With so many mixed marketing tactics being used by banks, how do entrepreneurs know which bank is actively lending to SMB right now?
With so many mixed marketing tactics being used by banks, how do entrepreneurs know which bank is actively lending to SMB right now?
There are 3 major Business Credit Bureaus: Dun & Bradstreet, Experian Business and Equifax. Do you know the importance and difference between the 3?
Hey everyone! I hope you are all having a killer day. Today I want to talk about a very hot but sensitive topic; Business Credit Building. Small business owners must build a business credit profile and separate their business credit from personal credit and liability. The importance of this can’t be overstated.
Leading business publication, the Wall Street Journal says ”Lenders check your company’s credit report to see if they want to do business with you.” Under capitalized businesses run the highest risk of failure. Don’t let it happen to your business. This builder walks you through three steps for establish business credit: separate personal credit from business credit, build a strong and lasting business credit foundation, Obtain $10,000 – $150,000 in unsecured business credit. This will give you strategies to do so.
Don’t forget, with Direct Business Lending, you’ll have expert guidance along the way.
How it works:
Create an account at http://www.BizFundingBuilder.com and select Business Credit Builder. Watch the helpful video introduction, then start the first step. This is a very extensive builder, so plan to break it up into several sessions at the dashboard.
Separate Business and personal credit: Business owners will quickly find that applying for business credit is more complicated than for personal credit. What you need to qualify is different. Be informed before starting the process.
Reasons to use business credit, business credit doesn’t lower personal credit scores.
Startups, do you know where to find the sources of unsecured funding available to you?
Do you know which three business credit agencies are the most important – Experian, Equifax, and Dun & Bradstreet? Underwriters look very closely at business reports for items you might not reporting. Remember, they are trying to assess potential risk. Learn about the scoring systems all three major systems use.
The most important issue is becoming compliant. Business Credit Builder walks you through the many details that underwriters look for, step by step.There are steps to take for establishing credit in the many ways. Learn which vendors report for business credit, learn why equipment leasing is relevant.
The key thing in this builder is to eliminate red flags before they are ever spotted by an underwriter on you path to funding.
Visit us at:
To learn more go to www.BizFundingBuilder.com and select the Business Credit Builder and begin to move forward with your business credit establishment and repair.
Business Wisdom Quote:
More data is good, and drives out the bad.
- Charles Arthur
I hope you have a killer day – Jantzen Fugate
Today I would like to talk about the importance of having a well prepared Business Plan prior to submitting a Small Business Loan application. Small business owners must have a well developed Business Plan. It will help you get the funding you need, but it will also help your business to operate at the top level.
At Direct Business Lending we created the BizFundingBuilder.com’s Business Plan Builder to help solve business owners challenge of know the correct steps to take to prepare a good business plan. The Business Plan Builder is extremely thorough and when you are through completing it, you’ll have a business plan that will help your business grow and thrive, and help you get the funding it takes to make that happen. Investors and Small Business Lenders looks for specifics in business plans, so take your time to make sure you have all your bases covered. Is there demand for your product or service? What is your competitive advantage? Is your plan realistic? Ask yourself before defending your plan to potential investors. This module will give you strategies to do so.
With the BizFundingBuilder.com you’ll have expert guidance through the entire process.
How it works:
Go to the dashboard at BizFundingBuilder.com and select the Business Plan Builder. Watch a helpful video introduction, then start the first step. This is a very extensive builder, so plan to break it up into several sessions at the dashboard.
In the Executive Summary begins your business plan and needs to include three key parts; the opportunity, the problem, and the solution. Take the time to develop each part, entering your own text into a defined field on the dashboard. After you complete these fields, you’ll have the business plan you need in hand.
Market Analysis is broken into the following parts; Definition, Target Market, Competition, Market Trends, and Market Research. Make sure you understand these topics as they relate to you business. It is critical you demonstrate market understanding to potential lenders.
Products and services allows you to enter information about your product information and available services. This is the time to highlight key features about what you do.
Market Size is broken down into in-depth categories as well, like pricing and advertising, and much more. Do your homework and understand your market size. This will help you to get funding and to be a better business owner.
Sales Forecast is the key to your whole financial puzzle. Use realistic estimations, and organized sales into projected monthly returns. Group your information in easy to understand charts.
Management Summary, and the Financial Charts are the final steps. At the end of the builder you will have a ready to reproduce business plan.
Visit us at:
To learn more go to BizFundingBuilder.com and select the Business Plan Builder and continue on your path to funding.
Business Wisdom Quote:
Humans change themselves through technology.
