How to build business credit quickly? In today's interview style episode, I am meeting with Joe,
the CEO of National Business Capital, and we are having a very candid conversation
on business credit. He is going to teach you how he has taught so many others
to get business credit quickly, how to get business funding and how to get all of the
funds that you need for your business quickly and without a lot of hassle. Let's go.
Hello okay. I am so excited to be talking to you, Joe Camvarado, Joe, my friend. We've been actually
business partners without ever actually meeting each other. It's funny to get deposits
from a company and then meet the person so this is exciting. We are going to just jump
right into it. People are so excited to talk about business credit. Like I said, it's changed
my life, my business, it's a big mistake that I made not getting business credit earlier so
let's just jump right into it. Let's talk about business credit and how someone,
a new company gets business credit like how do they get funded? How does their business get
funded? Awesome, well thank you Noelle. Thanks for having me on my show and it's awesome to hear.
It's great that we became partners without meeting, means my team is doing a good job
and so is your team so really good stuff. You're rocking and rolling. I love your channel you
know business credit's so important. I started my business in 2007. It was out of my spare bedroom
and you know I maxed out every single credit card I had at the time. I had great credit so I
leveraged that credit and I think I racked up like over 100,000 in credit card debt
to get the company started plus every dollar I had and you know without that credit, I couldn't get
the business started. What was more important as the business started to get rocking,
you know you need to use forms of financing in order to just grow your business. You know there's
really three ways to build the business. You use you know your personal money, money from you know
friends and family or private equity, right, or you you know borrow money and take out loans. Really
without that, like you need money to make money and to grow so it's super important. Okay good to know.
So the thing about it is and we're going to go be very transparent so you shared a story that
I feel like I had too where I started my business, before I even knew about business credit, before I
knew it existed, I only knew about personal credit. So when I was going to do some ads with Facebook,
of course you have to put a credit card in there so I started putting my own credit cards in there
and my credit score tanked after I had worked so hard to get my credit score into the 700's,
it went back under 600 and I was like devastated. So how does one avoid doing that all together
like not trashing your personal credit and just getting business credit, getting started with that?
Yeah, no. So it's important. I mean you just need good personal credit in general to start off
with, right? So you want to focus on that right out of the gate. Some people say oh you know you can
take out business credit cards and just use that to build your business, but it's a combination of
using everything and you might have to use all in the beginning like personal credit, business
credit cards. What's important is once the business starts getting going or even very beginning like
if you've got good credit, you can immediately- once you open up your corporation or LLC,
you can immediately go and get a business credit card and a lot of those business credit cards,
when you're you know putting the credit card down for google ads and all that stuff,
it doesn't show up on your personal credit like my business AmEx is all in my business. You don't
see that on my personal credit. Yeah, the other thing you know as you start generating income,
there's all these different ways that you can leverage that income to go get money
and there's a lot of money out there right now. Even after COVID and all this craziness that's
happening, lenders are back to pre-COVID levels and actually. Really, okay so let's talk about that
because this is stuff people don't know and everybody- that's why people love my channel
because I just share and I feel like that's what we're here to do. There's nothing to sell
whether they get business credit with you or not, we want them to get business credit
so talk about the money that's actually available because people
don't think that there's money available for their business and you and I know differently so,
there's a number of different ways. You know it's when you're not generating revenue,
it's very difficult to get financing. So if you're generating you know in the very minimum five
to ten grand a month in sales, just gross sales, not profit, there's options just really start
to open up. So you might have to use some of the you know personal credit cards you know business
credit cards to get going but once those sales are going, then you want to immediately leverage that
and you want to leverage your sales when things are growing and times are good. You don't want to
wait till they have like a month that drops off and then go oh my god, I need money. You want to
establish and get business credit immediately and you know when I got started it was in 2007,
a lot of lenders and private lenders that are non-bank lenders, these lenders on our platform,
they didn't even have a website but now you fast forward to today and business lending now it's
become fintech, alternative lending. These words weren't around when I got started, that's right.
There's been a boom in lending, yeah, but what's great about that is there is
a lot of options. What's challenging, if you go search small business loan or business
line of credit in google, a million things come up like it's like which lender do I apply with and,
right, some lenders love these type of businesses, some lenders you know you have to have excellent
credit, some will help you if you have bad credit, they just focus on sales. Some love restaurants,
some hate restaurants like it- there's just so many different options, it's extremely confusing so I
absolutely love it. I absolutely love it, Joe. You're saying some amazing things here and so one of the
things again in my you know entrepreneurial journey that I had to learn was that I do have
to go through these processes and sometimes though it's confusing like I know my own and what they're
thinking is this is confusing and you guys are making it sound a little bit easier than it is
so talk about though how it's less confusing than it used to be, I guess or how you can
make it less confusing. Well it's definitely more confusing than it used to be but we've made it
less confusing and that's how we designed our platform. It was to get rid of the confusion,
the guessing games, the frustration, the challenge of shopping from lender to lender or just trying
to figure it out online like it's endless. So you know when you apply with us, it's a digital app, you
apply in one place and then literally you'll speak with someone on my team, I was mentioning
you'll speak to an actual human. Yeah and it's like wow, it's like such a big deal today like
you actually get to speak to somebody and whoever you speak to will know what they're talking about.
