The stress of meeting “financial requirements” is often the biggest worry for business owners and start-ups.
Which the is main reason BusinessCreditBuddy.com was launched, to bridge the gap between small businesses and meeting financial requirements.
At some point every business will need to meet financial requirements to continue their daily operations. However, when most companies do need money they are generally not prepared to obtain business credit and denied for various reasons.
Which is also why having business credit issues is a primary result of many businesses closing their doors.
If businesses only had readily available access to funding and financing they could improve their survival chances by over 85 percent.
Startups are in more danger than any other business models. Where only 8 percent of capital comes from bank loans for funding start-ups.
9 Financial Requirements Businesses Must Be Meeting
There are nine primary financial requirements that drive the success of business ventures.
When businesses are able to access business credit to maintain these nine things, the business can grow faster and sustain by generating revenue.
1. Advertising – Every business must be able to advertise.
2. Payroll – Making payroll on time is essential.
3. Emergency – It’s vital to have access to funding for emergency expenses.
4. Outside Consulting – Being able to hire outside consultants for expertise.
5. Equipment – Ability to finance equipment as needed.
6. Expansion – Be ready to improve expansion for growth.
7. Education – Resources to continue educational learning.
8. Inventory – Buy inventory as needed.
9. Networking Events – Attend and sponsor networking events.
The reason that many businesses are not meeting financial requirements is because of not establishing their business credit.
To resolve business credit issues first the company must establish their business credit file.
In order to obtain business credit the company needs its own identity.
- Incorporate or form an LLC (Limited Liability Company) to ensure the company is seen as a separate business entity.
- Obtain a federal Employer Identification Number.
- Open a business bank account in the legal business name.
- Set up a dedicated business phone line in the business name and make sure it’s listed.
- Establish credit in the business name.
A cheat sheet for what business owners need to get approved for business credit.
- Need personal Creditchecktotal.com
scores around 700 or above.
- Have annual business revenues.
- Corporate entity EIN.
- Two years personal credit history of superb credit with no negative issues reported.
- No Derogatory Information found in personal credit report.
Congratulations, if you have everything on the cheat sheet checklist your business is likely ready to start obtaining business credit right now!
Allow our experts at BusinessCreditBuddy.com to help your small business or startup find the right funding resources. We are committed to assisting small business owners to bridge the gap to meet financial requirements.
Allowing small businesses to level the playing-field with over $200 million dollars in approved funding!
- LOW INTEREST RATES – Rates as low as 8.99%! 0% interest rates for the first 6-12 months!
- NO UPFRONT FEES– Clients are never charged upfront fees when submitting an application. Only a 10% success fee based on the principle balance of funding clients receive is charged and only if the business credit loan or line is accepted.
- LINES WILL NOT REPORT TO THE PERSONAL CREDIT BUREAUS– Drawing these credit lines will not affect your debt/credit ratio, thereby sheltering your personal credit for personal necessities (auto loans, mortgages, student loans, personal credit cards). Lenders will only report defaults to the personal credit bureaus.
- FUNDING IN AS LITTLE AS 15 DAYS– Quick Approval Process to access business credit!
Hurry start building business credit to meet financial requirements get pre-approved for up to $250,000 in business credit apply!
Still have more questions??
Our agents are eager to answer your questions and concerns to assist your business with meeting financial requirements. For a FREE business credit consultation call (404) 806-0548 .