30. September 2017

Why is getting your business listed in the 411 directory such a vital part of the business credit building process?

Does it really matter whether or not your company is in the White Pages or registered with Directory Assistance?


As a matter of fact you can expect to have a much harder time getting approved for business credit without one. 

The reason is when applying for credit with a supplier or creditor one of the very first things checked to verify the legitimacy of your company is whether or not you have a 411 business listing.

A non listed business will automatically trigger a red flag with most creditors and result in a denial of credit. So in order to avoid getting turned down you should first verify whether or not your company is listed prior to applying for credit.

Another key factor for getting a 411 listing is in driving customer sales for your business. Have you ever called Directory Assistance to find a company and wound up at a dead end because it wasn’t listed?

Don’t let this happen to you!

Now that you know the importance of getting listed in the 411 directory let’s cover what it takes to make it happen.

You’ve probably heard that in order to get a 411 business listing you had to have a dedicated business phone line.  Services like Voice over Internet Protocol (VOIP) and cell phones didn’t work.

But that was the past.

Luckily times have changed and with more and more businesses using cell phones and VOIP as their primary source of communication it couldn’t have come at a better time.

Today, you can add cell phone numbers or VOIP phone numbers to your local directory assistance for minimal costs and in some cases free.

Here are three ways to get a 411 Business Listing:

Verizon Business – There are four main Verizon offices with each servicing several states. You will need to call and say that you want to get a “foreign listing”. You will need to provide them your name, company name and business phone number. The cost varies in each state and if you’re located in California it costs a $30 set up fee and $3.25 per month.

Each office will be able to direct you to the appropriate office that services your state. For California call 1-800-722-0577, West Virginia 1-800-431-5477, Virginia 1-877-483-1396 and New York 1-800-509-6685.  

*you do not have to be a Verizon customer to use its “foreign listing” service.

Wireless Listings – You can now get your business cell phone number listed in the 411 and the print directories no matter which wireless carrier you use. There is a monthly fee for this service and you can also select which Verizon print directories you want your number to appear on.

List Yourself – This is a free 411 listing service and once you submit your business information it offers several options for you to validate your business phone number. Once your number is validated then your information is sent to the directory assistance databases used by all of the major carriers.

Keep in mind that because this is a free service it may take you several attempts to get your number successfully submitted and listed.

There are many other ways to obtain a 411 business listing that do not require monthly fees or trial and error but it’s important to get listed no matter what option you decide.

It will not only legitimize your company but also help potential customers find you. Don’t let a non listing cost you business credit and potential sales for your company.

Build Business Credit, Lender Compliance Items, Pre-Qualify for Business Loans

29. September 2017

In the business world, a strong FICO credit score rating is necessary during the early stages of business financing especially if your business credit files are not strong enough.

Due to the current economy and credit markets, banks and lenders are looking at both personal FICO scores and business credit scores. Now keep in mind that if your business credit report can stand on its own they may not require a personal guarantee but can still check your credit scores as part of their underwriting process.

By raising credit scores for both you and your business, you can expect to have much more cash credit and resources available to your company at better interest rates and terms.

One particular product that I suggest has proven to increase a FICO credit score rating 95% of the time in as little as 60 days, which you and I know is pretty fast.

I’m sure you’ll agree that there are quite a few services out there that promise to raise credit scores, but this is one of the few that really does get the job done. 

So how does it work?

First you will need to decide what amount of credit you are looking to add to your personal credit files. Remember the larger the credit line the greater the impact it will have on dropping your debt to credit limit ratios. Currently the unsecured line of credit options range from $5k, $6k, $7,500 and $10k. 

Next step is simply opening an account and making a small advance purchase based on the amount of credit you want. For example, if you select the $5k line of credit then you will need to purchase $295 worth of products. 

What I really like about this program is that from your advance purchase you get to select from thousands of dollars of merchandise items on their website. So for simply purchasing $295 worth of products you are automatically receiving a $5k unsecured line of credit that reports to your personal credit report with two of the major consumer credit reporting agencies.

Now that’s what I call a solid offer for raising credit scores! Imagine if a store like Best Buy offered its customers a $5k line of credit if they made an initial purchase of $295 at its store. I know that sounds far-fetched but I’m just trying to make a point.

Once your set up you can continue to use this line of credit towards the purchase of over 4,000 books and 5,000 music selections and it’s important that you do so you can continue to build positive payment history.

I also like the fact that they offer a payment option if the $295 is a bit of a stretch for you. You can pay $195 down and $20 a month for 10 months.  Once you enroll you’ll receive a welcome package which includes a bonus cd and payment coupons if you select the payment option. 

You can apply for this $5k line of credit online but if you want a greater amount then you will need to fax or email a full credit report first. 

By taking advantage of programs like this and optimizing your scores with the credit bureaus the benefits for you on a personal and business level can be very rewarding. Your credit report and scores have the power to lower interest rates, give you better terms on loans and put more money back in your pockets.

Business Loan Approvals, Optimize Personal Credit, Pre-Qualify for Business Loans

28. September 2017

I am looking for new office space, but I want to lease it only under my business. How do I do that? 

To gain an understanding on how to obtain a lease under your business name only, the key is to think about it from the lessor’s perspective. They want to be confident that the company they are going to lease office space to is responsible, credit-worthy and credible. 

