Business Credit & Capital No Comments

How to Create a Great Business Credit Profile

Business Credit profile Google Search

Your business credit score can play a major role in sustaining the success of your company. An organization’s credit score enables vendors, contractors, lenders, and other creditors determine whether you can pay your debts and still remain profitable. Understanding the importance of your business credit is crucial. No matter what your business credit score is, you want to improve it. Here are ways you can achieve that.

Apply for credit before you need the money

Soon after launching your company, you should start thinking about building credit. Small businesses often have to demonstrate good revenue for at least two years before banks will consider approving them for any sizeable line of credit. Ways to shorten that period include getting a minimal business credit card or a smaller loan. Even a limited credit history is better than none. If you have trouble securing even small loans, try obtaining a store-based credit line with your a big-chain supplier like Home Depot or Staples. Many major retailers offer commercial credit accounts that will contribute to your credit history. If all else fails, you could even obtain a secured card in your company name.

Know your personal credit score 

The chief factor many banks look at in deciding whether to lend new businesses money is the personal credit rating of the owners. Lenders normally expect a personal credit score of around 650. To boost personal credit scores, try to pay your bills on time. Maintain a low debt/credit proportion in your credit cards, preferably a debt level that’s under 30 percent of your limit. Also, be aware that lenders will generally check the credit of any business partners with an investment of more than 20 percent in your company.

Use credit to grow credit

Most businesses with high credit scores started small and improved them by applying early for as much credit as they could comfortably afford. Consistently obtaining, paying, and seeking additional credit will constantly improve scores with minimal risk, so that you can obtain a bigger loan when you need it. The better your credit history, the easier it will be to increase your credit limits. You might also consider establishing a credit profile with Dun & Bradstreet (, a business reporting agency used as a resource by many lenders. Adding credit references will help to develop a more impressive credit profile.

Consider the Alternatives

Traditional banks are not the only means of raising cash. There are nearly always other options, such as going public to raise stock, seeking investors, sale of rights to intellectual property or patents, or secured loans against business property. Another good option is merchant cash advances, where you can borrow against unpaid invoices. National companies like Business Credit & Capital can help you by providing funds that, unlike bank loans, you can use as you see fit, to pay off debts or invest in growth. With a business cash advance, there is less concern over credit scores, and the process is faster and less rigorous than applying for a bank loan.

Build relationships with multiple lenders

Banks are free to change their lending policies when it suits them. They may decide to lower your credit limit on short notice, so that you’re left with fewer resources than you anticipated. Therefore, it’s a good idea not to rely on a single lender for all or even most of your needs. Instead, try having credit cards from at least two major banks, and lines of credit from respected local lenders, including credit unions. A large bank may offer more products, services, and bigger loans, but a local lender is likely someone you can strike up a relationship with in order to discuss your needs personally.

Building up a solid credit rating is important for the future security of your company. But don’t forget that in the meantime, or when credit is already stretched, other alternatives like cash advance can keep the money flowing. If your debtors can see that you’re going to cover your bills, you’ll always be able to find more funding.

Business Credit & Capital No Comments

How To Make Your Business Credit Application Stand Out


Most businesses will need help in financing at one point or another. Small to medium businesses, in particular, need to borrow money either for starting up or for expanding. However, applying for business credit can be a tiresome, frustrating process and small businesses are often rejected. This is because lenders are usually not confident that small businesses will be able to repay the loan. Thus, it is very important to make your business credit application stand out by proving that your business is creditworthy especially if you’re a small to medium-sized business owner.

Include A Solid Business Plan

Having a clear, solid business plan is vital when applying for business credit. Your business plan provides lenders with a summary of what your company is—its products, services, goals, team, and financials. It will show how your business earns money and how that revenue will be used for expansion and growth. Accordingly, it helps lenders predict whether your business is capable of repaying the loan or not.

To make sure that your business plan proves that your business is worth the credit risk, include a section outlining similar companies in your area and what makes your business different from theirs. Also, include a projected income statement and what you plan to do with the money from the loan.

