Business Credit Builder Program
This program is the foundation to advanced level of business credit building. The Business Credit Builder will help you establish your business credit and set it up so you can obtain lines of credit from the bank. This foundation will consist of helping you to establishing trade or vendor credit, building the Paydex (from Dunn and Bradstreet) to 80 and then applying for business credit cards. You will have a personal business credit coach to guide you through the entire process.
Many business owners that start the Business Credit Builder do not have good personal credit. The Business Credit Builder will set the business foundation for obtaining lines of credit with Corporate Credit Concepts banking contacts. In order to obtain lines of credit at any bank the business owner must have a combination of good business credit and good personal credit, in other words a 680 or above.
Many of our clients use the credit cards that the Business Credit Builder Program obtains to help them pay for the personal credit repair process. Once the business owner’s scores are adequate we can obtain a combination of trade credit, credit cards and bank lines of credit.
The entire purpose of the Business Credit Builder Program is to build the foundational level of business credit and to give you some cash to repair your personal credit if needed. Once your personal credit is above 680, the foundational level of your business is already in place and we can move onto the next steps in the Business Credit Builder Program and we can obtain a combination of trade credit, credit cards and bank lines of credit.
Commercial Funding Guidelines: Our goal to provide each of our customers with the widest array of commercial lending opportunities tied to their business credit. Lending criteria is based on 4 factors including owners FICO score, business credit score, business revenues and assets. Each business is unique; however one way to estimate commercial funding is to use the owner FICO score as a measure.
Here are a few examples of funding products based on owners FICO score or business revenues:
Trade Credit – up to $40,000 (Based on Business score only)
Equipment Lease – up to $100,000 (When qualified – 620+ FICO)
Small Business Loan – up to $25,000 (When qualified – 580+ FICO, business revenue required, no personal guarantee required)
Unsecured Business Loan – up to $25,000 (When qualified – 640+ FICO)
Business Credit Cards – up to $50,000 (When qualified – 640+FICO)
Lines of Credit – up to $20,000 to $50,000 (When qualified – 680+FICO)
Dunn and Bradstreet credit file established
Corporate Experian credit file established
Establish a Paydex and Intelliscore