We do put a lot of training into our folks and a lot of people have worked here for years.
So you'll speak to a business financing advisor and they will just ask you a few simple
questions, understand what you're looking to accomplish and then we'll very simply
get you our technology along with that conversation will help us match you to the right
one or two or three lenders and then what we'll do is we'll you know we'll bring those offers right
back to you, we'll explain them, we'll answer any questions and then we'll wrap you you know help
you know get everything wrapped up and funded and all that really happens in, I mean that can happen
in under 24 hours so- Wow. That's what I don't think people realize nowadays and again
this isn't you know Joe's money or Noelle's money, we're telling you that these lenders
want to lend to businesses so why would a business- why do lenders want to lend to businesses versus
you know student loans for example? Why are- why is there seeming to
be more funding for businesses than maybe some other things? Well I think the reality is is the
world's growing you know and the economies are growing and businesses are growing you know if
you look at this is a really wild fact. In like in like 1950, there was like two billion people
in the whole world. It was like the the largest amount of people at that time. Right now there's
I think like eight billion people in the world so like as people grow, businesses are growing,
there's more businesses and you know and even after like the recession, after COVID and now that
we're seeing like a boom of businesses starting and people need money to grow and you know like
a lot of people don't understand. They think when business is good and they're growing that they
don't they're not going to need money but actually, most companies that come to us are growing and
they're growing so fast that they can't keep up with the demand so you need an infusion of cash
to go after more business, right, and sometimes like you know in some businesses you sell a
product, you don't get paid for 30 days later if you're in b2b. So if you're selling a bunch of
stuff, you're laying out all this money, you're doing all the work, you're not getting paid
until you know 30 or 60 days out. You need money to you know to bridge those gaps so,
businesses are back to growing. Yeah, are you know COVID stopped everything and now
companies are back to growing and they need money. So like I mentioned, there's you know three ways to
get money. You know it's like your personal money, friends and family, private equity or
business loans so yeah and you know business loans are cheaper than usually equity. And
if you know your business and you've got you know and you understand your profit margins,
then you can utilize financing as a tool to really grow your business without giving up, that's the
question because I have a ton of people a ton of people in my audience and this is their big
question for me and I'm gonna pose that question to you and let you answer it in your words.
As most of them are a lot of them are startups so let's go with the company, you're a brand new
entrepreneur you need money for your business, you've already set it up but you don't
have a lot of profit so you're afraid to borrow money because you're not really making so much
money. What do you have to say for those people? You know if you're gonna borrow money, you
need to be utilizing it for things that are gonna help you bring in more money, right, more sales you
know so yeah and listen there's just times where you know maybe you're just getting
started, you're like going through into a slow season you're like I need some money
to get past December and then yeah, I'm good. It opens back up. So if you've got to do that in the
beginning, you just have to do what you've got to do and it's hard to put a blanket answer on that
because every business is so different. But if you're just borrowing money to borrow money or
you're borrowing money without a plan or you're borrowing money and throwing you know money after
bad money, yeah, you make a lot of sense so you know and you'll ask these questions that
people and if they don't really know your business, it's very hard for someone to answer that question.
So you know but if you're using money to go after sales and more business which drives more sales,
which hopefully drives more profit then that's why you should be borrowing money.
Yeah, that makes sense? I get it. It does. It makes perfect sense. Okay, Joe, you have said some amazing
information. I really appreciate you sharing and being so candid and you know and open sharing all
of that information and some of the secrets about behind business credit. So how can people reach you?
My pleasure. So if you want, you could follow me at Grow by Joe and I'm always putting
out helpful content and things like that to help but if you'd like to speak with one of my team,
if you think it's time to apply for financing and you want to understand what your options are, just
check out the link below in the comments. There's a link right there where you can click on and
get connected with my team at National Business Capital and we're simply just here to help even
if you're not ready now, we can have a simple quick conversation and hopefully we can get you
that financing that you need in order to grow your business and bring it to the next level. I
love it, I love it. I tell you business credit changed my life, it changed my business. I
appreciate everything that you do. This has been an amazing chance talking to you, have a wonderful day.
Wow, that was an amazing episode. I really hope you learned a lot. I have created a special training
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