Outline The Financials

The ability of your company to repay a line of credit or loan can be determined by its cash flow. Provide current and accurate financial statements that clearly outline the inflow and outflow of cash in your business. Make sure that you have a positive cash flow history to make your business credit application stand out and to encourage lenders to finance your company.

Check Your Credit Scores

Both your personal and business credit scores will be taken into account when you apply for business credit. Although alternative lenders consider credit scores of at least 550, scores above 640 are usually preferred. And if your company has multiple owners, each owner’s personal credit score will be taken into account. Your credit score helps lenders evaluate your credibility in repaying the loan. The business credit score, on the other hand, outlines the earnings, current assets, and other financials of your business. A poor business credit score can decrease the creditworthiness of your business and derail your business credit application. Thus, it would be better to check both your personal and business credit scores beforehand and try to increase it by, perhaps, paying off outstanding debt.

There are alternative lenders, however, such as Business Credit and Capital that can help finance small to medium-sized businesses that lack sufficient credit even without collateral. Consider cleaning up your business credit application for alternative lenders like Business Credit and Capital if your credit score is less than perfect.

Provide Trade References

Trade references can indicate your company’s credibility in terms of repaying a loan or line of credit. Having three to four strong trade references can really make your business credit application stand out since it indicates the financial health and management of your company. Include work history, recommendation letters, and if applicable, financial institutions you’ve transacted with in the past. This way, lenders will have more confidence in financing your business.

There is no guarantee that your business credit application will be approved despite your best efforts. If you do get rejected, ask what factors contributed to their decision and make the necessary improvements for future applications.

Jump to top
Business Credit & Capital No Comments

Does Your Small Business Qualify for Funding?


alternative-business-financing (1)

A small business line of credit works as one of the most common finance options for small business owners. By obtaining a small business line of credit, you can access funds that allow you to keep up with cash flow, your bills, and operate your business as you see fit.

Most small business owners obtain these lines of credit to help them with their cash flow. Even some of the best businesses experience cash flow problems. Such issues can include customers not paying their bills, a decrease in sales, unexpected payroll problems, and surprise expenses. Many small businesses have needs for additional funds. This is especially true in the messy economic times Americans have recently experienced.

Small business lines of credit are what are known as “revolving” accounts. This means that you can borrow from the credit line and add to it when you want. When you borrow from your credit line, you will need to make payments every month to pay off your balance. As long as you stay within the predetermined credit limit, you can borrow more at a later date. Many small business owners like credit lines because they get interest rates that were higher than the prime lending rate in the U.S. What this means for business owners is that small business lines of credit end up being cheaper than business credit cards.

How Small Business Owners Can Get a Line Of Credit

Before you apply for a small business line of credit, there are some things that you will need to put into place. Following these six tips can give you a better chance of successfully applying for a business credit line.

  1. Good Credit HistoryWhen small business owners start out, they will often experience cash flow issues. Even though you might make money from the very start, that money will often go towards payroll, inventory, and operations. Therefore, building up a credit history is of the utmost experience. Open up a business bank account. Once you do this, pay every bill on time, establish one or more phone lines, and open accounts with utility companies. Paying every bill on time will help you establish credit.
  2. Research LendersLook at a few online lenders to learn about their interest rates and loan terms. Consider your current bank as they could give you a good deal on credit lines. If your credit isn’t excellent, online lenders can often give you a credit line if you meet all of their other qualifications.
  3. Have A Positive Cash FlowIf you want an unsecured line of credit, you will need to demonstrate positive cash flow. Lenders will review all aspects of your business because they will not want to give funds to someone who will not be able to repay them.
  4. Be Responsible With Your Credit CardsNever use your personal credit cards for business expenses. Not only will maxed out credit cards hurt your score, they will not look good in the eyes of potential lenders. Maxed out credit cards will also increase the cost of borrowing money if you get approved for the credit line.
  5. Start Off Small If You MustIf your credit score isn’t that high, start with a credit line with a smaller amount. Ensure that you make all of your payments in a timely manner. Once you establish a good credit history, you can ask your lender to upgrade your credit line.
  6. Don’t Apply If You Really Need The MoneyMost lenders will only give you money if you don’t really need it. Lenders want to give capital to businesses with positive cash flow. In other words, you can’t have a desperate need for the money. When you have a positive cash flow, you will be in a position to pay back the funds in a timely manner and you will establish a good history with your lender. This will come in handy if you need a larger line of credit in the future.

