying on time and in full can benefit your business credit over time.

You are free to use your Prime card as needed. However, since the goal is to gain a positive impact on your credit history, it is advisable to keep your balances low. Consider your credit limit when determining the credit utilization ratio, which tells lenders, investors, and financial institutions that you can manage your credit. It also helps improve your credit score in the long run. Maintain a good credit utilization ratio for 30 to 90 days to build a strong profile.

The Nav Prime card aids in diversifying your business credit profile, which creditors and lenders always consider before approving financing. Having a diverse credit mix, which includes your Nav Prime card, other credit cards, trade lines, and loans, can help build your business credit within 30 days.

nav prime card

The next step is to aim for a credit limit increase. You need to demonstrate that you use your credit responsibly to get approved for an increase. As it improves your creditworthiness as a business, you may then become eligible for a card credit limit increase. The higher your credit limit, the better your credit utilization ratio. It then gives you more purchasing power, which is certainly beneficial for your business.

Nav Prime cards come with expense trackers, allowing you to monitor and manage your business spending. Use these tools for budgeting, controlling business finances, and financial planning.

Using the Nav Card, you can manage your business’ credit profile correctly and responsibly. Additionally, it enables access to business credit reports while gaining new trade-ins, which are vital to building positive business credit.

Building business credit is vital for every entrepreneur, operator, and owner. It establishes your business’ financial stability while allowing you access to financing and opening doors for long-term growth. With the tips above, you can build your business credit within 30 days.

Let us help you accelerate your business credit efficiently when you sign up for free business credit training today.

FAQ:

How long does it take to build business credit with net 30?

Using a 30-day net vendors report to Dun & Bradstreet can help build your business credit within 30-60 days. The more consistently you make purchases and pay invoices on time, the quicker you achieve a solid profile.

How long does it take for an LLC to get a credit score?

Engaging in credit-related activities, such as opening business credit cards and obtaining trade credit with your preferred suppliers, can help build a credit history quickly, often within 30 to 90 days.

How long does it take to build business credit to buy a car?

If you have proven your business’ creditworthiness by being consistent and responsible with your credit use, you can buy a car within 90 days or less.

What is the fastest way to build credit for an LLC?

Establish your business credit accounts, get a business credit card, pay on time, and work with vendors and suppliers who regularly report to credit bureaus to build credit fast.

Boosting up your business credit profiles takes a little bit of work, but it is very much worth it. Spend the time to create a strong foundation to take care of you and your business in the future.

Grab our FREE Report on How To Build Business Credit In Just 30 Days… Click Here

Amazon Business Prime Credit Card: Full Review +How to Get One

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Amazon Business Prime Credit Card

The Amazon Business Prime Credit Card has been around for awhile now, and it’s convenient for business spending with Amazon, AWS, and Whole Foods. But, that isn’t the only reason why you would want one. Here, I’ll lay out the card benefits in full and explain how to get a business credit offer from Amazon and Amex. 

For those who already have the card, I’ll explain how to get the most rewards with your spending and answer some common questions.

Here’s what’s in store: 

Let’s roll!

What is the Amazon Prime Business Credit Card? 

The Amazon Business Prime Card is like a VIP pass for your business expenses. With no annual fee, you can snag a $125 Amazon.com Gift Card just for getting approved—nice, right? 

The more you spend at Amazon Business, AWS, Amazon.com, and Whole Foods Market, the more you earn back, like 5% back or 90-day terms on eligible purchases with a Prime membership – Dining out, filling up at gas stations, and handling phone bills also get you some sweet 2% back. Everything else? You still get a cool 1% back. 

Plus, the perks include: 

  • No foreign transaction fees
  • Expense management tools
  • Baggage insurance for your travels 

It’s like your business’s new best friend with benefits! 

You might also like: Amazon Corporate Credit Line – The Ultimate Guide 

Amazon Company Overview 

If you haven’t heard of Amazon, it would surprise me. Still, for the sake of staying true to my comprehensive nature, here’s a quick rundown. 

Amazon is the big dog of online everything…It started as a humble online bookstore in ’94, and look at it now—like the Godzilla of e-commerce. From A to Z, they’ve got it all, and I mean everything: Books, gadgets, groceries, cloud computing, streaming, you name it. 

Amazon Business Prime account

The founder, Jeff Bezos, turned a garage project into a tech empire over the course of the past 30 years. Fast shipping? Hello, Prime! They even got drones in the game. With fingers in so many pies, it’s hard to imagine a world without that iconic smiling arrow. 

Amazon is a seattle-based company that now has a ton of subsidiaries including Xoox (future driverless, electric taxis), Whole Foods, Twitch, and IMDB. 

Amazon Subsidiaries

The current CEO, Andy Jassy, had been with the company since 1997, founded AWS in 2006, and took over Amazon Inc. when Bezos stepped down in 2021. 

At this point, there aren’t many industries Amazon doesn’t have their hand in. Still, their business credit card is serviced by Warren Buffet’s American Express (a Berkshire Hathaway company). The card doesn’t currently offer cashback on purchases with most subsidiaries, but they’re in an interesting position that would make this possible – I wonder if that’s something we could see in the future. 

Amazon Business Prime Credit Card Summary

Looking to level up your business game? Enter the Amazon Business Prime Credit Card—a great tool for savvy business spenders. From a $125 welcome gift card to cash back rewards on your favorite business expenses, this card is a VIP pass to Amazon-related savings. 

Let’s dive into the details!

How Does the Amazon Business Card Work?

So, how does this card work its magic? It’s all about the cashback game…Let’s review. 

Amazon Prime card for business

You earn 5% back or get extended 90-day terms on U.S. purchases (your choice) at: 

  • Amazon Business
  • AWS
  • Amazon.com
  • Whole Foods Market

The 5% cashback offer is good for up to $120K in spending per year. 

Dining out, fueling up, or sorting out your wireless bills? Enjoy 2% back—every other purchase scores you a solid 1% back. The more you spend, the more you earn. Simple as that.

Amazon Business Prime Credit Card review Reddit

Then, as an Amex cardholder, you can take advantages of even more benefits: 

  • Gain deeper insights into your purchases for smarter decisions.
  • Simplify expense reconciliation with itemized, downloadable purchase details.
  • Earn rewards with no expiration, giving you flexibility in usage.
  • Redeem points on Amazon.com and Amazon Business (U.S.) or apply them to your balance.
  • Travel the world without worrying about foreign transaction fees.
  • Enjoy global card acceptance with American Express.

Plus, this card comes with no annual fee (they make up for this with your prime membership fee). If you play the game well, you can end up saving quite a bit. 

Moreover, you can leverage extra protection on purchases made with the card: 

  • Get an extended warranty on items you purchase with the card, up to one extra year.
  • Purchase protection guards your purchases for up to 90 days against theft or accidental damage.
  • Receive support with dispute resolution for any fraudulent or incorrect charges on your statement.

Hopefully, you won’t ever have to use them, but these perks will make life easier if you do. 

You might also like: Marriott Bonvoy Business Credit Card Review & Comparison 

Can Anyone Get an Amazon Business Prime Card?

The Amazon Business Prime Card is up for grabs for any business, but there are a couple things to note: 

  1. The basic requirements are that you are at least 18 years of age, own at least half of your business, and have a Prime or Business Prime account.
  2. While there’s no minimum credit score posted on the door, a solid creditworthiness vibe is key – people I’ve known to be approved for this card had a score of 700 or above. 
  3. You may need an EIN set up with the IRS, a business bank account, and a business address. 

Note: If you downgrade your Amazon Prime account, Amex may downgrade your cashback rewards structure, but this doesn’t seem to happen to everyone. 

Amazon Business Prime Credit Card apply

People often wonder about the APR, and here’s the lowdown: Your annual percentage rate will dance in the 19.49% – 27.49% variable rate range. 

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

How to Get an Amazon Prime Business Credit Card

Pre-approval requirements for the Amazon Prime Business card are not crystal clear, but a decent credit score waltz will get you far. Keep those expenses in check, and you might just find this card in your wallet.

If you sign up for an Amazon account with a professional email account (name@yourbusinessname.com), Amazon will invite you to sign up as a business. From here, they run periodic checks and might send you an offer to apply. 

To apply today without pre approval, you can do so on the Amex website. Apply, and you could get a decision in as fast as 30 seconds—once approved, enjoy the perks, the cashback, and that shiny new card in your hands.

💡 Business Credit Bonus Tip: Leverage In-App Amex Offers for More Savings

Keep an eye on Amex Offers through the American Express® App. These are personalized deals and discounts that Amex cardholders receive based on their spending habits. When you regularly check and activate these offers, you can enjoy extra savings on purchases from various merchants.

Amazon Business Prime Credit Card Login

Frequently Asked Questions

Is the Amazon business credit card only for Prime members?

Yes, the Amazon Business Credit Card is available to Amazon Prime and Amazon Business Prime members. Hence, their ability to offer an Amex card with no annual fee. 

How am I eligible for Amazon business?

Eligibility for Amazon Business typically involves having a business entity. You can sign up on the Amazon Business website using a professional email address (name@yourbusinessname.com).

Do you need a credit card to open an Amazon Business account?

No, having an Amazon Business account doesn’t require you to obtain an Amazon credit card or any other credit card. You can pay with a debit card. Amazon even accepts EBT cards for some food purchases in select locations. However, a credit card can be beneficial for making purchases and accessing card-specific benefits.

What's the credit limit on the Amazon credit card?

Credit limits are determined based on individual creditworthiness and financial factors. The assigned limit will be provided upon approval. Amex tends to extend credit limits in the tens of thousands range with responsible use, but they’re also known to decrease limits, without warning, at the first sign of irresponsible credit usage. 

Is there an annual fee for the Amazon business card?

No, there is no annual fee for Amazon’s business credit card. However, you will need to pay $179+ annually for a Business Prime account to qualify. 

Is Amazon business credit card a hard pull?

Yes, applying for the Amazon Business Credit Card will result in a hard pull on your credit report. It’s advisable to be mindful of your credit inquiries.

