10 Steps to Qualify for the BEST Business Financing Programs

1. Check ALL your compliance issues. How does the loan processor or underwriter for the good loans make sure you are a real business?

2. Pull your business credit reports - Experian Business, Equifax Business, and DNB.

3. Is your business addresses correct? Does it state that you have been in business the correct number of years? Does it have your correct revenue, number of employees, are you listed as the principal, is the SIC code correct? And ABOVE ALL is it clean from any issues, slow pays or liens whatsoever?

4. Pull your personal credit reports. Address any issues on your personal reports. You will need above a 700 FICO score. If you’re a new business with no collateral, you will need to establish strong business credit before you will qualify for funding with no personal guarantee. If your personal credit is strong, you can personally guarantee a few accounts in order to build your business credit faster.

5. Make sure you have solid business tax returns and equity or security to back up the loan.

6. Add strength to the business scores by acquiring trade lines without personal inquiries. Don’t trash your personal credit with a ton of inquiries for business credit. Staples, Office Depot, Shell, Dell, Apple, Home Depot, Lowes, and thousands of others offer business only qualifications. You just have to know how to apply and what order to apply based on each of their requirements.

7. DON’T I repeat do NOT pay Dun and Bradstreet Credibility Corporation! This may seem counterintuitive but they are a separate company from Dun and Bradstreet and they make their money by selling their ‘business credit building’ services. But their services will only help your Dun and Bradstreet credit. You need good credit with the other business credit bureaus as well.

8. Ensure that your header information is complete and perfect with all three business bureaus, without multiple files, negative information, you are listed as the owner, and finally that you have an Intelliscore of 90+ (out of 100), A DNB rating of 1R2 or higher, Paydex score of 80 or above, and an Equifax score of 650+ (101-992).

9. Ensure that your real FICO scores are 700+ (be aware of the inflated scores from some monitoring services).

10. Do not trust what a branch application manager (that goes by a training manual about how to fill out an application), or the clerk at Home Depot (that types in your credit app info at the register) tells you about getting approved for their funding.  Applications are approved from underwriting departments, not branch managers or store clerks.

There you have it. The recipe of a low or no doc loan that will be approved from almost any major business bank within 48 hours.

We work with over 2000 lenders and are able to find all legitimate business loans available. We have helped many, many other business owners obtain financing for their businesses with no personal guarantee.

Good advice comes from those with experience that have done it themselves.

Call if you want us to help. This is what we do and we do it well.

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.