UNSECURED BUSINESS CREDIT CARDS
You can get HIGH-limit credit cards in your business name which are linked to your business EIN with no consumer credit inquiry. There are no cash flow or collateral requirements. You can get immediate vendor credit approvals. Get high-limit store credit within 30-90 days. Get high-limit cash and fleet credit within 120-180 days and auto vehicle financing. Differs from a business credit card when in reality it’s more like a debit card. Can borrow up to a certain limit, and then you only pay interest on the money you have borrowed. You can draw and repay funds, so long you do not exceed your credit limit.
UNSECURED BENEFITS of Business credit CARDS
As a startup or a company with no collateral you can get unsecured business credit cards. No tax returns, no business plan, no financials, and no collateral requirements. Utilization doesn’t affect personal scores. 0% interest program is perfect for high-risk industries like real estate investments. With this type of strategy, you can usually get 8 or up to 12 cards. You can get credit lines to take cash out. So if you have a card limit of $10,000 now, you can get $50,000 with this program. Start from $25,000-$250,000 approvals typically from 7 to 14 days. These accounts report to the business credit reporting agencies - thereby helping you build your business credit
VENDOR CREDIT
Just like you have a credit report linked to your SSN, your business has its own credit report linked to the business EIN. You can actually obtain credit for your business through its EIN without even supplying your SSN on the credit application. This means that you can be approved regardless of your personal credit quality. And you can also obtain business credit without needing collateral. Business credit is one of the ONLY ways you can get money for your business without needing credit, collateral, or cash flow to qualify. You start building business credit using vendor accounts. This is credit issued by vendors to your business, usually on terms such as Net 30. This means you have 30 days to pay back what you borrow, instead of only paying a minimal payment like with revolving credit.
MERCHANT ADVANCES
Merchant advances are just like revenue lending except they only look at your merchant account sales for qualification. This means they look at your credit card sales only to determine your approval amount, not cash and check deposits like with revenue lending. This type of financing is easier to qualify than revenue lending. You can usually get approved with only $5,000 in monthly revenue and 6 months in business, where revenue lending requires one year in business and over $10,000 in revenue. In most cases the lending source will request that you change your merchant processor to their source, this is the company you process your credit cards with.
REVENUE LENDING
It’s not a loan. Business revenue lending (aka cash flow financing) is an advance based upon the expected future sales and revenues of a business. Short term loan of 6-18 months and can go up to 36 months. Usually 3-9 months initially. 9-18 months available for a lower risk or 2nd + advances. Loan amounts up to $500,000 Financing based on CASHFLOW. This is fast money, This is easy money, no credit score or collateral requirements. All that’s needed for approval is 6 month bank/merchant statement review, looking for consistent deposits and stability. Loan amount equal up to 12% of annual revenue.
REVENUE BASED CREDIT LINES
Approval is based on revenue review of the bank account. Lender plugs into bank account for review. They’re looking for: positive ending balances, limited NSFs, less than 5 per month. Good bank account management. Typical lines are under $10,000. With tax returns showing 300k in revenue, approvals can reach $100,000. Rates of 5-7% per week outstanding. $50 per $1,000 borrowed. NO consumer or commercial credit pulls. 620+ FICO and must not have BK within the last 2 year. No pre-payment penalties.
STORE CREDIT CARDS WITH NO PG
Once you get some vendor credit and have 5 accounts reporting, then you’ll have established your initial business credit profile and score. Using this you can then start to get approved for store credit even without needing to supply your SSN on the application. This means you can get credit without a personal credit check, and without supplying a personal guarantee. Many sources such as Apple, Dell, Amazon, Walmart, Best Buy, will give you a credit for your EIN regardless of personal credit quality when you have 5 vendors reporting.
Once you have 10 total vendor and store accounts reporting to the business credit reporting agencies you can get approved for fleet cards and cash credit. These are cards such as Visa and MasterCard that you can use most anywhere. These cards can be obtained usually within 120 days of starting to build business credit. And you can be approved without a personal guarantee or credit check. This is a great way to get access to cash credit even when you don’t have credit, cash flow, or collateral.
401K FINANCING
If you have a 401k, you may qualify for 401k financing. Use your existing 401k or IRA as collateral for business financing. IRS proven strategies for approval, so you won’t pay any tax penalties. You can still earn interest on your 401k and pay low rates, often less than 5%. Get up to 100% of what you can roll over within your 401k. Earning interest while still getting the loan. You won’t need other collateral or any cash flow for approval and your personal credit isn’t a factor
SECURITIES-BASED FINANCING
With securities-based financing you can obtain financing for up to 90% of the value of your stocks or bonds. This program works similar to the 401k financing. You can use your stocks as collateral but still earn interest on them keeping your investments as they are. You won’t incur any tax penalties. Your personal credit, other collateral, and cash flow are not factors for qualification. As long as you have stocks or bonds, you may qualify, even as a startup business. Rates are low, as low as 5%.
ACCOUNT RECEIVABLE FINANCING
Receivables are used as collateral. You can be approved for between $5,000 and $20 million, depending on the value of your receivables. Up to 90% of your receivables can be advanced within 24 hours. 1.25-3% discount. 4% fee is common. No credit score requirements to qualify. Receivables must come from another business or government agency not an individual. Business must be open for at least 1 year to qualify. Medical receivables can qualify along with construction and conventional receivables. Medical needs 600k annually.
PURCHASE ORDER FINANCING
Sometimes you might have large orders to fill, but don’t have or want to use your cash flow to pay for the supplies needed to fulfill those orders. Purchase order financing is a short-term finance option that provides capital so you can pay your suppliers upfront so your company doesn’t have to deplete cash reserves. Purchase Order Financing is very easy to qualify for as you won’t need financials or good credit to get approved. Up to 95% of purchase order can be advanced, 5% less fee is released once actual invoice is paid.
PRIVATE EQUITY FINANCING
If you’ve seen the hit show Shark Tank, then you are already familiar with private equity financing. With this type of financing you exchange a piece of ownership of your business, or part of your equity, with an investor in exchange for a cash investment. This type of financing might work really well for you if you have an amazing idea or concept that can really solve a problem. If you have an existing business that’s already proven concept and that has sales, this will attract even more investors. It’s one thing to have a great idea, but it’s another when you have sales showing people that are just loving your idea.
EQUIPMENT FINANCING
A recent Gallup survey found that 80% of U.S. businesses lease or purchase a portion of their equipment. The list of companies using leasing ranges from the Fortune 500 to the family store. This type of equipment financing can be used to purchase equipment, giving you the ability to pay small monthly payments instead of handing out a large amount of cash for the purchase. You can obtain equipment financing for startup and existing businesses. You can get approved even with challenged credit, you won’t need financials to secure equipment financing, and approvals take as little as 24 hours. Even for manufacture CBD oil.