Survey – Thank You

Thank you for filling out our survey! I read each one and am always looking to improve your experience and help you hit your goals.

Below is the link to watch the training as promised:

https://vimeo.com/user75331892/review/1051303557/823f05e631

Here is a summary of the training you’re getting:

Ask Joe Call

Key Topics Covered:

1. Elan Financial Business Credit Cards:
   • Elan Financial underwrites business credit cards for many banks, which means multiple cards from Elan have stricter limits compared to banks that underwrite their own cards.
   • Pros of PNC’s Business Credit Card:
     • 0% APR for the first 13 billing cycles on both purchases and balance transfers (rare feature).
   • Recommendation: Open a business checking account with the bank first for better approval chances.
2. Portfolio Banks vs. Elan Banks:
   • Portfolio Banks / “Backyard Banks” (e.g., PNC, Key Bank, Valley National Bank, M&T Bank):
     • Underwrite their own credit cards.
     • Allow applicants to secure multiple cards without the restrictions of Elan.
     • Ideal for building a business credit portfolio.
   • Elan Banks:
     • While useful, these cards have limits on how many can be secured in a short timeframe.
     • Be mindful of “underwriter overwhelm” if applying for multiple cards through the same underwriter in a short time.
3. Exploring Local and Backyard Banks:
   • State-specific banking resources, such as the Department of Banking websites, provide lists of local banks, many of which are not included in SBA lender lists.
   • These smaller, lesser-known banks often offer personalized lending options and business credit products.
   • Users can leverage tools like AI to identify state-specific banking resources.
4. The Importance of Good Debt:
   • Business credit should be used for good debt, such as investments in advertising, real estate, or other income-generating assets.
   • Properly leveraging credit can help scale businesses without giving up equity.
   • A clear distinction was made between “good debt” (e.g., investments generating cash flow) and “bad debt” (e.g., consumer spending).
5. Questions and Updates:
   • Addressed concerns about email deliverability for call reminders. Users were encouraged to check their spam or promotions folders and mark the emails as important.
   • Reminders:
     • Access previous calls and resources by logging into the BCW blog and navigating to the “Ask Joe” area.
     • Submit questions for future calls in advance via the same portal.

Key Takeaways:

• Focus on Backyard Banks to maximize your ability to secure multiple business credit cards.
• Explore local and backyard banks for hidden funding opportunities beyond mainstream options.
• Use business credit responsibly to grow your business with assets that generate income.
• Stay engaged with the BCW program for updates, resources, and ongoing education.

Resources Mentioned:

• BCW Blog: BusinessCreditWorkshop.me
• State Department of Banking databases for local bank exploration.

Next Steps: Submit questions for the next call via the BCW portal and explore the provided resources to identify more funding opportunities tailored to your state and business needs.

(Click Here to Watch the Video)