Why You Should Consider Business Credit & Capital For Your Funding Needs

Business Credit & Capital gives small business owners the opportunity to do their work without needing to worry about obtaining money when they need it. Small business owners can apply for a business advance in minutes. Even applicants with a less-than-perfect credit history can obtain funding from Business Credit & Capital.

Business owners love working with Business Credit & Capital because they can use the funding in any way that they choose. They can also pay back the advance with a percentage from their sales. Because of BCC, small business owners across the United States can follow their dreams in a way that won’t leave them in massive amounts of debt.

Business Credit & Capital No Comments

The Many Tax Credits Available for Businesses

BCccbusiness tax credits Google Search

Tax credits are an important part of doing business. They are a way for a company to save money on their tax obligations. Many businesses are not aware of all the tax credits they may qualify to receive. It’s important to understand there is a difference between a tax credit and tax deduction.

Tax Credits
A tax deduction is designed to decrease the amount of a company’s taxable income. This means for every dollar a company has in a tax deduction, the amount of income they will pay tax on lowers. This is determined by a company’s tax bracket. Tax credits decrease the actual amount of tax a company will be required to pay. Every dollar a company gets in a tax credit will decrease a dollar in tax that a company may be required to pay.

Work Opportunity Tax Credit (WOTC)
This is available to companies who hire members of certain groups as well as qualified veterans. To qualify for this tax credit, a company must hire a full-time worker who qualifies under the WOTC. A business will receive a credit that is equal to approximately 40 percent of the worker’s first years wages. This can be as much as $6,000. Should a company hire a disabled veteran, the credit may be as much as $9,600.

Employer-Provided Child Care Tax Credit (EPCCTC)
A business will qualify for this tax credit if it directly pays for the child cares cost of its employee’s children. The credit equals 25 percent of child care costs. A company can get a credit of up to $150,000 annually for each employee. If the company is incorporated, and the owner’s partner is also and an employee, they may also qualify for the same EPCCTC provided to the company’s employees.

Notebook with tax credit sign on a table. Business concept.Disabled Access Credit
This tax credit is provided to a business that renovates its premises so that it is more accessible to all individuals with disabilities. This needs to be done in accordance with the requirements set forth by the Americans with Disabilities Act (ADA) A small business will qualify for this credit if its gross revenue is under a million dollars, and it employs less than 30 full-time employees during the tax year. This credit covers approximately 50 percent of the initial $10,000 of qualified expenses associated with the renovation. The maximum credit is $5,000.

Business Health Credit
A business is able to obtain a credit for up to 50 percent of health insurance premiums it pays for their employees. In order to qualify for this credit, a company must pay health insurance premiums for their employees. These health plans must be qualified through the Small Business Health Options Program (SHOP) marketplace. If not, the health plan must qualify for an exception. This credit is offered to eligible employers for two tax years that run consecutively.

Research Tax Credit (RTC)
This is a basic credit that equals up to 20 percent of a businesses expenses for qualified research expenses. A company is able to choose to use qualified research expenses that are more than 50 percent of its average for the three prior years.

