Building a Credible Business Credit Profile

Building a Credible Business Credit Profile will give a funding source a proper view of your business. Your “Internal Reality” needs to be your “External Perception”. Internal Reality = External Perception Stop presenting your business as a Hobby. Getting funding sources to give you money is definitely a function of how you market your business to them. You need to paint a proper picture by building a business credit profile that gives them all the information they need to approve your request. rnThe very first step in building a proper Business Credit Profile is to ensure your company is setup credibly, from the lender’s perspective. I hear, all the time, from people who tried to get financing and failed. And the reason most do failis they skip the most important step; insuring the business is setup credibly. It’s like trying to build a house without a proper foundation. All lenders are looking at certain “basic” information to approve you for business funding and business credit. If you meet this criterion, you will have a great start to being approved. rnOne 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 ensure you have a website, and online presence. This means you will need a professional email address and a website that explains the services you provide. rnLenders also check to see that you have the proper licensing in place that is required for your industry, and that you have a valid EIN number. 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. rnEnsure you meet this criterion, before you apply, so you can have the best chance of approval.