Wrapping Up

In a nutshell, the Amazon Business Prime Credit Card can be your business’s VIP pass, offering rewards and perks that go beyond convenience. From cashback on Amazon, AWS, and Whole Foods spending to added benefits like no foreign transaction fees and enhanced purchase protections, it’s not just a card—it’s a business ally.

Amazon’s evolution from an online bookstore to an e-commerce giant with global reach is awe-inspiring. As for the card, eligibility is straightforward, rewards are impressive, and the application process is hassle-free.

Whether you’re a seasoned user or contemplating joining the Amazon Business Prime Card club, remember: a good credit score dance can open the door to a world of benefits. 

While I really do like this card, I tend to favor small community banks and credit unions (which you already know if you follow this blog). I tend to see businesses get larger lines of credit when they have the right rapport with smaller institutions. 

If you’re ready to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today!

Is the Nav Prime Card Right for Your Business? Let’s Find Out!

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Nav Prime Business Credit Card

In the world of small business, access to credit can be a game-changer. Whether you’re a seasoned entrepreneur or just starting, the financial flexibility to seize opportunities, manage cash flow, and fuel growth is essential. 

That’s where the Nav Prime Card might step in as a compelling tool to help you navigate the complex landscape of business credit. 

But, is it right for you?…That’s what I’m going to answer here.

This is what’s in store: 

Now, let’s roll! 

What is the Nav Prime Card?

The Nav Prime Card is a charge card offered by Nav Prime ($49.99/month), designed for small businesses. It allows users to build business credit without an annual fee or personal guarantee. Unlike a credit card, it requires no security deposit and is linked to the user’s business checking account for daily use.

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Nav can boost your business credit score and provide personalized funding recommendations for your small business you can't find anywhere else.

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This card is more than just a piece of plastic. It can be a financial lifeline for small businesses, offering a range of benefits designed to help you build, strengthen, and leverage your business credit profile. 

The Prime Card is issued by Blue Ridge Bank, N.A., adding a layer of credibility. Moreover, Nav, the company behind Nav Prime, is a well-established player in the business credit space, offering a range of financial tools and resources for businesses.  

Nav Prime Business Credit Card Review

Before Nav became Nav in 2012, the company was called Creditera, and was helping to boost business credit scores before most of the other players in the game.

Let’s dive into the details and explore why the Nav Prime Card is becoming a top choice for savvy entrepreneurs.

→ Recommended: Nav Review: A Tool that Helps Build Up Your Business Credit Score 

Nav Prime Card Overview

When it comes to the financial success of small businesses, one element often stands out: building a robust business credit profile. But, this isn’t always straightforward to achieve, especially if you’re just getting started or have limited credit history. 

Nav Business Credit Card

That’s where the Nav Prime Card steps in, offering a solution to this common challenge.

Business Credit Building Features

Building a robust business credit profile is a cornerstone of financial success for small businesses. However, it’s not always easy, especially if you’re just starting or have limited credit history. 

The Nav Prime Card is specifically designed to address this challenge.

Here’s how it works: 

  • It’s a charge card – Unlike traditional credit cards, the Nav Prime Card is a charge card, which means you need to pay your balance in full every month.
  • There’s no credit check – One of the hurdles many small business owners face is the dreaded credit check. The Nav Prime Card removes this barrier by not requiring a credit check for approval. This is fantastic news for those with less-than-perfect credit or those looking to avoid inquiries on their personal credit reports.
  • The account reports as a tradeline – The Nav Prime Card reports your payment activity as a tradeline to major credit bureaus. This is where the magic happens; your responsible card usage translates into positive data on your business credit report, gradually boosting your business credit scores.

→ Recommended: Using 30 Day Net Vendors to Build Your Business Credit Score 

No Security Deposit Required

Securing a traditional business credit card often involves putting down a security deposit, which ties up your capital. The Nav Prime Card eliminates this requirement, giving you access to credit without tying up your cash. It’s a win-win for your business’s financial health.

Daily Autopay Feature

Managing your credit card balance can be a juggling act. The Nav Prime Card simplifies this process with its daily autopay feature. Instead of fretting over a big monthly bill, your card balance is automatically paid down daily, which reduces the risk of carrying a high credit balance and potential interest charges.

Second Monthly Tradeline

In the world of credit building, tradelines are your best friends – The Nav Prime Card provides a unique advantage by automatically sending two monthly tradelines to all three major credit bureaus. This means your positive payment history is widely reported, strengthening your business credit profile faster.

But, it’s not right for everyone. 

→ Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

Who Wouldn’t Want a Nav Prime Card? 

Nav Prime Business Credit Card Reviews

While while Nav Prime has a good offer, here are some of the groups who might not want to take advantage of the card offer:

  1. Budget-savvy startups – If you’re a fresh-faced startup trying to make every dollar count and the Nav Prime Card asks for a monthly fee of $49.99 for Nav Prime, this could throw a curveball into your penny-pinching game. Early-stage businesses might steer clear to keep their costs in check
  2. Privacy buffs – If you need to guard their data like a treasure chest, keep in mind that the Nav Prime Card wants access to your bank accounts to set a credit limit. If you need to be all about data security and privacy, you might go, “No way!” and opt for another option. (But, nearly all card offers will require that you share at least some identifying info).
  3. Geographically-challenged folks – Is your business California, Nevada, North Dakota, or South Dakota? Unfortunately, the Nav Prime Card doesn’t roll out the welcome mat in these states. So, if you’re doing business in any of these areas, it’s a no-go. 
  4. Owners looking for a credit card – If you’re in the market for an unsecured credit card that you can use to expand and grow your business, you don’t need a business credit builder card (you might check out one of these instead). 

These are the kinds of folks who might give the Nav Prime Card a polite pass. Whether they’re all about frugality, data security, or just prefer a different financial vibe, they’ve got their reasons to set their eyes on a different offer.

→ Recommended: Torro Business Funding Review: Is This “Zero Hassle” Offer Legit?

How to Get Started with the Nav Prime Card

Now that you’re intrigued by the Nav Prime Card’s benefits, you might be wondering how to get your hands on one. 

Here’s a step-by-step guide to kickstart your journey to building and leveraging business credit with Nav Prime:

  • Step 1: Check your eligibility

Before applying for the Nav Prime Card, ensure that you meet the eligibility criteria. While the card is designed to be accessible, it’s essential to confirm that your business qualifies.

In simple terms, if you want to sign up for a Platform Account, you need to meet some requirements:

  • Your business must be based in the United States.
  • You should have an active Nav Prime subscription.
  • You have to complete identity verification, which means proving who you are.
  • Your business can’t be involved in certain activities like adult entertainment, selling cannabis, dealing with cryptocurrency, running gambling or online gaming, or anything else that doesn’t go well with this card.
  • The person applying for the account must be at least 18 years old and allowed to do this on your behalf.
  • They might look at some other things to decide if you can get an account or the card, but that’s up to them.
  • Step 2: Apply online

The application process for the Nav Prime Card is straightforward and can be completed online. Be prepared to provide basic information about your business, such as its legal structure and industry.

Nav Prime Business Credit Card Application
  • Step 3: Link your bank account

To set your credit limit and enable daily autopay, you’ll need to link your business bank account to your Nav Prime Card account – This step streamlines your finances, providing insights you can’t get from your bank alone.

  • Step 4: Use your card responsibly

Once you receive your Nav Prime Card, it’s time to put it to work. Use it for your everyday business expenses…but remember that it’s a charge card, so paying your balance in full each month is crucial.

  • Step 5: Watch your business credit grow

As you consistently use your Nav Prime Card and make on-time payments, you’ll start to see the positive impact on your business credit profile. Over time, your business credit scores will rise, opening doors to better financing options.

Nav Prime Business Credit Card Login

Frequently Asked Questions

What's the difference between a charge card and a credit card?

While both types of cards allow you to make purchases, there’s a key distinction. A charge card requires you to pay your balance in full each month, while a credit card allows you to carry a balance and make minimum payments. The Nav Prime Card is a charge card, offering the benefits of credit without the risk of long-term debt.

Can the Nav Prime Card help me secure business financing?

Yes, absolutely. By consistently using and managing your Nav Prime Card responsibly, you’ll build a strong business credit profile. This, in turn, enhances your eligibility for various financing options, including business loans, lines of credit, and more favorable terms.

Is the Nav Prime Card available nationwide?

Nav Prime Card is available in most states; however, it’s not currently offered in California, Nevada, North Dakota, or South Dakota.

How long does it take to see improvements in my business credit scores with the Nav Prime Card?

The timeline for credit score improvement can vary based on several factors. According to data tracking Experian® Intelliscore Plus business credit scores, many users have seen improvements of up to 50% in the first three months of having Nav tradeline reporting. Results may vary, but responsible card usage is key to achieving these improvements.

So, is the Nav Prime Card legit? 

The Nav Prime Card is more than just a business charge card; it can be a powerful tool for building, strengthening, and leveraging your business credit profile.

 With its unique features, including no credit checks, no security deposit, daily autopay, and the reporting of two monthly tradelines, it’s a valuable asset for small business owners looking to secure better financing options and improve their financial health. 

If you’re ready to take control of your business credit journey, you can spare $49 per month for full access to Nav Prime, and if you’re in a region where the offer is available, the Nav Prime Card is probably worth looking into.

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

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Behind the Scenes of Become.co: A Comprehensive Review

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Become.co review

Become.co – aka “Become” – is a relatively new player in the online lending field, offering financial solutions for owners looking to optimize profits and obtain funding to grow their business. 

The offer has received mostly positive reviews with a Trustpilot rating of 4.6 (believe it or not, this is impressive for a financial offer). Users have praised their services, highlighting quick and effective funding solutions. They’ve also mentioned friendly and professional staff, as well as seamless processes.

Become seems to go above and beyond traditional business lenders, but is the offer real or hype? 

That’s what I intend to explain (in detail). Let’s explore everything Become might be able to help you achieve, and see how they stack up next to competitors. 

Here’s what’s in store: 

Let’s begin! 

What is Become.co? 

Become was founded in 2016 by Amir Leitersdorf, Daniel Katz, Eden Amirav, Guy Zipori, Iri Amirav, Ofer Ariel, and Uri Sittan. The company is based in San Mateo, California, and has received Series A funding totaling $15.2 million. 

