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Published By Credit Suite at June 25th, 2016
The very first step in building business credit is to make sure your company is setup credibly, from the lender’s perspective. It’s the only real way to secure business credit and financing.
I hear all the time from people who tried to build their business credit and failed. And the reason most do fail when trying to build business credit is that they skip the most important step, ensuring the business is setup credibly.
All lenders are looking for certain things to approve you for business funding and business credit. If you meet this criteria you will typically get approved.
Once of the important factors lenders look at is your business phone number. They will want to see that you have a local phone number, toll-free number, and fax number for your business. They will also want your main, or local numbers, to be listed in 411.
Lenders are also looking to make sure you have a website, and online presence. This means you will need a professional email address and a website that explains the services that you provide.
Lenders also check to see that you have the proper licensing in place that is necessary for your industry. And they will check that you have a valid EIN number. Get your EIN from the Internal Revenue Service.
They will also verify that you are providing a real physical address, not a home address. You can use a virtual address in lieu of getting a real office, but P.O. boxes and UPS boxes won’t work for you to get approved.
These are some of many items that lenders will look at very closely when reviewing your application for business credit and funding.
Make sure you meet this criteria before you apply, so you can have the best chance of approval.
We show you how to build fundability to raise your chances of getting business financing.