Alternative Motor Vehicle Credit (AMVC)
A company is able to get a tax credit of up to $8,000 for the purchase of vehicles that are operated on an alternative fuel source. The AMVC does not apply to any electric vehicles or hybrids because they utilize conventional fuel sources. The IRS, at this time, only recognizes vehicles that utilize hydrogen fuel-cell technology such as the FCX Clarity that is manufactured by Honda

Welfare-to-Work Expenses Credit (WTWEC)
This is a business credit available to companies that hire employees who historically face significant barriers to employment. Some of the barriers are a lack of transportation, education. Other barriers are child-care needs, disabilities and more. The WTWEC is determined on wages paid to the employees. This can provide a company with up to a $9,000 savings during a two-year period.

Qualified Research Expense Credit (QREC)
This is designed to encourage companies to participate in domestic research and development. How the QREC is calculated is complex. It is also able to provide a company with substantial tax savings. The definition of the QREC is broad but involves a number of different activities. This could be developing new or improving formulas, products as well as prototypes and models. Building or improving manufacturing facilities. Developing new technology, environmental testing, certification testing and more are ways a company can benefit from the QREC.

Business Credit & Capital No Comments

Small Business Finance Management Tips

BCC df3

Finance Management and Your Small Business

Finances are a big part of any business. It doesn’t matter if you head a large and established business that has hundreds of employees. It doesn’t matter if you’re at the helm of a small business that’s just starting out, either. It’s 100 percent crucial to stay updated on your finances at all times. If you want to take charge of your small business’ finances, these tips may provide you with helpful insight that can get things moving in the right direction. The most successful businesses out there are the ones that always stay on top of all financial matters, zero exceptions.

Focus on Cash Management

Cash flow management can sometimes be tough for people who run small businesses. Failure to manage cash flow well can be disastrous to small businesses and to businesses in general. It can often even lead to significant errors that can negatively affect the way that others view them. Your goal should be to put together precise and prompt financial statements. These are crucial. These statements are imperative for the decision-making process. They’re also imperative for efficient fiscal task coordination. If you’re thinking about perhaps applying for a loan in the future, financial statements can also help. Thorough financial statements may open your small business up to the additional capital. Sloppy financial documents can make your business look bad.

Think About Getting a Credit Card for Your Business

Think carefully about getting a credit card for your business. Don’t make a rash or impulsive decision. Credit cards aren’t necessarily beneficial for all small businesses. If you want to select a good credit card for your business, however, you should perhaps opt for one that offers rewards anytime you spend money. It can help to choose one that divides business and personal purchases. Up-and-coming businesses can enjoy numerous credit card advantages. Credit cards can help them establish financial strength. They can also help them with credit.

BCC Financial-Management

Invest in a Reliable Accounting System

If you want to control your small business’ finances, you should invest in a reliable accounting system that depends on the cloud. Accounting applications can combine many pertinent services that can increase organization for your business. These applications can handle balance sheet tweaks. They can in many ways function similarly to actual workers. That can be invaluable for businesses that could use a little extra assistance in the staffing department.

Concentrate on Learning

A good financial background can be a serious advantage for people who want to control their small business’ finances properly. That’s why you should do whatever you can to learn about finance. Take the time to learn about financial statements. If you can read these statements with ease and confidence, you’re off to a good start. These statements can provide you with a lot of useful information. They discuss the roots of your money. They discuss where it has been before. They discuss its current location as well. If you want to understand the ins and outs of income and cash flow statements alike, a deep knowledge of financial statements is crucial. Financial statements can also be advantageous for people who want to have strong grasps of balance sheets and how they work.

Reduce Your Costs

Cost reduction is key to small business finance management success. You should do whatever you can to manage business expenses. You should also make sure, however, that you never interfere with strong customer service and satisfaction during the process. This is a particularly important concept for businesses that are on the smaller side. It’s particularly important for businesses that are looking to expand as well. Your objective should be to do anything in your power to minimize costs and save money. Don’t waste money on costly business trips. Aim to negotiate with distant companies through phone or online video chat, instead.