Here are the items you can address to improve your chances of obtaining a office lease without a personal guarantee:

1. Financially responsible: its key to show the lessor that your company is financially sound. If you are a start up company and are not showing any revenue, the lessor may not feel reasonably confident in your company’s ability to stand on its own merit. Being able to show that you have a company that produces revenue and has a profitable track record of success is key to showing the lender you are a safe-risk. 

2. Credit-worthy: Being credit-worthy is vital to showing any potential lessor that your company has a history of paying its obligations consistently on time, every time.  Your business credit reports will be a direct reflection of the credit-worthiness of your company. If you company has little to no business credit history the credit-worthiness will be doubtful on your company. 

3. Credibility: Another vital aspect of obtaining a lease under the business name only is your company’s credibility. How credible is your company? There are many aspects of a company’s credibility that need to be address, all of which are address within our member portal.

By addressing these 3 items, you can begin to build a solid foundation and possibly obtain a lease under the business name only.  Keep in mind, finding a lease under the business name only will take some time, you will need to ask and research leasing company’s, some will entertain a lease under the business name and some will not. 

Business Credit Scores, Lender Compliance Items

27. September 2017

Working capital is the amount of capital required to carry on a business. It can be a problem for businesses to obtain the necessary working capital, especially when they are starting up, and that is why it is so important for businesses to know all that they can about obtaining the necessary capital to build their business properly. Whether a business is small or large the same programs are available to those seeking financing.

Business micro loans are one source for getting working capital. These are smaller loans, which are typically between $5,000 and $35,000, and are targeted to startups and newly established small businesses. This program is established by the Small Business Administration. Non-profit community lenders are given the money by the SBA, and they make the decisions on who gets the loans. Micro loans have terms of up to six years, and requirements by lenders vary. If you decide to get a micro loan be prepared with collateral, and also be prepared to personally guarantee the loan. Specific training and business planning requirements must be fulfilled before a micro loan will be accepted as well.

Credit card receipt advances, also known as merchant advances, is a fairly new, but effective method for obtaining working capital. This method allows for an immediate cash injection because the lending source will buy your future credit card receipts in the form of a cash advance. The great thing about this option is that you can apply with poor or under established personal or business credit. The requirement is that your business processes a minimum of $2,500 per month. After meeting that requirement your business will be advanced up to $100,000. The amount that you can receive is established from current sales receipts. A small percentage will be deducted from your ongoing credit card receipts, and there are no fixed payments or fixed repayment terms. 

Working capital can also be obtained by selling your account receivables. There are many advantages to this option including not having to give up equity, you can purchase in volume from suppliers, you can eliminate bad debt, and there is no additional debt accrued because selling account receivables is not considered a loan. 

Business credit cards give you another option for obtaining working capital, and they provide your business with a great amount of flexibility. You can track employee expenses, smooth out the process of cash advances, you can reduce some operating expenses, maximize the potential of cash flow, and they can also help businesses with their vendor relationships. Make sure that when you are looking at a business credit card that it reports to the Small Business Financial Exchange. This ensures that the card will help build up your business credit scores so you can secure larger loans down the road. If the business credit card is not reporting, you won't be gaining all of the benefits you can out of your business credit cards. 

The equity loan allows businesses to obtain working capital through investment banks that provide capital secured by the equity or ownership of shares in a company. Companies that typically get this form of loans are in a market that is growing quickly, or they have established a niche for themselves. An equity loan is typically between $1 Million and $2 Million dollars initially with the potential of the loan being more over the life of the loan. 

There are many other options for financing a business, and so it is recommended that you find a business capital search engine online to make sure you find all of the financing options for your business. 

Business Loan Approvals, Small Business Financing

26. September 2017

In these tough economic times small businesses need all the business loan help they can find.  To that end there is a free business loan tool called the Unsecured Business Financing Program available on Fundability.com, and let’s take a look at what it does for a small business that is searching for business loans.

First the Unsecured Business Financing Program allows a small business that is looking for a business loan to search over 4,000 business lenders all in one place. How that works is the small business enters information about their business and about their business loan need.

The business information is questions like how long the small business has been operating, what industry is the business is in, what is the current monthly revenue, etc.  The business loan questions are things like how much is the small business looking for and a brief description of the business loan uses.

The information is then matching to the funding criteria filters that have been collected from over 4,000 business lenders and a matched list is provided to the small business owner for their best possible business loan provider.  The available matched business loans are then broken by funding program such unsecured business loans, equipment business loans, asset based business loans, etc.

Once the matching processes is completed, the small business owner is provided with a detailed description of each business loan program and has direct access to the contact information for each business lender they have matched in that program.

 The free Unsecured Business Financing Program also contains a very detailed step-by-step system that guides and instructs small business owner on exactly how to build and optimize their business credit scores.  The business credit system teaches small business owners the importance of having three business credit scores that are completely separate from their personal credit scores and give them all the tools they need to complete the process for free.

To approve a business loan, business lenders are now looking very closely at business credit scores and are no longer just looking at personal credit scores. While personal credit scores are still a factor for many business lenders, business loan approvals are now based on many other factors such as business and personal debt to income ratios, etc.

The Unsecured Business Financing Program also provides small business owners with step-by-step guides on exact what factors business loan approvals are based on and what business lenders are looking for to be able to fund a small business loan request.

Alternative Business Financing, Business Loan Approvals, Small Business Financing