The offer is an end-to-end financial optimization platform and loan marketplace for small and medium-sized businesses (SMBs). In a word, it uses advanced algorithms to provide customized funding offers to SMBs, helping them scale and grow their businesses.

Become.co login

We’ve seen comparable business funding algorithms before – from companies like Divvy (credit card), Fundbox (loans/credit lines), and Lendio (funding marketplace), to name a few. But, Become doesn’t just use technology to match business owners with lenders.

Become goes a bit farther with their offer, and gives business owners access to solutions that help them scale: 

  • A vast array of business loans from various lenders
  • Transparent LendingScore™ dashboard
  • MatchScore™ to pair SMBs with lenders 
  • Automated application review
  • The BeProfit app (to help track and analyze eCommerce profits)

Let’s peek behind the curtain at the solutions you might want to take advantage of. 

Recommended: 6 Best Fintech Credit Cards to Apply for (Consumer & Business)  

What Type of Business Loan Can You Match With Through Become? 

As I said, Become can get you access to an array of loans. But, in straightforward terms, what’s this mean for you? 

Here are the types of business loans Become can match you with:  

  • Commercial vehicle loans
  • Startup business loans
  • Asset-based loans
  • SBA loans
  • Lines of credit 
  • Business equipment loans
  • Unsecured business loans
  • Invoice factoring & merchant cash advances (MCAs)

As you first dive-in to the offer, it appears that Become is like a Credit Karma for business (though they’ve referred to themselves as the “Tinder” for business). 

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

How to Qualify for Funding

In sum, Become wants to see your credit score (it seems that they use their own proprietary LendingScore™ as opposed to Paydex or FICO), time in business, and revenue. 

Keep in mind that since Become works with so many lenders, a poor credit score won’t necessarily disqualify you from obtaining funding. But, it might limit you to certain types of loans (probably high-interest funding like MCAs or invoice factoring). 

If you’re based in America, you’ll need a business that’s been operational for at least 3 months. This qualification doesn’t seem to be negotiable, and the only way around it would be a creative solution like purchasing a shelf company. 

Finally, Become wants to see that your business brings in an average of $5K in revenue per month.

Now, if you don’t qualify for funding through the platform, you will be informed about why, and shown how you might improve your business health and improve your LendingScore.™  

eCommerce Loans 

Working in the eCommerce space? If you sell on Amazon or Shopify, you can connect your store to the platform (no paperwork required) and find out if you qualify for funding – you can potentially receive up to $100K within a day. 

You may also need to connect to your online advertising channels to rate your marketing efforts. 

Currently, Become partners with Kapitus, Everlasting Capital, and Pearl Capital to match funding offers with online sellers who qualify. 

Here’s what you should know about these partners:

  • Kapitus requires a 625 credit score, 2+ years in business, and $250K annual revenue 
  • Everlasting Capital primarily offers MCAs & equipment financing, which are likely high-interest
  • Pearl Capital is a technology partner that probably makes Become’s business analysis possible
Become review

This should give you an idea whether or not it’s worth applying for an eCommerce loan through Become – Keep in mind that the platform will show you personalized areas for improvement if you aren’t currently eligible for financing through one of their partners. 

The BeProfit™ App for Online Sellers  

Next, let me introduce BeProfit: It’s an app that helps you dig deep into your online sales profits, so you’re not just guessing about your financial health.

BeProfit app

BeProfit gets all your expenses, from shipping to discounts, neatly organized in one place. You can quickly spot what’s boosting your profit and what’s dragging it down, so you can make smart decisions.

Plus, it’s super user-friendly. No need to drown in complicated numbers and reports. BeProfit simplifies everything into easy-to-understand reports, giving you more time to focus on growing your business.

Now, is it relevant or right for you? 

BeProfit is available on Shopify, Woo, and Amazon, and costs from $20 to $2000 per month to use (though you can use it for free on Shopify if you have fewer than 5 monthly orders).  

Note: All plans include features related to shipping, discount, products, inventory, marketing, and returns. 

Monthly PriceYearly PriceOrdersShopsFeatures
Basic$20$2402001Profit Dashboard, Custom Expenses 
Advanced$60$7206001Advanced Analytics, 3 Team Members
Pro$120$144012001Retention Analytics, 5 Team Members
Plus (Custom)Starts at $200–UnlimitedUnlimitedDeep Analytics, VIP Support

Please note that the prices mentioned are subject to change, and it’s always a good idea to check the latest pricing for the most up-to-date information.

Industry-Specific Loans

While their offer for online sellers stands out, eCommerce isn’t the only niche that Become caters to. The company is all about helping businesses get the right funding they need. They offer tailored loans for various industries. 

Become business loan

Whether you’re in the hotel business, a contractor, a realtor, or even run a restaurant, they’ve got you covered. Construction companies can find financing options that suit their needs, and the same goes for trucking businesses. It’s like a one-stop-shop for business funding.

What’s cool is that they use technology to match you with the best lender for your specific industry. So, you’re not dealing with a generic loan but one that understands the challenges and opportunities in your field.

Plus, they make it easy to apply, and you can compare offers to choose what works best for your business. So, if you’re in one of these industries and need financing, it might be worth checking out – It’s all about making business funding as simple as walking into a convenience store.

LendingScore™ & MatchScore™  

Before we wrap up, let’s get a quick overview of how LendingScore and MatchScore work.

LendingScore is like a financial fitness tracker for your business. It delves into your financial details, analyzing your credit, income, and history to determine how prepared you are for a loan. Instead of filling out numerous loan applications, LendingScore™ streamlines the process by allowing you to submit just one. Then, it takes on the role of matchmaker, connecting you with top lenders who are more likely to approve your loan application. It’s akin to having a personal coach for your business finances, helping you navigate the world of loans with ease.

On the other hand, MatchScore is your loan cupid. This tool takes your business’s financial profile and starts swiping right on lenders who are a perfect fit. Think of it as a dating app, but for loans! Instead of you scouring the market for lenders, MatchScore does the legwork for you. Its primary goal is to find the loan that aligns perfectly with your business needs. No more blind dates with banks – MatchScore ensures that you and the lender are a match made in financial heaven.

In summary, LendingScore assesses your loan readiness, while MatchScore acts as your personal loan matchmaker. With these handy tools, you can navigate the loan application process effortlessly and discover the ideal financing option that suits your business like a glove. 

Frequently Asked Questions

Can you get a loan for eCommerce?

Yes, you can get a loan for your eCommerce business. Many lenders offer small business loans for eCommerce, like Become and Stripe Capital.

Can you do eCommerce with no money down?

It’s tough but possible. Consider options like drop shipping or print-on-demand, where you don’t need upfront funds for inventory. And, some people who don’t want to pay to host a website, sell manually on Instagram, Facebook Marketplace, and Craigslist.

How to get a loan to start an eCommerce business?

To get an eCommerce loan, prepare a solid business plan, demonstrate your ability to repay, and find a lender that fits your needs.

How much money do you need for eCommerce?

The amount varies, depending on your niche and plans. Costs can include website development, inventory, and marketing.

Do you need a lot of money to start eCommerce?

Not necessarily. Many start small and reinvest profits to grow over time. Careful planning can help you start with a lean budget.

Conclusion

So, is Become the real deal or just a bunch of hype? 

My opinion: it appears to be a promising financial optimization and funding platform for SMBs – Their tailored funding solutions and the positive Trustpilot reviews are strong indicators of their effectiveness in helping businesses grow.

However, as with any financial service, you need to do your due diligence and thoroughly assess whether Become’s offer aligns with your needs, and if it’s necessary. 

So, do you prefer convenience or control – In my opinion, Become is one of the most convenient business funding offers out there, but it doesn’t give SMBs the ultimate control over their finances. 

Would you be better off to raise money through Kickstarter, explore an offer like Fund&Grow or Lendcred…or build your business credit and hand-pick the offers you want to apply for?  


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

How to Find Aged Shelf Companies for Sale +Why Buy Them? 

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aged shelf companies for sale

Looking to get into the world of aged shelf companies? You’re in the right place! Aged shelf companies, also known as blank check companies or ready-made businesses, are like the fine wine of the business world – they’ve been sitting on the shelf, waiting for the perfect moment to shine. 

In this guide, we’ll take you on a journey through the ins and outs of aged shelf companies, from what they are to where to find them.

Here’s what’s in store: 

Now, let’s get to it! 

What are Aged Shelf Companies?

aged shelf company definition

Also known as blank check companies, ready-made companies, or simply “aged” companies, aged shelf companies are registered entities that have had no activity. Think of it as setting your business on a shelf to age like a bottle of wine. 

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See our discounted offer on an Aged Shelf Corp for sale (plus our best training included for free). Just click Add to Card below

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Like wine, when the right conditions are met, a business can improve when aged. Except, rather than enhance the flavor, a shelved company establishes corporate history and, when opened, can expedite business processes. 

Note: Shelf companies are not to be confused with “shell corporations,” which are typically empty entities used for concealing ownership, avoiding taxes, or engaging in illicit activities.

What are the Characteristics of a Shelf Company? 

In a nutshell, aged shelf companies have been around for several years or more, often decades, and remain inactive since their creation. They have a clean financial and operational history, with no debts or liabilities.

Now, let’s find out how much a shelf corporation costs and the considerations involved. 

How Much Does a Shelf Corporation Cost? 

So, how much does it cost to snag one of these shelf corporations? Well, it’s kind of like buying anything vintage – the price can vary, and it depends on several factors:

  1. Older shelf corporations tend to cost more because they’ve got that longer corporate history going for them.
  2. Where it’s registered matters. Some places have higher fees and maintenance costs.
  3. The person or entity selling the shelf corporation sets the price – It can be influenced by demand and what extras they throw in.
  4. Some sellers offer stuff like help with transferring ownership or handling compliance, which can affect the price tag.
  5. If the company’s got a snazzy name or a certain legal structure, that can drive up the cost. 
  6. Sometimes, you get additional documents like articles of incorporation or organization and credit reports, which can bump up the price. 
  7. The demand for shelf corporations in a particular area or industry can make the prices go up or down. 

See: Low-Risk NAICS Codes +Best SIC Codes for Business Credit

Prices can range from a couple hundred bucks up to ten grand, so do your homework – think about what you need and make sure to check for any hidden surprises before you dive in! 