Reach Out to Business Credit & Capital Today

If you’re looking for professional assistance with small business finance management, Business Credit & Capital can offer it to you. We’re a company that focuses on business loans for many different types of clients in the service, dining and retail fields. Contact us without delay for more information.

Business Credit & Capital No Comments

Useful Marketing Plan Organization Tips


Marketing and Small and Medium-Size Business Success

Marketing is a concept that’s invaluable to businesses of all different sizes. If you’re serious about running a small or medium-size business that’s both efficient and successful, you have to make strong marketing practices a major priority. Inadequate marketing can often lead to insufficient growth for businesses. That can be disastrous, too. If you’re a business owner or representative who wants to reach for the stars, your focus should be on smart marketing organization techniques.

Budget Properly

A strong marketing plan calls for significant budgeting attention. Businesses need resources that can help them get everything done. They need to be able to pay professionals for their services. They need to be able to purchase brand new equipment. They require wherewithal in general. Businesses should always consider certain key factors when organizing marketing plans, too. They should think about their specific time frames. They should think about exactly how much money they have to invest as well. These factors can both affect marketing strategies considerably.

Pinpoint Your Target Audience Members

Successful marketing is a lot about knowing your target audience. Being able to properly pinpoint your target audience members is everything. Think about the services and products your business has to offer. Then define the people you believe make up your ideal target audience. Describe their age groups. Are they mostly male or are they mostly female? What exactly do they want out of life? What can they expect from your business’ services and products? What can your business do to improve their lifestyles? If you can answer these questions with ease and confidence, your business’ marketing plan is already on a good track. Concentrate on these people and on their needs when putting together future marketing strategies.

Assess Your Competitors

Businesses that are trying to win should always be keenly aware of their target audience members. It’s just as important for them, however, to be aware of their existing competition. If you want to organize a marketing plan that’s strong and solid, you have to know exactly who your “rivals” are. Are you going to be battling it out with massive firms that operate all throughout the United States and beyond? Are you going to be directly competing with smaller firms that are based in your area? The more you understand your competition, the better. If you have a strong grasp of your competitors, it will be easier for you to get focus for your marketing methods.

Create Tangible Goals

Tangible goals are paramount for any businesses that are looking to thrive in modern society. If you want your up-and-coming company to attain success, you have to state exactly what you want to happen for it. Think about your goals for the immediate future. Think about your goals for further on down the line as well. These are both equally important. Businesses need goals that are distinct rather than vague. They also need goals that they can easily measure. If your aim is simply to attract brand new clients, state that. If it’s to expand your business, state that, too. Don’t ever be afraid to vocalize your aims and aspirations. Fear will only ever hold you and your business back.

Think About Timing

Timing means a lot in this fast-paced world. If you want to market your business like an expert, you need a time frame, plain and simple. A time frame can give you the good type of pressure. It can encourage you to take action and to never waste even a minute of the day. It’s important to refrain from setting up time frames that are impractical in any way, however. Try to give yourself as much time as possible without taking things too far. Ample time can be helpful. Too much time, on the other hand, can sometimes lead to low productivity.

Reach Out to Business Credit & Capital

If you’re looking for top-quality professional marketing strategy assistance, the Business Credit & Capital team can come to your aid. We’re a full-service firm that specializes in business financing services for companies that are small to medium in size. Contact us as soon as possible to learn more about our in-depth marketing expertise.

Business Credit & Capital No Comments

How To Use Business Metrics To Make Vital Decisions


At the end of the fourth quarter, the problem many business owners are concerned with is putting together the information to prepare for tax time. But as you meet with accountants to go over the books, the end of the year is also a good time to investigate your financial performance for the previous year and determine what kind of profitability you can expect to see from your operation over the next four quarters.

This should be done with some specific goals in mind for analyzing where your revenue is coming from and where surplus should be applied. But the ultimate goal should be to develop the long-term value of your company. One day you may wish to pass it on to your children. Perhaps you’ve considered retiring and selling out as a reward for all your hard work. Either way, you’ll want to keep an eye on certain metrics.

