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How to Work With a Business Credit Coach

November 14, 2023
Business Credit Coach Credit Suite

Have you ever heard the term business credit coach? Have you ever wondered what it was all about? Is it worth it? For most, the answer is yes! Honestly, pretty much any business that does not already have strong, established business credit can benefit from business credit coaching.

It's the perfect fit! Up to 150K in unsecured no-doc credit cards for your business even when banks say “NO”.

A Business Credit Coach Works to Help You With Building Business Credit

Many business owners, particularly new business owners, don’t have the best business credit score. In fact, they may even have no business credit score at all. That’s because, unlike consumer credit, business credit does not build passively. You have to be intentional.

Intentionality is Tricky

This part can be tricky. Sadly, there are a lot of details that can block you from approval that many do not understand. Furthermore, the process that helps you build credit for your business in the most effective and efficient way seems tedious to many. Worse yet, it is almost impossible to hack on your own. You could try forever and never get anywhere. This is where a coach can be well worth the cost.

How Does a Business Credit Coaching Program Work?

First, you’ll sit down with a business credit coaching professional. Then, they will examine how your business is set up and talk about your current financial situation. This means your business finances, your consumer credit score, and your cash flow. Also, any accounts your business has, your expenses, debt, and cash on hand may be examined.

Next, you’ll talk about any success you’ve had with the business credit building process. The business credit coach will look at your business credit cards. He or she will want to determine if they are really building business credit for you. In contrast, they may be reporting on your personal credit.

Personal Credit Can Affect Business Credit

Remember, personal credit does affect business credit. A good business credit coach will explain how this works. First, most business lenders will perform a personal credit check. That means if you have bad personal credit you are out of luck. However, it also means your personal credit score could take a hit, because inquiries have a negative impact.

Still, with the right guidance related to business credit, it’s possible to get business owners access to funding without a personal credit check. This is usually in the form of vendor credit, and sometimes business credit cards. By using these types of accounts to build strong business credit, you can reduce the reliance of lenders on your personal credit when determining creditworthiness.

Remember, without good personal credit, you will not be able to get lending that requires a personal guarantee. Your coach can help you understand what a personal guarantee is, and how it relates to personal liability. Then, together you can decide if putting your personal credit on the line is a good idea, particularly if your business is new.

A Good Business Credit Coaching Program Should Start With Building a Fundable™ Foundation

Truthfully, not every business credit coaching program will call this the same thing, but all good ones will agree it’s the essential start of building business credit. It has to do with how your business is set up. Your coach will examine the details of your business’s foundation and determine if anything is keeping you from credit approval.

Credit Coaches Should Ask These Foundational Questions To Start Business Credit Building

  • Do you have separate business contact information, or do you use personal information?
  • Is your business address a PO Box or a physical address?
  • Is your phone number listed in the 411 directory?
  • Does your business name or NAICS code indicate that your business may be part of a risky industry?
  • Is your business name exactly the same everywhere it is listed?
  • Is your business set up as a corporation and does it have an EIN?
  • Do you have a separate business bank account?
  • How does your business website look?

Of course it seems picky, but all of these seemingly little details really do make a big difference. Obviously, cooperation on this point is vital. Often a business fails to get cash credit, basically a loan from a bank, or any other kind of credit, due to issues with one or more of these details.

Legal Compliance

This is another thing your coach will look at. You need to have all necessary licenses to operate. In addition, there may be other legal requirements. For example, if you operate out of a virtual office, your state may require you to have a registered agent.

Getting and keeping your business in compliance with various legal requirements will be a part of the process. As a bonus, you’ll find out it gives clients more confidence in your services.

It's the perfect fit! Up to 150K in unsecured no-doc credit cards for your business even when banks say “NO”.

After the Foundation

Once your business is properly set up to build business credit, it’s time to get accounts reporting. It is not like building good credit as a consumer. You’ll have to intentionally seek out accounts that will extend credit without a credit check and report payment to the business credit reporting agencies. These are often referred to as starter vendors.

Finding Starter Vendors

The truth is, there are very few companies that do both of these things. Most want clients to have already established business credit before they will approve credit, and of those that do not, very few report on-time payments. This can make it virtually impossible to build a positive payment history.

However, the right credit coach will know how to save you a lot of time finding these vendors. Applying to random vendors just to see if you get approved, and then waiting to see whether or not they report, is a huge waste of time. Since time is money, it is an incredible waste of money as well. A credit coach can easily earn the cost of his or her services with this step right here.

What’s the Payoff?Business Credit Coach Credit Suite

Using a business credit coach to walk you through this process will pay off in the long term. It will create a base for you to access loans in the name of your business. Even those lenders that want to see your personal credit may offer better terms and interest rates if you also have good business credit.

Benefits of Company Credit

With strong company credit, you’ll be able to get access to working capital more easily, as well as company financing for anything else you may need. Company credit is one of many tools a business can use to grow and thrive. Business coaches can help their clients acquire this tool, so that the businesses they work with can get the financing they need, when they need it.

It's the perfect fit! Up to 150K in unsecured no-doc credit cards for your business even when banks say “NO”.

Credit Coaching with Credit Suite Helps with Establishing Business Credit and Funding

Credit Suite works with businesses daily helping them with establishing business credit, continuing to build it, and helping them find the funding they need right now. We have relationships with lenders that approve those with excellent business credit, and those that are still working on it. We have financing options, including credit lines, with competitive interest rates. Businesses have funding choices whether or not they already have company credit.

Honestly, it is almost impossible to run a business without at least some debt. We have the ability to help companies find the lenders and types of funding they need, whether that be loans, financing based on investments, or some other option. We work with banks and other credit providers to get you the dollars you need for success. Better yet, our proven system is sure to help you build strong credit for your company in the most effective and efficient way possible. 

About the author 

Faith Stewart

Faith has a BBA with a major in Accounting, and a combined 20 years of experience in the fields of finance and account.

Before switching to writing, she spent 10 years working in various areas of small business and personal finance and accounting, including working as a public auditor at BKD, LLP, Financial Director at Central Arkansas Development Council, and Commercial Credit Analyst at Farmer's Bank and Trust.

  1. I want to teach businesses how to build business credit.
    Does your organization have a program that will teach how to teach other companies to establish business credit?
    If so, which of your programs? What is the cost?

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