- Jason Lanier
I hope you have a killer day – Jantzen Fugate
Hey everyone, I hope you are having a killer day! Today I’d like to blog about the importance of your personal credit when obtaining a business loan.
Now I know what you are probably saying…. “Jantzen, I want a Business Loan, not a Personal Loan.” Well, news flash!! When you are seeking to fund your business, your personal credit history will be analyzed in depth. To learn how an Underwriter views your application PRIOR to you apply for loan, use the Personal Credit Builder a tool we’ve created within the BizFundingBuilder.com.
Oh and by the way, Underwriters aren’t just looking at your score.
Underwriters will look for patterns in your credit history as predictors for your future behavior. Their job is to assess risk for the lender; remember that.
Learn about the three main credit bureaus, which one is the most considered by Underwriters, the components of your FICO score, minimum credit criteria, what your score means and says about you. Fix your credit before you seek financing. Here’s whats covered in this important lesson.
How it works:
Sign up at Direct Business Lending or go to BizFundingBuilder.com and sign up. Once logged in to your Dashboard select the Personal Credit Builder. This is an education in how personal credit works and why it is important to you as a business owner. Learn about the credit reporting agencies that determine your FICO score, what the score means to Underwriters, and then walks you through each component that affects your score.
Do you know what makes up the most weighted concern in your FICO score? Payment history has most weight. Delinquencies stay on for 7 to 10 years.
The next most weighted aspect is the amount of debt, and the ratio of debt to available credit. Do you know what an acceptable rate is for most lenders? Do you know the magic number that will get you approved for your small business loan? Find out during this lesson.
The next consideration is the length of credit history. Do you know if your accounts are being accurately reported in length? It makes a difference.
When applying for business loans, one area of your personal credit that has a major impact is the new credit and inquires aspect. This is heavily reviewed by underwriters because too many new applications and inquires can signal a pattern of desperation and make you a lending risk.
Another factor discussed in the calculation of the FICO score are the types of credit you are using. Do you know which type of credit can most help your score? It’s covered.
Employers are listed on your personal credit. Did you know that a current part-time job can be negatively perceived by underwriters?
The Equal Credit Opportunities Act is explained at length, and a key to coding helps you understand (and dispute) what is on your report. An explanation of the Fair Credit Reporting Act is also explained, as well as your rights.
Once you know what your rights are, the Personal Credit Builder will help you to dispute inaccuracies, including who to start with and how to go about it. We even provide letter templates for common disputes.
Visit us at:
To learn more go to BizFundingBuilder.com and select the Personal Credit Builder and begin to fix this now, before it is kills your ability to obtain funding.
Business Wisdom Quote:
Profit is like health, necessary but not the reason why we live.
- Anonymous
I hope you have a killer day – Jantzen Fugate
Will a Small Business Lender decline a application because a business does not have a website?
Hey everyone, I hope you are having an amazing day! Today I’d like to blog about the importance of knowing the fundamentals of financing prior to submitting a small business loan application.
On the path to funding, understanding the fundamentals might be the most important step. Many businesses need a key injection of funding to either start or grow. The primary funding source for this is the Small Business Loan, but there are many other types of funding available to you as well.
Understanding these fundamentals before you begin applying for a loan is imperative. The more you know, the more you’ll likely to be able to get the funding you need.
How it works:
This is a concise tutorial to describe all the different types of funding sources before you begin your loan. After an introductory video, each funding type is described with onscreen text to follow along. There is a handy side menu to reference different concepts listed below.
Visit us at:
Come to Direct Business Lending to start learning more about the Fundamental of Business Financing
Business Wisdom Quote:
Nobody spends someone else’s money as wisely as he spends his own.
- Milton Friedman
I hope you have a killer day – Jantzen Fugate
Hey everyone, I hope you’re having a killer day. Today, I’ll be discussing the importance of having a Merchant Account for your business and why it can be your only ticket to small business financing.
A Merchant Account is what allows your business to accept electronic payments by debit or credit card. Some business forgo setting this up, think their business is too small, or doesn’t need to accept this payment type. Having this type of mentality can dramatically hurt your business at the end.
Having a Merchant Account makes it simpler to take payments the way most consumers are comfortable submitting them. An active merchant account is important as well, because it creates a record of the transactions your business is running.
Every business needs a Merchant Account. It doesn’t matter your business size. At some point your business is going to need additional capital. Maybe it’s to grow your business into new markets, perhaps you need to cover expenses during your off season or maybe just want the comfort of having a Business Line of Credit, just in case. Well having a merchant account could potentially qualify you for a Merchant Cash Advance.