Using business metrics

First, you must recognize the metrics that are the best indicators of your business’ performance. It’s easy to get overwhelmed with figures and statistics springing from a full-blown analysis that may really have little impact on your bottom line. Your analysts and accountants can help you sort through the details, but the numbers that matter most come from the metrics that follow.

1. Net profit margin

This shows you what percentage of real profit you’re getting from every dollar generated in sales. The expected rate of return is different for every industry, so your profit margins can show you your level of efficiency and your window for scaling prices to capture more of your market. Most industries will have financial benchmarks available as guidelines. Key performance indicators (KPI) are an ongoing metric for short-term monitoring. Restaurants may want to know average cost-per-seat, cinemas and theaters may want to see ticket prices vs concession sales, or shipping companies revenue per mile or gallon of fuel.

2. Gross margin

This is your percentage of profit vs expenses and is a good indicator of when costs are growing faster than revenue. Gauging gross margins over several periods can identify a need for improving production efficiency and/or finding ways to lower costs. It can be a good time to look for new vendors or re-negotiate agreements with the ones you have. At times the only alternative is raising prices. Knowing where your market shares are relative to rivals in your area or niche can be a good indicator of how well you’re doing in terms of competition.

3. Benchmarking

Prospective investors or buyers will also compare a business’ financial statements to those of competitors to make a relative market valuation. Monitoring the performance of others in your industry is a good practice as it let’s you know how your profitability stands against your market competition, not the narrow scope of your own profit-and-loss statements. You may find that 20 percent margins are more than adequate, but they will be substandard against a similar company making 26 percent margins, or even a much larger company making 17 percent margins. Your company should represent strong competition, or your future could be less assured than you think.

4. Cash flow operations

The cash flow statement should be part of your financial statements. Cash flow demonstrates how much cash is coming from the company over a given timeframe. Cash flow is not the same as profit. If some major clients are slow to pay, the books may show some healthy profit margins, but the cash isn’t actually there yet. If other indicators show that it’s time for a change, or bills and payroll are an issue, borrowing against invoices may be your best option. Business Credit & Capital will purchase a percentage of your anticipated revenue and advance the funds to you. Unlike most business loans, there’s little documentation required and you use the money any way you like.

There are any number of other factors affecting profitability. Apart from taxes, these could be a liability or other forms of insurance, licensing fees, IT and security costs, or even the fact that wages can vary between different geographical regions. But you should always be aware of where your operating cash is coming from.

Business Credit & Capital No Comments

2017 Business Trends to Look For


According to the Census Bureau, millennials are currently the largest living group. That’s important because it means more millennials make up the consumer base than ever before, and business trends have been adapting to reflect that. Businesses of all sizes can benefit from taking a page out of the millennials’ book of trends to continue growing with ease.

Embrace Millennials

As stated, there are more millennials alive than any other demographic. Although they may seem to be selfish and narrow-minded, the truth is that this particular demographic merely operates in a different way than baby boomers have for years. Instead of sticking to what’s familiar, millennials prefer to seek creative solutions for their jobs while improving workforce efficiency. Ultimately, this “work smarter” mindset leads to innovative ideas that create beneficial changes in companies.

Training Remote Employees

There was once a time when the idea of hiring someone who didn’t work inside the building was unheard of. In the 21st century, however, businesses across all fields are beginning to hire remotely, with industries like tech almost relying exclusively on remote contract hire.

Remote employment grew in popularity as internet technology improved. Nowadays, little effort is necessary to host a meeting over Skype or social media messaging, so certain positions, like programming or customer support, only require access to the Internet.

Decisions with Big Data

Many cite being data-driven as a negative business trend, but traditionalists may just be looking at the concept from the wrong angle. Using data doesn’t mean treating it like a steering wheel and relying exclusively on the numbers to play CEO. Although data reveals truths about customers, it’s not law and it doesn’t know best. For best results, combine collected data with the opinions of team members as well as the knowledge your company already has regarding what its customers want.

