How to Get Much Needed FUNDING:

Don't feel self-conscious about this, new entrepreneurs - ALL start-ups need capital. But the world of business funding is overwhelming, how do you know what option is best for you? That all depends on YOU and your business, of course! Here are some options to keep in mind:

1. Traditional/SBA Loans: These loans are pretty difficult for most start-ups to qualify for. Most traditional bank loans will consider a start-up business extremely high-risk. The Small Business Association (SBA) does have some options for start-ups, but they require an in-depth business plan, as well as financial records and projections, and these will be reviewed at length to determine whether or not the business is deemed sound and fundable by the SBA.
2. Cash Flow Financing: Your business doesn't necessarily have to be established very long to qualify for this type of financing. If your business is generating consistent revenue, that shows stability and thus means your business is less of risk to lenders. Typically your business will have to have been established for at least 6 months and be able to show consistent, recurring income to qualify for this type of financing.
3. Unsecured Credit Lines: Unsecured credit is great for start-ups because it requires NO collateral, but it DOES require good credit. Unsecured credit accounts are based solely on you or your guarantor's personal credit profile. The benefit of these accounts is that they often report to the business credit bureaus - meaning they are NOT reported to you or your guarantor's personal credit report - and they typically fund very quickly.
4. Business Credit: This is the big one, folks. Business credit is a great way to get money. Approvals are not based on personal credit and no collateral is necessary for approval. Business credit reports usually start with a few vendor accounts offering initial credit, then those initial accounts create tradelines and a credit profile in your business's name until a score is established. The company’s new profile and score are used to get approval for credit that can be used again and again and again as needed to cover expenses. Newly-obtained credit is based on the company’s credit per the EIN, not the owner’s credit based on the SSN.

Want to Know How to Take Your Personal Credit to the Next Level?

We hope this information was useful to you, but if you want to take the next step in improving your credit score and your financial health, we have some additional resources for you....

If you would like a more in-depth guide to improving your credit, we have an amazing new e-book, "The DIY Credit Restoration Guide", including, "The Shocking Truth of What LexisNexis Has on YOU!" You can use it to take your credit to the next level. VISIT OUR ONLINE STORE for more information.

Thinking About Starting A Business? Want to Know More About Business Credit?

We provide a comprehensive assessment and consultation to discuss your best path toward financial success for your business. Complete our Business Assessment today and get a jump start for your business! CLICK HERE to complete the assessment.

And we have a NEW E-Book to help guide you through the process of establishing business credit and obtaining funding for your business, "The Business Credit and Financing Guide" by HOPE BSG now available in our online store!

Whether you are a self-paced learner and want to take each step of the process at your own rate, or you just want to learn more about the world of business financing and how to take your business to the next level - this book is for you.

One more thing...

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