Getting a Business Bank Loan

The day your business obtains its first bank loan is very much like the day you personally get approved for a home loan. It is the day, and the event, that makes all other lenders take notice and puts you on their lending map.

Non-bank business lenders and credit providers know how difficult it is to get approved for a business bank loan. When they see a reporting bank loan on your business credit reports, it signals to them that your business is credible.

Too many business owners think that obtaining a business loan from a bank is an impossible dream. Well, it isn't - if it’s done correctly. Our Business Credit Building System has a proven system for obtaining your first business bank loan. We work with many banks that have helped thousands of our members in both extending and reporting those loans.

Just having a bank loan is only one way your business banking relationship affects your business credit, including your ability to get approved for vendor credit lines and business credit cards. The single most important factor is the date you opened your business checking account.

Most business owners assume that the day they incorporated or filed for their business license is the day their business began. This is simply not the case. Business lenders consider the date you opened your business bank account as the actual start date for your business. So, if you incorporated in 2010, but opened your business checking account in 2011 then, as far as lenders are concerned, your business started in 2011.

Another way that your business banking relationship is vital to getting approved for loans can be found in your Bank Rating. The business credit reporting agencies will grade your business's creditworthiness based on its credit scores. In a similar fashion, banks and other traditional lenders will grade your business’s ability to repay based on its bank rating. Your business bank rating is determined by the average daily cash balance you maintain in your business checking account over a period of a few months.

If you are serious about the success of your business then you will need to know: How to properly address the compliance items required by most lenders and credit providers; How to properly go about building strong business credit scores with the top three national business credit reporting agencies; And how to properly manage your business banking relationships.

Now you have a choice to make. You can spend hundreds of hours searching the internet trying to find all the vital information you need (and you won’t find everything), or you can simply enroll in our Business Credit and Finance Suite which has consolidated everything into one convenient place. Our Advisors will work with you to establish your business credit profiles the proper way and in the shortest possible amount of time. Then they will search for and work with you to get approved for all of your business financing needs.

To get an idea of the basic process of obtaining a Secured Business Bank Loan, read about it on our website http://expertcreditconsultants.com/bfrB-corporate-finance-small-business-bank-loan.php

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com.

12 Steps to Building Excellent Business Credit

Obtaining credit for a business with no personal credit check and no personal guaranty is very appealing.

One might say this is the holy grail of owning a business - being able to obtain massive amounts of funding using the business itself as collateral.

There are many steps to building an exceptional business credit profile. Each of these steps is essential in obtaining business credit with no personal guaranty.

Here are 12 steps you will want to take when building business credit...

1. Make sure you start by incorporating your business and make sure you obtain a Federal Tax ID#.

2. Ensure you setup a business bank account immediately and that the business name on your corporation papers is the same as on your business bank account.

3. Ensure you have a business land-line number that is listed with 411.

4. Ensure you have the proper businesses licenses for your business that you need in your state.

5. Set up a complete credit profile with Dun and Bradstreet but do not pay them the $400 - $800 they will ask you for.

6. Make sure you pay business bills that report to the business credit reporting agencies ahead of the due date. The earlier they are paid, the higher your business credit scores will be.

7. Build solid payment history with many accounts being paid as-agreed or early each month. Building excellent business scores means you have many accounts reporting as paid-as-agreed. So get your credit, then keep using the credit monthly to build a solid profile.

8. Ensure you monitor your business credit files. Keep an eye on your scores and the progress of the accounts that are reporting.

9. Establish a minimum 'low 5' bank rating by establishing and using your bank credit.

10. Open a small business credit line that reports on your business credit profile. Credit lines have high limits and reflect positively on your business reports.

11. Ensure you establish a diversity of credit using multiple store and Visa, MasterCard, and Amex accounts.

12. Ensure you have a well written business plan as many lenders will want to see this to approve you for funding. 

Expert Credit Consultants, LLC specializes in establishing business credit and funding using our exclusive Business Credit and Financing Suite as well as consumer credit restoration and optimization. www.ExpertCreditConsultants.com.