Why Buy an Aged Shelf Corporation? 

What is the meaning of a shelf company benefits

Now, let’s talk about why some folks choose to snag an aged shelf company—it’s kind of like thrift shopping for businesses.  

Here’s why you might want to buy one:

  • Instant street cred – These old-timers have been around the block for a while, so your business looks legit right from the start. Customers and partners might trust you more.
  • Skip the line – Instead of waiting in line to set up a brand-new business, you can waltz right in with a shelf company. Quick and easy, no fuss.
  • Grab opportunities – Sometimes, to get certain contracts or loans, you need a business with a bit of history. Shelf companies meet those requirements with style.
  • Borrowing made easy – If you need cash, lenders often prefer companies with a few years under their belt. With an established business, getting business credit can be smoother.
  • Blink and You’re In – Expanding your business into new markets? A shelf company can help you jump through those legal hoops faster.
  • Name Game – If the shelf company has a cool name, you can use it without the hassle of registering a new one.
  • Tailor-Made – When you choose a shelf company that fits your business strategy, it’s like a ready-made suit, but for your business.

Next, let’s look at what you can do with them. 

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

What do People Do With Shelf Companies?

So, what’s the deal with shelf companies? Well, folks use ’em for all sorts of reasons.

Imagine you’re in a hurry to kickstart a business or snag some sweet contracts. A shelf company’s like a shortcut because it’s been around for a while, making your new venture look trustworthy right from the get-go. Plus, if you need loans or want to expand into new markets, having a seasoned business can make things way smoother. You can also protect specific assets or use a snazzy business name without the usual hassles.

Maybe you’re already working a business, but you’re unincorporated. An aged shelf company offers a nice way to slide right into the 

But here’s the catch: before you take the plunge, do some digging. Not all shelf companies are the same, so be sure to check for any hidden surprises. 

How to Find Aged Shelf Companies for Sale

Where to find aged shelf companies

State Secretary of State (SOS) offices typically maintain records of registered business entities, including corporations and LLCs. 

However, while you can find information about existing businesses and their registration status through the SOS office, you typically won’t find aged shelf companies specifically listed for sale in these government databases.

Aged shelf companies are usually sold by individuals or businesses in the private sector, often through business brokers, legal and financial services, online marketplaces, or other commercial channels. 

If you’re interested in purchasing an aged shelf company, you would typically need to search for listings or consult with professionals and businesses that specialize in providing aged shelf companies for sale. These sellers acquire and maintain shelf companies and then offer them for purchase to individuals and businesses seeking to expedite the startup or expansion of a new venture.

Finding aged shelf companies for sale can be relatively straightforward with the right approach. Here’s how to go about it.

Certainly, let’s break down how to use each channel to secure an aged shelf company, along with the pros and cons of each approach:

1. Online Business Brokers

Numerous online business broker websites specialize in selling aged shelf companies. These platforms list various aged corporations available for purchase, complete with details about their age, location, and price. You can search and filter listings to find the one that suits your needs.

  1. Visit reputable online business broker websites like Corporations Today Inc. or BSC & Associates.
  2. Seek out aged shelf companies that match your criteria.
  3. Review listings, including details on age, location, and price.
  4. Contact the broker to express your interest and inquire about the purchase process.

Pros:

  • Wide selection of shelf companies.
  • Detailed listings with essential information.
  • Broker assistance with the purchase process.
  • Potential for competitive pricing.

Cons:

  • Broker fees may apply, increasing the overall cost.
  • Limited opportunity for direct negotiations with the seller.

Some law firms and financial services companies offer aged shelf companies as part of their services. They can provide guidance on the purchase process, ensure legal compliance, and help with the transfer of ownership.

  1. Consult law firms or financial service providers like Companies Incorporated or AmeriLawyer that offer aged shelf companies.
  2. Discuss your specific needs and budget with the service provider.
  3. Review available shelf companies in their inventory.
  4. Work with the service provider to complete the purchase and transfer of ownership.

Pros:

  • Expert guidance on legal compliance.
  • Streamlined purchase process.
  • Assistance with ownership transfer.
  • May include additional services such as registered agent services.

Cons:

  • Costs may be higher due to bundled services.
  • Limited selection compared to online listings.

3. Business Directories

You can check business directories or databases for companies that offer shelf corporations. Look for contact information and inquire about their available inventory.

  1. Explore business directories or databases.
  2. Identify companies offering shelf corporations for sale.
  3. Contact the companies directly to inquire about available aged shelf companies.

Pros:

  • Direct access to potential sellers.
  • May find local options easily.
  • Direct communication with the seller.

Cons:

  • Limited information available in directories.
  • May require extensive outreach and research.
  • Limited selection compared to specialized platforms.

4. Networking

Connect with entrepreneurs, business consultants, or professionals in your industry who may have knowledge of or access to shelf companies for sale. They might provide valuable recommendations or leads.

  1. Network with entrepreneurs, business consultants, or industry professionals.
  2. Share your interest in acquiring a shelf company.
  3. Seek recommendations or referrals from your network.

Pros:

  • Personalized recommendations.
  • Potential for insider information.
  • Trustworthy referrals from known contacts.

Cons:

  • Networking may take time.
  • Reliance on others to provide leads.
  • Limited control over the selection process.

5. Online Marketplaces

Explore online marketplaces like eBay or Flippa, where sellers occasionally list aged shelf companies for sale. Be sure to conduct due diligence and verify the legitimacy of the seller and the company being offered.

  1. Search online marketplaces like eBay for aged shelf companies.
  2. Review listings, including seller ratings and descriptions.
  3. Contact the seller to discuss the purchase.

Pros:

  • Accessibility to a wide audience.
  • Opportunity to negotiate directly with the seller.
  • Transparency through ratings and reviews.

Cons:

  • Limited availability of shelf companies.
  • May encounter less reputable listings.
  • Need for thorough due diligence on sellers.

6. Legal Notices

Check local or national legal publications or government websites for any notices about companies being offered for sale – This might lead you to aged shelf companies available in your jurisdiction.

  1. Check local or national legal publications or government websites for notices about companies for sale.
  2. Contact the parties offering shelf companies.
  3. Inquire about the available options.

Pros:

  • Potential to find local opportunities.
  • Information often publicly available.

Cons:

  • Limited listings.
  • May not be actively updated.
  • Limited details in legal notices.

7. Industry Conferences & Events

Attend industry-specific conferences, trade shows, or business events. You may come across vendors or experts who offer aged shelf companies as part of their services.

  1. Attend relevant industry conferences, trade shows, or events.
  2. Network with vendors or experts in the field.
  3. Inquire about any aged shelf companies they may offer.

Pros:

  • Direct access to industry-specific opportunities.
  • Face-to-face interactions for building trust.

Cons:

  • Limited availability during specific events.
  • May not align with your timeline.

8. Business Associations

Join business associations or chambers of commerce related to your industry. Members often share information and resources, including opportunities to purchase shelf companies.

  1. Join industry-related business associations or chambers of commerce.
  2. Engage with fellow members and express your interest.
  3. Seek information or leads from association members.

Pros:

  • Networking within your industry.
  • Trustworthy referrals from association members.

Cons:

  • Reliance on the association’s network.
  • May require time for connections to develop.

9. Online Forums and Classifieds

Participate in online forums, classified ad websites, or social media groups like Reddit r/business where businesses are discussed, bought, and sold. Some individuals or companies may advertise aged shelf companies there.

  1. Participate in relevant online forums, classified ad websites, or social media groups.
  2. Engage with members and express your interest in purchasing a shelf company.
  3. Inquire about any listings or opportunities available.

Pros:

  • Direct access to potential sellers.
  • Informal and open communication channels.
  • Potential for unique opportunities.

Cons:

  • Limited oversight, requiring thorough due diligence.
  • May encounter less reputable listings.
  • Time-consuming to filter through various sources.

When searching for aged shelf companies, always exercise caution and conduct thorough due diligence.

How to Protect Yourself From a “Bad” Shelf Company

So, before you buy an aged shelf company, you want to make sure you’re not getting a lemon, right? 

WY SOS Business Search

Here’s what you should do:

  • Check the articles – Look at the company’s articles of incorporation or organization. Make sure they match up with what you want to do with the business.
  • Review financial records – If you can, get your hands on financial statements. You’ll want to know if the company’s in good financial shape – It should have no debt. 
  • Verify ownership transfer – Ensure the ownership transfer process is legit and filed with the authorities. Get clear documentation of the transfer signed by both parties.
  • Legal documents – Check if there are any undisclosed legal issues or obligations lurking in the company’s records. And make sure the registered agent and address are up-to-date.
  • Credit package – If applicable, review any credit packages associated with the shelf company to understand any existing credit lines or financing agreements.

By going through these documents, you’ll have a better idea of what you’re getting into and can avoid any nasty surprises down the road. Be sure to verify the authenticity of the seller, review all of the company’s history and records, and consult legal and financial experts to ensure a smooth and secure transaction.

FAQ

Why do shelf companies exist?

Shelf companies are like prepped-up businesses waiting for action. They exist for folks who want to skip the startup hassle and dive into business with a history.

Do shelf companies pay taxes?

Yup, they’re not tax-free. Shelf companies, like any other business, need to pay taxes based on their income and location (if they have no income, their tax obligation would likely be $0).

Can you register a business in a state where you don’t live?

Absolutely! You can register a business in a state where you’re not living. It’s common for folks to do this to tap into specific business advantages or markets. But, if you are active in your home state, the business may need to be registered there as well. 

Should you buy a shelf corporation?

Well, it depends on your needs. If you want a head start and a business with history, it’s an option. But, always do your homework and make sure it’s the right fit for your goals.

Final Thoughts

So, there you have it – the lowdown on aged shelf companies, from what they are to why you might want to buy one and how to protect yourself from any surprises. Whether you’re looking to kickstart a business with instant history or expand your current venture, aged shelf companies offer a unique shortcut. 

But remember, it’s all about doing your homework, verifying the details, and making sure it’s the right move for your entrepreneurial journey. Cheers to your future business success!