Improve Social Media

Social media marketing is one of those things that everyone seems to be doing, but only a few are doing so effectively. Most don’t take advantage of the analytic tools the various platforms have to offer. Even with the highest-quality content and rapid response to comments, you won’t get the most out of your social media tools if you don’t pay attention.

In fact, social media platforms are one of the primary ways that big data can collect as much as it does. Using websites designed to display personal information and interests like badges, customers essentially hand you a pamphlet telling you how to run your business such that they’ll buy services or products. They’re already speaking — you just have to listen.

If you don’t already have a social media marketing manager, it may be in your company’s best interests to make that your next hire. With the valuable information that social media platforms provide, the company will more than make back any business credit invested.

Quality Blogging

Maybe your business already has a regular blog, but is the content worth reading? Blogging isn’t a new trend for 2017, but it’s only getting bigger. However, this means that, in the quest to be visible, many companies created blogs focused on SEO instead of readable content.

Customers have noticed this because they know how to differentiate quality content and something that looks like a generator spit out. If the blog doesn’t inform in an exciting, engaging manner, it won’t retain readership, and it certainly won’t convert anyone into customers.

Trust, Not Sales

In the same vein, it’s important to build an honest relationship with customers instead of trying to sell them something. People have had salesmen on their real and virtual doors for years, and they’re tired of companies who only care about adding more dollars to their bottom line. What has been working, and what will continue to work in 2017, are supportive services and mobile apps. Apps can require a fair bit of initial capital to invest, but it often returns a significant ROI if it complements your services well. Contact us today to learn more about small- and medium-sized business funding.

Although it’s impossible to predict exactly where trends will end up until we’ve made our way well into 2017, these are the biggest strategies that seem to be worth jumping on as soon as possible. People want to be comfortable with the company they’re shopping from, and one of the best ways to curate that comfort is to speak their language.

Business Credit & Capital No Comments

Helpful Business Credit Score Improvement Tips


The Importance of a Great Business Credit Score

A good credit score is important for any individual. It’s also, however, just as important for any business. If you want your business to be a strong force in the world, you need to do whatever you can to help it maintain a solid credit score. If your business’ existing credit score isn’t so great, you should go above and beyond to try to improve it as soon as possible. A good credit score can be a major asset for businesses of all different varieties. A bad one, on the other hand, can be a significant drawback to them. It can make getting a business loan difficult or sometimes even impossible. If you want to strengthen your business’ current credit score, you can take action. Businesses never have to settle for credit scores that are less than exceptional these days. They can always work to change them.

Assess Your Business Credit Report on a Routine Basis

If you want to attain a better business credit score, you have to evaluate your business credit report frequently. Go through this report with a fine-tooth comb. Confirm that everything you see is correct. Confirm that all of the information on the report is as current as possible as well.

Work on Your Business Credit History

Credit histories can be beneficial to businesses that are serious about bettering their credit scores. You can work on credit history by completing an application for a brand new business credit card. If you get this credit card, you should make regular use of it. You should prioritize fast and reliable payments as well. A good payment track record will give you access to additional credit further on down the line. You should aim to take care of your bills before they’re due if at all possible. Fast credit card payments can do wonders for your business credit score. They can help you create a business credit background that’s 100 percent dependable.

Give Your Credit Limit a Boost

If you want to achieve a better business credit score, you should give your credit limit a boost. Wait until you have had a credit account for a minimum of half a year. Then ask for an increase on the account’s limit. You can ask for this increase in one of two ways. You can do so via telephone or the Internet.

Maintain Low Credit Card Balances

People who want to strengthen their business credit scores should always prioritize credit card balances that are low. Refrain from maxing out any of your available cards. If your business has outstanding balances that are on the high side, that can reduce its credit score in a significant way. Opt to use no more than 30 percent of your available credit if that’s realistic.