According to Wikipedia a Merchant Cash Advance is: A is a lump sum payment to a business in exchange for an agreed upon percentage of future credit card and/or debit card sales. Merchant Cash Advance companies provide funds to businesses in exchange for a percentage of the businesses daily credit card income, directly from the processor that clears and settles the credit card payment. A company’s remittances are drawn from customers’ debit- and credit-card purchases on a daily basis until the obligation has been met. Most providers form partnerships with card-payment processors and take payments directly from a business owner’s card-swipe terminal.
Merchant cash advance companies are most often used by retail businesses that do not qualify for regular bank loans. A business cash advance can be expensive compared with interest on a bank loan, ranging from 10% to 100% effective interest.Merchant cash advances are not loans – they are a sale of a portion of future credit and/or debit card sales. Therefore merchant cash advance companies claim that they are not bound by usury laws that would limit interest rates.
Despite the cost of merchant cash advances, the structure has many advantages over the structure of a conventional loan. Most importantly, payments to the merchant cash advance company fluctuate directly with the merchant’s sales volumes, giving the merchant greater flexibility with which to manage their cash flow, particularly during a slow season. Additionally, the ease, simplicity and speed of the application process, as well as the lower security position (i.e. behind that of the bank and landlord) associated with merchant cash advances are significant advantages.{ An example transaction is as follows: A business sells $25,000 of a portion of its future credit card sales for an immediate $20,000 lump sum payment from a finance company. The finance company then collects its portion (generally 5-10%) from every credit card and/or debit card sale until the entire $25,000 is collected.
Remember, inadequate capitalization is the reason most businesses fail. Position yourself to be a great candidate for funding, now and in the future. An active Merchant Account is one of those things that will accomplish this for your business, helping you grow.
How it works:
Sign up at Direct Business Lending. Once you are logged in you’ll be able to access the BizFundingBuilder Dashboard. Here is where you’ll find all of the important tools we’ve created to put business owners in a more fundable position. Once logged in, click on the Merchant Account Builder. There, you’ll view instructional videos to explain this process to you. Business with a storefront need one type of merchant account and equipment to be able to run credit card transactions. Businesses may choose to accept payments online, and will need to set up another type of account that will allow them to do this in a way that is convenient and secure for their customers. And finally, if you are a person on the go that needs to be able to accept mobile payments, you’ll be walked through the way to set that up and the equipment you’ll need.
More and more transactions are happening by credit card, and less and less by cash. We explain the types of transactions and then walk you through the set up of this vital account. We have sources for Merchant Account Funding that are an alternative to traditional Small Business Loans. And then we set up your Merchant Account.
Visit us at:
We’ve made establishing a Merchant Account simple, visit www.directbusinesslending.com to get started.
Business Wisdom Quote:
The guy with the competitive advantage is the one with the best technology.
- Walter Wriston
I hope you have a killer day – Jantzen Fugate
Here is a great clip from Glengarry Glen Ross.
ABC (Always Be Closing)
Have a killer day – Jantzen
(Proudly taking Visa, MasterCard, Discover or American Express)
Hey everyone! I hope you are all having a killer day. Today I would like to talk about the importance of having a website for the purpose of getting a business loan.
A great designed website isn’t optional when seeking funding for your business, it is mandatory. Verification of a website is actually a part of the audit that occurs during the underwriting process. There are many reasons why too.
Proof of your website shows the underwriters that you understand the way business is done now. Did you know that in a recent survey by Cone Business showed that 93% of Americans want the company they use to have a web presence? This is an important step of growing your business.
A website -
Remember, your competitor likely has a website. When a consumer goes online to research available options for goods or services, do you want them to see your competitor, or to see your business?
For all the above reasons, that is why this step is very important both for the business itself, and also on your path to funding.
So what’s the next step?
How it works:
At Direct Business Lending we have created a FREE website builder that all our clients get access to. To access your Website Builder our clients need to login to their Member Dashboard and click on Website Builder. Once logged in you’ll be able to view an instructional video designed to make you comfortable with the website creation process. Make sure to have the company information ready to access, and then begin doing the ordered steps that the Website Builder walks you through. There are many beautiful templates to choose from. Adding content to the site is easy, just fill out each text block or cut and paste from your company literature. The fields are labeled and you simply provide the information when prompted. You can include photos and testimonials, and it is clear when, where, and how to provide them.
Visit us at DirectBusinessLending.com
To start creating your businesses website, visit http://www.directbusinesslending.com and get started on the approval process for your business.
Business Wisdom Quote:
The web is just going to be one more of those major change factors that businesses face every decade.
- Steve Jobs
I hope you have a killer day – Jantzen Fugate