Want to learn how to get up to $100K in business credit? Join Business Workshop today.

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The Best Credit Cards for Truckers: Save Big on the Road!

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best credit cards for truckers

Hey there, truckers! Ready to hit the road and save some serious cash? In the fast-paced world of trucking, managing your finances is key to success. 

And guess what? 

The secret weapon to cut down expenses, earn rewards, and stay on top of your game is none other than the right credit card! Buckle up, ’cause in this guide, I’ll walk you through the best credit card options for truckers, spilling all the benefits and rewards. 

Plus, we’ll answer those burning questions you’ve got about credit cards, making sure you’re all set to make smart choices.

Here’s what’s in store: 

Now, let’s make tracks!

Fuel Cards & Business Credit: Gas Up to Save Big!

Fuel cards can be like gold for truckers. Not only do they give you discounts on fuel, but they also work wonders in slashing maintenance and truck-related expenses.

But, here’s the thing: not all fuel cards are created equal (some might not even report your credit history). So, to build that strong credit score, you might to consider business credit cards that do report to credit agencies. 

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

Fortunately, there are quite a few fuel cards tailor-made for truckers with no credit checks or options for those with not-so-perfect credit. Score!

Now, let’s talk savings! With fuel cards in hand, you can kiss a lot of sky-high fuel costs goodbye. Get ready to save big on gas and keep those hard-earned dollars where they belong – in your pocket! 

Some fuel cards give you massive discounts and rewards, but that’s not all. Combine it with fuel-efficient driving and comparing prices at different fuel stations – boom, more savings! 

And, you don’t have to worry if your credit history isn’t spotless. Some fuel cards for truckers are more forgiving, giving you a shot at the good stuff.

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

The Benefits of Fuel Cards for Long-Haul Drivers 

Before we dive into the credit card options, let’s learn why fuel cards are the real deal.

Expense Reduction and Rewards

Picture this: you’re getting cash back and rewards on your fuel, maintenance, and truck-related expenses. Sounds like a dream, right? 

Well, dream no more! 

Finding the right card is all about getting you those juicy rewards, which means cutting down expenses and boosting your bottom line. Hello, more money in your pocket!

Improved Cash Flow

Life on the road can be unpredictable – I get it. But, worry not! Credit cards can be your financial cushion when payments are delayed or surprise expenses pop up. 

With that flexible plastic in your wallet, you can keep on truckin’ without any hiccups.

Expense Tracking and Simplified Bookkeeping

Nobody likes a mountain of receipts and confusing spreadsheets. Real-time spend tracking and analytics to the rescue! 

Many cards give you all the nitty-gritty details of your transactions on the same day spending takes place, making bookkeeping a breeze. 

You might also like: How to Use Business Gas Cards to Build Your Business Credit

The Top Credit Cards for Truckers: Your Highway to Savings!

Now, let’s hit the gas and check out the best credit cards just for truckers.

1. WEX Fleet Card

fuel cards for truckers with no credit check

The WEX Fleet Card is an ideal choice for growing businesses seeking real savings and efficient fuel expense management. Accepted at 95% of U.S. fuel stations, the card offers automatic fuel expense tracking, employee spending controls, purchase alerts, and exclusive discounts in the WEX EDGE savings network. 

The card’s fuel anywhere feature eliminates the need to plan routes around specific fuel stations, making it convenient for truckers. Advanced spending controls allow businesses to customize purchase restrictions, and detailed, custom reports aid in smart decision-making. 

This card also offers a mobile app for easy account access and provides excellent customer service.

Best for: Growing businesses with mixed fleets looking for comprehensive fuel expense management, robust controls, and access to exclusive discounts.

2. Shell Fleet Navigator Card

truckers preferred credit card

The Shell Fleet Navigator Card provides truckers with a wide acceptance at over 13,000 Shell stations and 95% of all U.S. fueling stations. With robust control features, businesses can set limits and track fueling activity easily. 

The card offers rebates of up to 5 cents per gallon, helping truckers save on fuel expenses. Plus, the card’s security features – like driver IDs and purchase controls – minimize the risk of fraud and misuse. 

Best for: Trucking businesses seeking a fuel card with a strong network, significant rebates, and efficient control options.

3. Exxon Mobil FleetPro Card

Credit cards for drivers

The ExxonMobil Fleet Pro Card is a single-card solution for mixed fleets and heavy-duty fleets. It offers universal card acceptance and competitive pricing on fuel within the Exxon and Mobil unified commercial and retail network. 

The card comes with the option for Exxon Mobil Rewards+ program, allowing drivers to earn points for discounts on fuel and other purchases. Synergy Diesel Efficient™ fuel is designed to offer cleaner engines and better fuel efficiency for fleets.

Best for: Mixed fleets and heavy-duty fleets looking for a single-card solution with fuel savings and additional rewards.

4. Fuelman

Best fuel card for owner operators 2023

Fuelman offers a range of fuel cards with flexible controls, tracking options, and rebates on gas purchases. The card allows businesses to set custom fuel controls, monitor spending, and track fuel expenses, which helps prevent fraud and misuse. 

It also provides additional benefits like the Maintenance Manager feature and various offers tailored for different fleet types.

Best for: Businesses seeking a fuel card with customizable controls and tracking options to effectively manage fuel expenses.

5. Shell Small Business Card

Top fuel cards

The Shell Small Business Card offers similar benefits as the Shell Fleet Navigator Card, making it suitable for businesses with smaller fleets. It provides fuel rebates, control features, and an extensive acceptance network. 

Businesses can easily track expenses and control fuel usage, making it an efficient option for small fleet operators.

Best for: Small businesses with fleets looking for fuel rebates and control features.

6. Discover It Secured Card

fuel cards for truckers with bad credit

While not specifically designed for truckers, the Discover It Secured Card can be beneficial for those looking to build or rebuild their credit history. The card requires a refundable security deposit, and responsible use can help improve credit scores. 

With cashback rewards on various categories, it can provide some value to truckers, especially if they use the card for everyday purchases.

Best for: Truckers looking to build or rebuild credit while earning cashback rewards.

Note: rather than use a secured card, I typically recommend credit repair, followed by business credit building for much higher spending limits.

7. Hilton Amex Surpass Card

Best business credit cards for owner operators

The Hilton Amex Surpass Card is a travel rewards credit card with excellent benefits for those frequently staying at Hilton hotels and resorts. The card offers generous points on hotel stays, dining, groceries, and gas purchases. 

Cardholders enjoy Hilton Honors Gold Status, a Free Night Reward, and Priority Pass™ Select membership for airport lounges.

Best for: Truckers who often stay at Hilton hotels and resorts and want to earn travel rewards and enjoy travel-related perks.

You might also want to check out → AtoB Business Gas Card Review: Is it Really a Superior Fleet Card? 

Frequently Asked Questions

Do truckers get fuel discounts?

Yes, truckers usually get fuel discounts. These discounts are either offered through company agreements and partnerships, specialized fuel card programs, or business credit cards with discounts and rewards on fuel spending. These discounts help drivers and business owners save on operating costs.

What is the best credit card for truckers?

Everyone is as different as the available credit cards! The best credit card for truckers depends on what you need and what you want to achieve. Cards like the WEX FlexCard Fleet Card Rewards and the RTS Fuel Card are trucker faves for their awesome fuel discounts and savings, but they both need to be paid in full each month.

What is a truck fuel card?

It’s your secret weapon to save money on fuel! A truck fuel card is like a supercharged credit card, specially made for truckers and fleet owners. You get discounts, rewards, and simplified expense tracking – it’s fueling made easy!

Which gas card saves you the most?

Ready to fill up your savings tank? Gas cards like the WEX FlexCard Fleet Card Rewards and the Fuelman Deep Saver Fleet Card dish out the best rebates and rewards, making sure you keep more green in your wallet. But, there are some business credit cards thar offer even more rewards and savings on fuel – the best offer depends greatly on your situation.

Do fuel cards build credit?

Fuel cards that report on-time payments to credit bureaus help build business credit, yes. But, not all gas card companies report on-time payments, which means these offers will have no impact on your personal or business credit. 

Final Thoughts

So there you have it! With this ultimate guide, you’re all set to make those smart financial moves. Armed with the right card, you can slash expenses, earn rewards, and conquer the road like never before. 

Time to hit the highways and steer your way to success in the competitive world of trucking! Keep those wheels rollin.’ Saving big could be just one application away…
Are you interested in learning how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

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best business credit cards for entrepreneurs

As an entrepreneur, managing your finances is crucial. And guess what? A business credit card can be a game-changer. In this article, we explore the world of credit cards designed specifically for entrepreneurs. We’ll reveal the leading contenders, highlight their impressive features, and address the burning questions you have about credit cards for contractors, independent contractors, and self-employed individuals.

But first, let’s give you a sneak peek of the cards—because that’s what you’re here for!

Presenting the most practical (and rewarding) business credit cards for entrepreneurs:

Chase Ink Business Preferred
Generous rewards program and travel benefits

→ Learn more
BoA Mastercard Business Platinum
Comprehensive travel insurance coverage

→ Learn more
American Express Business Gold
Flexible rewards and bonus categories for common expenses

→ Learn more
Capital One Spark 2% Business Cash 
Unlimited 2% cash back on all purchases

→ Learn more
CitiBusiness/AAdvantage Platinum Select
Travel benefits and rewards for American Airlines 

→ Learn more
Divvy Corporate Card
Simplified expense management and budget controls

→ Learn more

These credit cards from major banks are quite popular, but here’s a little secret: If you have a solid relationship with a small community bank or credit union, you might be able to secure even higher credit limits. In fact, we specialize in teaching entrepreneurs like you how to build those relationships and access credit lines worth hundreds of thousands of dollars at Business Credit Workshop. So, don’t overlook the potential benefits of working with local financial institutions!

Now, let’s take a closer look at each of the cards mentioned above and uncover valuable information and advice to help you maximize your business credit profile. Get ready to elevate your financial strategy and unlock new opportunities for your business!

Here’s what’s in store: 

Now, let’s get crackin’!

