The very first step in building business credit is to insure your company is setup credibly, from the lender’s perspective.
I hear all the time from people who tried to build their business credit and failed. And the reason most do fail when trying to build business credit is that they skip the most important step, insuring the business is setup credibly.
All lenders are looking for certain things to approve you for business funding and business credit. If you meet this criteria you will typically get approved.
Once of the important factors lenders look at is your business phone number. They will want to see that you have a local phone number, toll-free number, and fax number for your business. They will also want your main, or local numbers, to be listed in 411.
Lenders are also looking to insure you have a website, and online presence. This means you will need a professional email address and a website that explains the services that you provide.
Lenders also check to see that you have the proper licensing in place that is required for your industry, and that you have a valid EIN number.
They will also verify that you are providing a real physical address, not a home address. You can use a virtual address in lieu of getting a real office, but P.O. boxes and UPS boxes won’t work for you to get approved.
These are some of many items that lenders will look at very closely when reviewing your application for business credit and funding.
Insure you meet this criteria before you apply, so you can have the best chance of approval.
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