What is Business Credit?

Business Credit, sometimes referred to as Trade Credit, is credit that is established under a business's name instead of the owner's name.

Business credit permits a business owner to use their business credit profile and score for financing - NOT their personal credit scores.

All too many small to medium sized business owners know nothing about business credit so they end up funding their business using their personal credit until they can’t obtain any more personal financing. Then they are in serious trouble, their personal credit is shot, they lose their personal assets, even file personal bankruptcies, all to get rid of business debt. With business credit, this doesn’t need to happen as the business owner them self isn’t liable for the business debts, only the business is.

Having business credit will provide any business owner with some major advantages.

For one, the business can obtain A LOT more money in approvals. The Small Business Administration states

that business credit approvals are typically 10-100 times higher than consumer credit approvals.

There are also many sources that require no personal credit check. So, even business owners with challenged credit can be approved for thousands of dollars of credit for their businesses.

Business credit can be built quickly, much faster than consumer credit. It takes 6 months for an initial consumer credit score to even be established. Then, since the length of time you’ve had personal credit factors into the score, it could take years to have an excellent personal credit score. With business credit, it is very practical for a business to have an excellent business credit score within 90 days or less, then build that credit to a point where the business is getting $10,000 credit card approvals within 6 months or less.

When built the right way, the owners can commonly qualify with no personal guarantee (PG). No PG means business owners can access cash for their businesses without the personal liability. That means in case of default, the lender couldn’t pursue the personal assets of the business owner.  To qualify for most business credit sources with no PG, the business must have a positive business credit score established with the appropriate business credit reporting agencies. The two most commonly used business credit scores are the Paydex score from Dun and Bradstreet and the Intelliscore from Experian.  And, again, you will need credit with all the major business credit agencies, not just one.

Once a positive business credit score is established, many merchants will then approve the business owner for credit in the business's name. Thousands of major merchants offer business credit. But most don't promote their business credit programs, so they are difficult to locate. In addition, only approximately 10% of vendors report business payments to the business credit bureaus unless the owner is late or defaults, which is why the majority of small to medium sized businesses have either no business credit or bad business credit. Just a few of the merchants offering business credit that we can help you obtain for your business include Chevron, Dell, Staples, Best Buy, Apple, and Lowes. Once business credit is established and paid as agreed, the business credit limits will continue to increase and businesses can then be approved for even more credit as well as cash loans in the business name.

It is very practical to build your business credit to where you can obtain $10,000 limits with major credit card accounts within 6 months. Just pick up the phone to call us and get started.

Business credit is one of the strongest assets any business can have.

Don't be one of the 95% of small businesses that fail within the first five years because of lack of funding. Eventually you WILL need to borrow money for your business. Secure it BEFORE you need it.

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

What are Unsecured Business Credit Lines?

Unsecured revolving business credit lines are a smart way for you to grow and expand your small business. You pay only on the credit you use making a revolving credit line a perfect financing source for your small business.

Plus a revolving credit line can be used, paid down, and then reused making them very practical for any small business owner. This gives you tremendous peace of mind to know that additional money is available if needed.

The amount you will be approved for will vary based on the volume of your small business. You can secure a revolving credit line for over $150,000 with no financials needed to qualify, and credit lines up to $250,000 if you can show business tax returns and financials with business profits in our program.

Some revolving lines do require you put up collateral to qualify. Collateral can include accounts receivables, inventory, machinery & equipment, and even real estate.

Most business revolving credit lines require a personal guarantor to be approved. This means that if the business fails to meet the terms of the agreement, the guarantor will be personally liable.

Through our Business Credit and Finance Suite, you can easily establish excellent business credit scores in less than 60 days. You can then use your newly established business credit profile and score to qualify for unsecured credit lines without personal credit being as much of a factor.

Most banks have cut back dramatically on the funds offered to small business owners. As a result many owners have found it very difficult to obtain any revolving business credit line.

Through the Business Credit and Finance Suite, you have access to the best revolving business credit lines available today with the most lenient personal credit score and documentation requirements.

You can easily and quickly get approved and receive your business credit line in only a few weeks through your own funding suite account.

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