Explore the Best Credit Cards for Entrepreneurs

Chase Ink Business PreferredCompetitive APR, employee cards, Mastercard Easy Saving® ProgramCash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
BoA Platinum Plus® Business Mastercard® Competitive APR, employee cardsCash flow management tools, online & mobile access, travel and emergency services, free access to business credit scores
Amex Business Gold4X points on top 2 business categories, 1X points on other purchasesCash flow flexibility, expense management tools, travel benefits, additional services
Spark 2% Cash Plus BusinessUnlimited 2% cash back on every purchase, 5% cash back on hotels and rental cars booked through Capital One TravelFlexible underwriting, cards for every employee, seamless software integration
AAdvantage Platinum Select Travel benefits, mileage benefits, additional benefitsFirst checked bag free, preferred boarding, savings on inflight purchases
Divvy Corporate CardFlexible rewards programControl over rewards earnings, effortless management, various redemption options

When it comes to choosing the perfect credit card for your small entrepreneurial venture, it’s smart to consider some of the major cards specifically tailored to meet the needs of small business owners like yourself. Before we delve into the world of business credit and its intricacies, let’s take a closer look at the unique features and benefits offered by each of these top credit cards.

Recommended: What’s the Best Credit Card for a Small Construction Business? +TIPS 

1. Chase Ink Business Preferred

Startup business credit cards ein only

Credit Card: Ink Business Preferred® Credit Card

Issuer: Chase

APR: 20.99%–25.99% variable APR

Annual Fee: $95

Rewards Program:

  • Earn 3X points on shipping and other select business categories
  • Earn unlimited 1 point per $1 spent on all other purchases. Points do not expire as long as the account is open
  • Redeem points for cash back, gift cards, travel experiences, and more through Chase Ultimate Rewards
  • Get 25% more value when redeeming points for travel through Chase Ultimate Rewards
  • Earn 5X points on Lyft rides through March 2025

Benefits:

  • Employee cards at no additional cost, with individual spending limits
  • No foreign transaction fees
  • 1:1 point transfer
  • Travel and purchase coverage
  • Stay on top of your business with expense tracking tools
  • Referral program: Earn up to 200,000 points per year by referring other business owners to any Chase Ink® Credit Card

The Ink Business Preferred® Credit Card from Chase is a top choice for entrepreneurs looking for flexible and rich rewards. With a generous sign-up bonus, accelerated points earning in select business categories, and various redemption options, it provides value for business expenses. The card also offers additional benefits like no foreign transaction fees, point transfers, and purchase coverage. Positive customer reviews highlight its effectiveness for earning rewards and the overall satisfaction of cardholders.

Recommended: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. BoA Mastercard Business Platinum

How much money do you need to make for your business to get credit line?

Credit Card: Platinum Plus® Mastercard® Business card

Issuer: Bank of America

APR: 0% introductory APR for the first 7 billing cycles, then a variable APR of 16.24% to 27.24%

Annual Fee: $0 

Benefits:

  • Employee cards at no additional cost: Get employee cards with credit limits set by you
  • Mastercard Easy Saving® Program: Automatic rebates when using the card at tens of thousands of locations across the U.S.
  • Cash flow management tools: Suite of online services for managing your business finances
  • Online and mobile access: Secure access to manage your account online 24/7
  • Travel and emergency services: Includes travel accident insurance, auto rental insurance, emergency ticket replacement, lost-luggage assistance, and more
  • Free access to business credit scores: View Dun & Bradstreet business credit scores within Business Advantage 360, Bank of America’s Small Business Online Banking platform
  • Security features: Zero liability protection, fraud monitoring, paperless statement option, and more
  • Balance Connect® for overdraft protection: Link your credit card to a Bank of America business checking account for overdraft protection

The Platinum Plus® Mastercard® Business card from Bank of America offers competitive features, including a 0% introductory APR, no annual fee, and a $300 online statement credit offer. It also provides benefits such as employee cards, access to the Mastercard Easy Saving® Program, cash flow management tools, travel and emergency services, free access to business credit scores, and various security features. This card can be a suitable choice for businesses looking for a straightforward credit card option with cost-saving benefits.

Recommended: Bank of America Corporate Cards: A Complete, Uncut Review 

3. Amex Business Gold

Best business credit cards for new business (Amex)

Credit Card: Amex Business Gold Card

Issuer: American Express

Annual Fee: $295

Rewards:

  • Earn 4X Membership Rewards points on the top 2 business categories where your business spends the most each billing cycle.
    • Airfare purchased directly from airlines
    • U.S. purchases for advertising in select media
    • U.S. purchases made directly from select technology providers
    • U.S. purchases at gas stations
    • U.S. purchases at restaurants (including takeout and delivery)
    • U.S. purchases for shipping
  • Earn 1X points on other select purchases made using the Business Gold Card.

Benefits:

  • Pay Over Time APR: APR on purchases will be a variable rate of 19.24% – 27.24%, based on creditworthiness and other factors at the time of account opening
  • Acceptance: American Express can be used at 99% of places in the US that accept credit cards
  • Expense management tools for better cash flow management
  • Travel benefits and additional services

The American Express Business Gold Card offers a competitive rewards program with the opportunity to earn 4X Membership Rewards points on the top 2 business spending categories each billing cycle. It also provides 1X points on other select purchases. With a special welcome offer of 100,000 Membership Rewards Points and various expense management tools, this card aims to provide flexibility and benefits for business owners. The card has a variable APR for purchases and is widely accepted across the US.

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

4. Capital One Spark 2% Cash for Business

How much of a business loan can I get with a 700 credit score?

Credit Card: Spark 2% Cash Plus

Issuer: Capital One

Annual Fee: $0

Rewards Program:

  • Unlimited 2% cash back on every purchase, everywhere, with no limits or category restrictions
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel

Benefits:

  • Pay-in-Full Charge Card: The balance must always be paid off in full every month
  • No Preset Spend Limit: Adapts to your needs based on spending behavior, payment history, and credit profile
  • Annual Fee Refund: Get your $150 annual fee refunded every year you spend at least $150,000
  • Business-Grade Capabilities: Empower your team with free employee and virtual cards, and easily pay vendors
  • Additional benefits include account management tools, employee access, travel benefits, service and protection features such as automatic payments, $0 fraud liability, year-end summaries, account managers, purchase records, and virtual card numbers

The Spark 2% Cash Plus card from Capital One offers excellent cash back rewards with unlimited 2% cash back on all purchases and 5% cash back on select travel bookings. With a one-time cash bonus of $1,200 and the option to earn an annual fee refund, this card provides significant value for business owners. It also includes various business-grade capabilities, such as employee cards, vendor payments, and a range of benefits and features to manage accounts and protect against fraud.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

5. AAdvantage Platinum Select 

Can I get a start-up business loan with 500 credit score?

Credit Card: AAdvantage® Platinum Select® World Elite Mastercard®

Issuer: Citibank

Annual Fee: $0 intro annual fee for the first year, then $99

Rewards:

  • AAdvantage® Miles: Earn miles from purchases
  • Loyalty Points: Earn 1 Loyalty Point for every 1 eligible mile earned from purchases

Benefits:

  •  First checked bag free on domestic American Airlines itineraries for you and up to 4 travel companions on the same reservation (savings of up to $300 per round trip)
  • Preferred boarding on American Airlines flights
  • 25% savings on inflight food and beverage purchases on American Airlines flights when you use your card
  • Variable APR for purchases and balance transfers: 20.99% – 29.99% based on creditworthiness.
  • No foreign transaction fees

The Citi® AAdvantage® Platinum Select® World Elite Mastercard® offers travel benefits, including a free checked bag, preferred boarding, and savings on inflight purchases. You can earn AAdvantage® miles and loyalty points for eligible purchases. The card has a variable APR for purchases and balance transfers, and there are no foreign transaction fees. The annual fee is $0 for the first year, then $99*.

Recommended: Should You Open a Citibank Commercial Card Account?… It Depends! 

6. Divvy Corporate Card 

Best business credit cards for startups with bad credit

Credit Card: Divvy Corporate Card

Issuer: Divvy

Annual Fee: $0

Rewards: 

  • Earn up to 7x points by paying off your balance more frequently
    • Weekly: 7x points on restaurants
    • Semi-Monthly: 5x points on hotels
    • Monthly: 2x points on recurring software subscriptions
    • 1.5x points on everything else
  • Unlimited Earnings: Earn rewards points daily with no cap and no expiration.
  • Effortless management: Track and redeem points easily through the rewards dashboard.
  • Boost your ad spend: Earn up to 2.25% cash back on advertising spend through Divvy, with no limit on earnings.
  • Flexible rewards redemption options: Cash back, gift cards, statement credit, and Divvy Travel partnership for double the point value and industry-leading rates.

Benefits: 

  • Free, fast, and flexible business credit with credit lines up to $15M
  • Credit line scales with your business, with the ability to apply for credit line increases
  • Flexible underwriting options based on your business’s unique needs
  • Cards for every employee with proactive spend controls
  • Seamless software integration with desktop software and highly-rated mobile app
  • Advanced fraud protection for secure transactions

The Divvy Corporate Card is a free business credit card that offers fast and flexible funding options for businesses of all sizes. With its simple online application process, businesses can access credit lines up to $15M. The card scales with your business and offers flexible underwriting options to fit your needs. Divvy provides cards for every employee, seamless software integration, and advanced fraud protection. Additionally, businesses can earn rewards based on payment frequency. The Divvy Corporate Card is a valuable tool for managing business expenses and streamlining financial operations.

Recommended: In-Depth Divvy Credit Card Review: Read This Before You Apply  

How to Build Credit for a New LLC or Business with No Credit History

Startup business credit cards no personal guarantee

If you’re eager to build your business credit fast, I’ve got some great insights for you! Building solid business credit can open up funding options beyond your personal credit limits and even help you secure lower insurance rates.

But before we dive in, let’s address some commonly asked questions about business credit. Can you use your EIN (Employer Identification Number) to apply for credit? Absolutely! 

As long as you have an EIN assigned by the IRS, you can use it for business credit applications. Getting a business credit card isn’t as hard as you might think. With a high business credit score, you’ll have no trouble securing one. While some business credit cards may do a soft or hard pull on your personal credit, there are others that don’t. 

