| Is it possible to build hundreds of thousands of dollars in | | | | financing. |
| credit for your business? Have you heard the horrible | | | | The chances are you did not know you could build or |
| stories of friends or other owners that have lost | | | | establish a 1-2 year corporate credit plan to grow your |
| thousands of dollars trying to build corporate financing | | | | business if times were financially tough. Most of us |
| using Credit? | | | | think that were are going to make lots of money after |
| "Knowledge is Power" The answer is yes you can | | | | we get started, however, you did not considered the |
| build or borrow thousands and millions of dollars if you | | | | fact of what happens if it really does start making a |
| know the recipe for building credit. The problem with | | | | ton of money and you need more funds to cover |
| this method of financing has been lack of available | | | | inventory or supplies, or maybe you need to hire more |
| information or knowledge about the subject. | | | | employees but strapped for cash. Maybe short on |
| As a former Dun & Bradstreet Senior analyst, my | | | | cash to cover employee payrolls because the |
| job was collecting information from owners to build a | | | | accounts receivable was slow to arrive. Checks in the |
| business profile and credit report, if profiles monitored | | | | mail. Never the less it is always good to plan for the |
| and prepared properly the owner should benefit | | | | rainy day when starting a business you can never |
| greatly with future possibilities, if prepared incorrectly | | | | have enough cash available. |
| the business owners would possible struggle to | | | | Do yourself a favor, make a business credit plan and |
| establish venders and lenders outside of their local | | | | stick to the plan, when the time comes you will be |
| markets. Dun & Bradstreet and the owner | | | | much more prepared. |
| benefits by having a complete business report. | | | | Here is the good news, you can start building your |
| Here is the big secret! - In order to have a chance with | | | | copporate credit and long term financing goals at any |
| building corporate credit - You must own an business | | | | time. However you must start with a solid foundation. |
| that is registered as a corporation or LLC with the Sec | | | | Many people come to me asking for assistance with |
| of State. The company should have an established EIN | | | | company financing or corporate credit. The first thing I |
| number. an office, a business phone number listed with | | | | ask ,besides the courteous introduction; What is your |
| 411 directory and of course a duns number and credit | | | | personal credit scores? What is your company Duns |
| profile. Once you have completed the business | | | | number and Paydex score? I would bet you a dollar to |
| foundation you business is ready to add vender trade | | | | a donut that 9 out of 10 responses are "I have no clue" |
| lines, loans and/or Credit Cards. | | | | but they know they have one. |
| There is a process to building business credit for your | | | | Should they have the right answers, then the next |
| corporation as follows. | | | | series of questions are about the corporation |
| Step 1 - Corporate Structure must be built on a solid | | | | foundation, like where are they located? Do you work |
| foundation with the Secretary of State using the | | | | from home or an office? Do you have a business |
| company EIN for starters. | | | | telephone in the name of the company listed with 411? |
| Step 2 - Applying for Business credit! No short cuts - | | | | Does someone answer the phone or do you use an |
| Period. For those who do not know the recipe the | | | | answering service or answering machine? All |
| business credit opportunities are limited. | | | | questions that will determine whether or not you will |
| STEP ONE | | | | get corp credit or loans for your corporation. |
| This process of building the corporate foundation can | | | | If you are looking for financing put together a one page |
| be time consuming but very well worth the effort. If | | | | data form that lists all of your business information |
| time is important look for a good corporate credit | | | | needed for obtaining corporate company credit. This |
| eBook or find a qualified business financing expert to | | | | check list will insure you have a strong foundation |
| build the foundation for you first before trying to obtain | | | | before you start applying for credit or loans. If you are |
| business credit on your own. Those that understand | | | | unclear of what this data sheet is call a business |
| the corporate building process will save you time and | | | | specialist and ask what will be required for building a |
| money to build the foundation you need to grow, | | | | solid foundation. If they do not know then move on, |
| otherwise it could set you back several months trying | | | | they do not know credit requirements. Find a credit |
| to correct mistakes. Take your time and create a plan | | | | expert that can answer your questions or find a good |
| of action. If you do not have the time have someone in | | | | corporate Credit eBook to assist you. |
| your office to monitor the program to meet your credit | | | | Once you have completed step 1: The comany |
| goals. | | | | foundation essentials are complete and you are ready |
| Building the corporate foundation first is essential when | | | | to start obtaining financing or credit. |
| securing vender trade accounts and unsecured larger | | | | Remember to verify and organized your data on one |
| lender loans. If your company is new, it is consider a | | | | or 2 sheets of paper for later use. As an owner you |
| new company and will take a couple of years to build | | | | will be finding yourself referring back to this information |
| the proper business history, trade lines and credit to | | | | regularly when applying for vender credit, credit Cards |
| meet most vender credit requirements. Assuming you | | | | or business loans or credit. |
| added a corporate credit building program to your new | | | | Congratulations, you will have completed step 1! You |
| business over the first couple of years then you are | | | | are well on your way to $500,000 in credit. |
| well a heard of the game and now the company is | | | | Now the Fun part begins, building your Business Credit. |
| ready to start looking for additional financing to grow | | | | Part 2: Corporate Credit Building Time Line |
| your business. Congratulations on your success ... | | | | Part 3: Who should I use to build my trade lines before |
| Like most business owners, entrepreneurs and those | | | | applying for credit or loans? |
| starting a company for the first time, the last thing on | | | | Part 4: Who & How to apply for credit for your |
| your mind is more paper work much less thing about a | | | | business. |
| long range goal of preparing your business for future | | | | Plan, prepare and execute - It will work! |