Building Business Credit for Funding: A Step-by-Step Guide
As an entrepreneur, securing the right business bank account is crucial. Once you have that in place, it's time to focus on building your business credit profile. Here's what you need to know:
Establish Net 30 Accounts
- Net 30 companies can help you build a secured or unsecured charge account.
- Nav is a great option as they provide two business trade lines that report to Experian and Equifax.
Leverage Fair, Figure, and Nav
- Fair, Figure reports to Experian, Equifax, TransUnion, and CreditSafe, and provides a Fundex score and business credit report access.
- Nav offers a business credit card that can establish two trade lines on your business credit file.
Prepare Your Business for Funding
- Consider Fundu and GiggleFinance for up to $10,000 in funding with no credit check, if you have at least 90 days in business and $1,500 monthly revenue.
- When applying for a Sam's Club card with no personal guarantee, make sure your business credit file is well-prepared with trade lines and funding.
Remember, building business credit takes time and strategic planning. By leveraging the right resources and following this step-by-step guide, you can position your business for successful funding opportunities.
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