And yes, an LLC can have a credit score! With an EIN and a DUNS number from Dun & Bradstreet, your LLC can have a credit score separate from your personal credit score.

Now, let’s jump into the steps to build business credit quickly. Remember, just like with personal credit, paying your debts on time is crucial for maintaining a good score. 

Here’s a breakdown of the steps:

  1. Form your business — Just like laying a strong foundation for a building, you need to properly form your business. Choose a neutral business name that allows for flexibility in funding options. Once you settle on a name, try to stick with it to show stability. Decide how you want to establish your business entity, whether it’s through an attorney, an online service, or manually with your local Secretary of State
  2. Get your company “business credit ready” — Think of this step as adding a rough frame to your business. Establish a physical address (avoid using P.O. boxes), get the necessary business insurance if required, obtain any required business licenses, and create a strong online presence with a website and domain. Listing your business in relevant directories adds credibility and trustworthiness.
  3. Network with local banks — Networking is vital, whether in buildings or business credit. Attend local Chamber of Commerce events if possible, or network online with local professionals to build connections. Research local banks and credit unions to understand their financing programs and underwriting processes.
  4. Setup business credit profiles — This step involves setting up insulation for your business. Establish a business credit profile with Dun & Bradstreet (D&B) to obtain your PAYDEX score, which is a crucial business credit score. Monitor your Equifax and Experian business credit scores for free, fixing any inaccuracies you come across. Utilize business credit monitoring services like Nav to stay on top of your credit profile.
  5. Build small trade lines of credit — Here’s where we add the finishing touches to make your building habitable. Establish small tradelines of credit, which are credit accounts with vendors or suppliers. These tradelines play a significant role in solidifying your business credit. Secure credit with suppliers and make timely payments to build trust and a positive credit history.

By following these steps, you can accelerate the process of building your business credit. We teach the full, 7-step process to build business credit in Business Credit Workshop. 

Now, find out what you can do if your credit needs some work. 

What if You Have Bad Credit? 

Can I start a business with 700 credit score?

If you’re wondering if personal credit affects business, it does. So, before you apply for large lines of business credit, it’s important that you clean up your personal credit score. 

Here’s my best advice to clean up bad personal credit. 

  • First, educate yourself. Gain knowledge about credit repair strategies and consumer protection laws that can work in your favor. Understanding the credit reporting system will help you navigate the process more effectively.
  • Next, identify errors. Carefully review your credit reports for any inaccuracies, incomplete information, or unfair items. These errors are common and can have a negative impact on your credit score. Disputing and resolving these issues is crucial.
  • And, take action! — This is key and may include sending dispute letters to creditors and credit bureaus, requesting the removal or update of erroneous information. Follow step-by-step tutorials and utilize letter templates provided in credit repair resources.
  • Furthermore, take advantage of legal loopholes. Learn about the consumer protection laws that safeguard your rights. This knowledge can empower you to file small claims lawsuits against creditors, credit bureaus, or collection agencies if they have violated these laws. Seek legal advice when necessary to understand the best course of action.
  • Then, as you make changes, maintain good financial habits. Focus on making on-time payments, reducing debt, and managing your credit responsibly. Avoid common credit mistakes, such as late payments, high credit utilization, opening multiple accounts simultaneously, relying too heavily on one type of credit, and neglecting to review your credit report for inaccuracies.
  • Finally, seek professional help if needed. While credit repair resources like books and online communities can provide valuable insights, it’s always wise to consult with professionals, such as credit counselors or attorneys, for specific legal advice or guidance tailored to your situation.

Remember, cleaning up your personal credit takes time and effort. Stay committed and patient as you work toward improving your financial health and credit scores.

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

What if Your Business Has Bad Credit? 

Secured business credit card

So, let’s talk about fixing your not-so-great business credit in a way that’ll make you feel optimistic about the future. There could be a few reasons why your business credit isn’t where you’d like it to be. Maybe you had some hiccups in the past, like late payments, debts piling up, or even unfortunate situations like liens or bankruptcy.

 But hey, don’t fret! You have the power to turn things around.

Now, when it comes to your credit score, one important thing to consider is the Paydex score from Dun & Bradstreet (the main business credit bureau). It’s like a report card that ranges from 0 to 100 — The higher your score, the better your creditworthiness. If your business credit isn’t so hot right now, your Paydex score might be on the lower side. But fear not, my friend, because there’s a way to fix it so that you don’t have to rely on those high-interest business credit cards for bad credit. 

So, how do you get started on the road to credit recovery? 

Let’s break it down in a way that’s easy to understand:

  1. Become a champion of timely payments — One of the biggest factors in improving your credit is paying your bills on time. It’s like scoring a winning goal in the game of credit. Make it a priority to pay your suppliers, vendors, and lenders right on schedule, or even earlier if you can. Timely payments are key to boosting your creditworthiness.
  2. Tackle those overdue accounts — If you have any lingering debts or accounts that are past due, it’s time to face them head-on. Develop a plan to pay off those outstanding balances as soon as possible. Don’t be afraid to negotiate payment arrangements or settlements with your creditors. You’ll feel a weight lifted off your shoulders once those accounts are squared away.
  3. Say bye-bye to high debt levels — Picture this: your debt levels dropping like confetti at a celebration. It’s a beautiful sight, isn’t it? High levels of debt can drag down your credit score, so it’s important to reduce those balances. Make consistent payments and resist the temptation to take on unnecessary new debt. Gradually, you’ll see that credit score start to rise.
  4. Build friendships with credit-worthy partners — Relationships matter in business and credit building is no exception. Seek out vendors and suppliers who are willing to report your stellar payment history to credit bureaus. It’s like having cheerleaders in your corner, rooting for your credit success. These positive credit relationships can work wonders in improving your creditworthiness. You might consider working with a credit broker (proceed with caution), but I am more inclined to recommend a business credit consultant or coach. 
  5. Embrace the power of a fresh start — In some cases, if your current business has deep-rooted credit issues, starting anew might be the way to go. It’s like hitting the reset button and getting a chance to build a shiny new credit profile. Just remember, starting a new business comes with its own considerations, so consult with the experts to figure out the best approach for your situation.

Remember, improving your credit takes time and dedication. But don’t be discouraged! — With each positive step you take, you’re moving closer to a brighter credit future. So roll up those sleeves, put on your optimistic mindset, and let’s get to work on fixing that business credit of yours. 

The future is looking mighty bright!

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

Frequently Asked Questions

What is good credit for small business owners?

A Paydex score between 70-80 is a strong score that can be considered “creditworthy” by business lenders. 

How can I get a 100 business credit score?

By having several positive reporting tradelines, you can get a perfect (100) Paydex score. But, this isn’t a common or believable score for a business to have. 

How good does my credit need to be to get a business loan?

Nearly any business with income can get a business loan. Even with a low business credit score, most companies can qualify for merchant cash advances, factoring, and other alternative loans. The higher your credit score, the more likely you are to qualify for business loans with lower rates and more favorable features and rewards. 

What credit score does a business start with?

The minimum credit score (Paydex) for a business is zero — Scores are calculated on a scale of 0-100. If you have no reporting tradelines, you will not have a credit score. You can use net 30 accounts and gas cards to establish your business credit score. 

Final Takeaway

Business credit is a tool that can help you improve your cash flow to grow your company in invest in your future The cards listed here are some of the most popular business credit cards for entrepreneurs — Each has its own set of pros and cons. 

  • The Chase Ink Business Preferred offers a generous rewards program and travel benefits, making it an attractive choice. 
  • If comprehensive travel insurance coverage is a priority, the Mastercard Business Platinum is a great option to explore. 
  • For those seeking flexible rewards and bonus categories tailored to common expenses, the American Express Business Gold is worth considering. 
  • The Capital One Spark Cash for Business provides unlimited 2% cash back on all purchases, offering simplicity and value. 
  • If you’re a frequent flyer with American Airlines, the CitiBusiness/AA Advantage Platinum Select offers travel benefits and rewards specifically designed for American Airlines customers. 
  • Lastly, the Divvy Business Card streamlines expense management and budget controls, making it an efficient choice for businesses. 

With these options in mind, you can choose the business credit card that aligns with your specific needs and preferences.

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Business Credit Workshop’s Official Business Credit Building Checklist

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Business Credit Checklist PDF

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As an entrepreneur looking to build credit for your small business, you’ve probably realized how important it is to establish creditworthiness. Building credit for your business is crucial to secure start-up funds, get financed for operating costs, or expand your offer. 

Establishing business credit can be challenging, but by following this checklist, you can get your business on the right track. Here’s a comprehensive business credit checklist with nine essential steps to help you build and maintain business credit. From getting your personal credit in check to applying for business credit, we’ll walk you through each step to help you establish a strong credit profile for your small business.

Here’s everything covered in this checklist:

Now, let’s get to it! 

1. Get Your Personal Credit In Check

Before you start building business credit, you need to get your personal credit in check. It doesn’t necessarily have to be perfect, but most business credit lenders require a “personal guarantee” (PG). This means your personal credit can impact your ability to obtain funds for your business. 

If you don’t know without a doubt that your personal credit is excellent, here’s what you need to do: 

  1. Obtain a copy of your credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion — You can do this through AnnualCreditReport.com or individual credit bureaus’ websites.
  2. Review your credit reports carefully and dispute any errors or inaccuracies with the credit bureau(s) reporting it.
  3. Pay down any outstanding balances on loans, credit cards, or lines of credit to decrease the size of outstanding debt in proportion to your available credit. This will lower your credit utilization ratio, which can boost your credit score over time.
  4. Make timely payments on all current and prior debt obligations and avoid negative marks by paying your bills on time.
  5. Try to increase the average length of your credit history by keeping your oldest credit card account(s) open and active (closing them can reduce your credit history and negatively affect your credit score).
  6. Avoid opening multiple new credit card accounts or loans at once, as it can impact your credit score negatively in the short term.
  7. Monitor your credit reports regularly to ensure that they reflect your current creditworthiness.

Your personal credit score can impact your ability to secure business credit, so it’s crucial to maintain healthy financial habits like making timely payments and keeping credit balances low. Improving and maintaining your personal credit score is an investment in the future of your business. 