Steer Clear of Your Personal Credit

Don’t make the mistake of employing your own personal credit for any business purposes. When you set up business accounts, use your EIN (Employee Identification Number). Steer clear of your social security number. Set up any and all business accounts with the assistance of your business name. Do so with the assistance of your business’ specific tax details as well.

Get in Contact With Business Credit & Capital As Soon As Possible

If you’re looking to enhance your business credit score, you don’t have to go it alone. You can instead seek professional assistance from Business Credit & Capital. We’re a full-service business that focuses on loans that are suitable for businesses that are small to medium in size. Businesses that are searching for in-depth assistance with financing matters can turn to our team members whenever they wish. We can provide you with invaluable guidance that can help you efficiently and quickly raise your business credit score. We can offer you strong business loans that are 100 percent appropriate for your goals and requirements as well, too. Get in contact with Business Credit & Capital without delay for more information about our prominent firm. You can reach out to our staff via email and telephone. Our company is based in the borough of Brooklyn in New York, New York. We’re known for superb customer service and satisfaction.

Business Credit & Capital No Comments

The Signs That Signal Your Business Needs A Loan


It is easy to assume that having more ready cash is the answer to all business problems. In fact, this is exactly the mentality that has driven traditional lenders to more carefully scrutinize loan applicants, regardless of company size or credit history.

Yet there are certain legitimate signs that indicate your growing business is best served by applying for a business loan. Sometimes, it just isn’t possible to realize your full potential without a little capital “jump start.”

In this article, learn the key signs to watch for that signal your business could benefit from a loan.

Sign 1: You’ve received that “once in a lifetime” large order.
While it doesn’t happen often, there are times when that big break you’ve been hoping for arrives literally gift-wrapped on your doorstep.

In these cases, you may not have the financial means on hand to rise to the occasion, but passing it up could ensure you stay marooned in the minor leagues for some time to come.

This is a clear sign that the time is right to apply for a loan. You may need the loan for raw materials, equipment or even temporary contract workers to fulfill the order. But the best news is, the order itself can serve as a type of collateral with certain business funding programs, making it much more likely you will be quickly approved for your loan.

Sign 2: It is time to hire more “yous.”
When you first opened your business’s doors, it is quite likely you wore most or even all of the hats. You juggled and you struggled and you got very little sleep. But now your business has successfully weathered the startup storm and you are long overdue for a more specific job description.

The reason for this is simple: in your business, there is really only one “you.” In other words, no one else can do what you do. When it is clear you could be generating more profit for your own company by doing what only you can do, it is time to bring in some extra hands.

Of course, hiring help, whether in the form of contract, part-time or full-time staff, takes capital. This is another one of those key signs that the time is right to apply for a business loan.

Sign 3: You have your eyes on a bigger expansion.
As a newer, growing business, you may have all the potential in the world, but your credit history may not show that on paper. No matter how convincing your business plan looks on paper or how persuasive you are in person, many lenders today are still quite wary after the 2008 financial meltdown.

If you can’t show them proof in the form of a solid credit history that you can pay back the loan, you are unlikely to get the loan. In order to build your credit history, however, you need to take out a loan.

So here is where you can start small, taking out smaller loans and paying them back on time, building a credit history that will someday net you that big capital loan to expand and fulfill your long-term goals.

Sign 4: You have reached your limit in terms of self-financing.
Self-financing can definitely get your startup business over some initial hurdles when it is too young to earn the trust of anyone besides you.

But in time, as Entrepreneur points out, self-financing can not only become stressful but also limiting. It can also negatively impact your business’s ability to build sufficient credit history (see Sign 3 here) to apply for bigger expansion loans in the future.

If you have reached the end of your capacity in self-funding your company, this is a clear sign it is time to seek a loan.

Sign 5: You need equipment or materials you don’t have to grow.
Finally, there are those concrete moments in a business’s life when you just need to expand…or risk staying put forever.

When you come up against a concrete need like this, only one thing will do: it is time to apply for a business loan.