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

2. Establish Your Business for “Credit Readiness”

Whether your business is established or brand new, there are several items you need to be “credit ready.” Go through this list and make sure you’ve done everything you need to make your business seem credible to lenders. 

Note that you need to choose a consistent business name and address, and a start date, get a business phone number, and create a legal entity for your business. If your business has a physical location, determining an address is easy. If not, you can use a virtual address or shared office space. And, use a consistent date for your business start date.

Here’s how to properly set up and establish your business:  

  1. Register your business with the appropriate authorities and file state and federal paperwork as required.

See: Sole Proprietorship VS LLC: How to Choose Your Entity Wisely 

  1. Apply for an Employer Identification Number (EIN) from the IRS in the company’s name.
  2. Set up a dedicated business phone line and list it on 411 under the exact business name used on your registration. 
  3. Create a professional business website and email address.  
  4. Ensure credibility by meeting the following requirements for business credit approval:
    1. Use the full legal name, including DBAs, and ensure it matches the corporation records for the business name.
    2. Obtain necessary business licenses required by your industry and state.
    3. Make sure your EIN matches exactly with your state filing.
    4. Have a physical business address and avoid using P.O. box. If you use your home office address, establish a suite number.
    5. Use a real business or VOIP number instead of your mobile or home phone — for a free or low-cost option, look into Google Voice. 
    6. Have a business fax number — you can use an online service for this, if you don’t want to mess with a fax machine.
    7. Ensure there are no liens, judgments, or lis pendens exist against the business in public records.

By following these steps, your business can establish good business credit, which is necessary for obtaining business credit approval.

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

3. Open a Business Bank Account

You need a business bank account to get business credit because it helps lenders verify your financial stability and separate your business and personal finances. Without one, you may not be able to provide the necessary information to apply for business credit, and it can harm your chances of approval.

Here’s how to open a business bank account:

  1. Research and identify a suitable bank or credit union for your business needs. Small community banks and credit unions are often a great option for businesses.

See: 3 Best Credit Unions for Small Business Banking 

→ Interested in online banking? See our full write-ups on Novo Bank, Amex Business Checking, Bluevine, and NorthOne. 

  1. Gather your business’s legal documents such as your state and local business license, Articles of Incorporation or Organization, and the employer identification number (EIN) issued by the IRS.
  2. Schedule an appointment with the bank and bring the business documents, along with the personal identification documents of anyone authorized to make transactions on the account.
  3. Choose the type of account you need, such as a checking or savings account, and ensure that it meets the requirements of your business.
  4. Provide the bank with the business’s address, phone number, and tax/EIN number to set up the account.
  5. Ask about any fees, minimum balance requirements, and transaction limits associated with the account and make sure you understand the terms and conditions.
  6. Commit to using this account for all business expenses and avoid using it for personal expenses. Mixing business and personal transactions can make it difficult to track expenses, which can lead to complications come tax season.

Opening a business bank account is essential for establishing financial credibility for your business. By choosing the right account and keeping personal and business expenses separate, you can effectively manage your business finances, and build a positive relationship with your bank or credit union.

4. Establish Relationships at the Bank

Establishing a good relationship with your bank provides several benefits, including quicker loan processing, more flexibility, access to financing, personalized services, and financial expertise. It lays a strong foundation of mutual understanding, trust, and communication, which can help your business grow and succeed.

Here are some steps you can take to establish rapport at your bank:

  1. Schedule a meeting with a business banker at your bank to introduce yourself and your business. Use this opportunity to learn more about the bank’s lending policies and requirements.
  2. Use your bank account regularly for all business transactions. This can help you establish a positive payment history and build trust.
  3. Avoid overdrafts and NSFs from your bank account. 
  4. If your business needs a loan, consider applying for a small business loan through your bank rather than going to alternative lenders like online lenders or credit cards. This can help you establish a credit history with the bank and show that you are committed to building a relationship with them.
  5. Attend local business events and network with other entrepreneurs and business professionals. Building these relationships can help entrepreneurs gain referrals and make useful connections.
  6. Be open and honest with the bank about your business’s financial situation, plans, and goals. Honesty can help build trust.
  7. Regularly communicate with the bank to nurture the relationship and ensure that they are aware of your business’s successes and challenges.

Taking these steps can help you establish strong relationships with your bank and increase your odds of obtaining business credit. Building a relationship with your bank is important in establishing financial credibility and creating a successful business.

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

5. Make Sure You Have a DUNS Number

A business needs a DUNS number to establish a credit file, enhance credibility, access loans and credit, and increase visibility. It’s a unique identifier assigned by Dun & Bradstreet (the leading business credit bureau) that allows for easy tracking and reporting of credit history, and it’s free and easy to obtain online.

Here’s how to make sure your business has a DUNS number: 

  1. Check if your business is listed with the major business credit reporting agencies, including Dun & Bradstreet, Equifax, and Experian. You can search for your business on their website or through a free Nav account.
  2. Apply for a free D-U-N-S number from Dun & Bradstreet, which is required to create a business credit profile in their system. It can take 4-6 weeks to process.

When you take these steps, you can properly build business credit. It’s important to stay on top of your payments and ask others to report on your payments as well to ensure you build a positive credit history.

Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

6. Establish Your First Trade Lines of Credit

Establishing the first tradelines (credit accounts) for your business is crucial to building and improving your business credit score. It involves paying on time and generating a positive payment history with suppliers or vendors that report to credit reporting agencies. By doing this, you increase your chances of obtaining financing and credit on favorable terms for your business.

To obtain vendor credit, follow these steps:

  1. Locate 3-5 vendors who report to business credit reporting agencies.

See: Using 30-Day Net Vendors to Build Your Business Credit Score 

  1. Ask all vendors, suppliers, and service providers to report on your payments to improve your score — your CPA and attorney might be able to report on your payments as well. 
  2. Apply for vendor credit using your EIN without revealing your SSN.
  3. Purchase products from these vendors, following their reporting terms.
  4. Use the newly approved credit to buy over $50 worth of items.
  5. Pay your accounts on time, preferably early in the billing cycle.

You can build business credit and establish a positive payment history by following these steps — this will allow you to access credit and better financing options in the future.

Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

7. Pay Your Accounts at the Right Time

Paying business tradeline accounts on time is crucial to maintain a positive payment history, improve your business credit score, and build positive supplier/vendor relationships. Late payments can harm your credit score, trigger fees, and damage your reputation, making it harder to obtain financing and business opportunities in the future.

Here’s how to build business credit by paying on time:

  1. Set up reminders, alerts, or auto payments to pay business accounts on time.
  2. Pay your bills early to further improve your credit score, (this also helps you take advantage of discounts with suppliers).
  3. Proactively contact suppliers to avoid late fees or negative reports if you can’t make a payment on schedule.
  4. Connect the tradeline to your business account and use it to pay the credit card bill to establish a good payment history.

*By connecting your tradeline to your business bank account and using it to pay your invoices, you establish a good payment history and keep cash flowing through your account.

Recommended: eCredable: A Deep Dive Into the Business Credit Reporting Platform 

8. Check and Monitor Your Business Credit

Reviewing business credit reports often, promptly correcting any errors, and taking action if fraudulent activity occurs can protect you from business credit fraud and identity theft. 

Here are some action steps to monitor your business credit effectively: 

  1. Understand the number of payment experiences required to qualify for different types of business credit — as a rule, you should gather at least 3 payment experiences on your business credit report.
  2. Obtain credit reports from business reporting agencies such as D&B, Experian, and Equifax by obtaining a DUNS number for free from D&B and enrolling for reporting agencies.
  3. Check credit reports every month to monitor for unfamiliar inquiries or accounts you didn’t authorize.
  4. Review reports from all agencies quarterly, correct errors promptly, and take action if any fraudulent activity occurs.
  5. Use a monitoring service to stay informed of any changes.

When you have three reporting payments, this gives you an 80 Paydex score, which is the ideal business credit score. However, specific lenders may have unique qualifying requirements.  

Recommended: Nav Review: A Tool that Helps Build Up Your Business Credit Score 

9. Apply for Business Credit 

When you have your perfect Paydex score (80), you’re ready to apply for business credit. You can start with store cards, revolving cash credit, or credit cards. Let’s take a quick look at each. 

How to apply for business store credit:

  1. To obtain revolving credit at popular stores like Best Buy, Amazon, Walmart, Target, and Staples, establish a business credit profile with at least a D&B and Experian score and at least five reported payment experiences.
  2. Contact the store directly to learn how to apply, research their approval requirements, and complete the application without including your social security number.
  3. Use your newly established business credit accounts to purchase products and timely pay bills while monitoring your credit reports.
  4. Establish at least ten reported payment experiences, including vendor and revolving credit, to start getting approved for more cash credit.

How to secure revolving cash credit:

  1. Establish a business credit profile with at least a D&B and Experian score and at least ten payment experiences, including at least one reported account with a $10,000 high limit.
  2. Locate cash credit sources and complete the business application form without including your social security number.
  3. Use your new credit to purchase items and timely pay bills to increase your business credit score.
  4. Monitor your credit reports to ensure your new accounts are reporting.

How to use a business credit card:

  1. Pay your business credit card on time to boost your business credit scores and improve overall creditworthiness.
  2. Note that some business credit cards may report to the owner’s personal credit reports with all activity or just negative activity in the case of unpaid bills.
  3. Before applying for a small business credit card, ensure you have good personal credit scores and sufficient income from all sources.
  4. Review credit card offers carefully as terms and rewards vary widely.
  5. Determine whether to issue business credit cards to employees to help with expense reporting and segregating business expenses.
  6. Connect the tradeline to your business account and use it to pay the credit card bill.

By following these steps, businesses can establish a credit profile and obtain business credit. Establishing payment experiences for revolving and cash credit, researching approval requirements, and monitoring credit reports regularly are key to building and maintaining business credit. Using a business credit card can also be an effective tool to manage expenses and improve credit scores.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

Asking for Help is Not a Sign of Weakness

Building business credit can be complex and overwhelming, but it’s essential for the success of your business. Remember that asking for help is not a sign of weakness. Resources and experts are available to guide you through the process and help you establish strong credit for your business. With guidance from people with experience, you can navigate the complexities of building business credit and take your business to the next level.

If 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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