How to get a business loan with no credit history? So, many new business
owners face this challenge. In fact, so did I. But I figured out the
answer and I'm going to share with you. Let's go. I'm going to share with you the
secret way to unlocking a millions of dollars in business funding not in your
personal name. I'm going to share with you the easy steps so that you can get
funded fast. And I'm going to share with you some big mistakes that people are making
so that you don't make those same mistakes. So, the first thing that you
want to do of course is build business credit. So, let me first explain to you
the difference between business credit and personal credit. Because there is a
huge difference. And you're gonna love the difference. Okay.
So, first of course, I'll start with personal credit. Everyone pretty much
knows this but I'll quickly tell you. If you don't know, we all have like a FICO
store. There's 3 bureaus --Equifax, Experian and TransUnion. That reports all
of the credit that we get with mortgages or with credit cards. You know,
obviously everything does not report to the credit reporting agency. But most of
the things that do like you're not your rent. But like a mortgage, your car note,
credit cards. Those are the primary things that report to a credit bureau.
And you have a score. Now, most of us already know credit scores over 700 are
great personal credit scores. And anything below 700 or below 720 is
probably not the best credit score. Fine. Great. But let's talk about the real
stuff. Because personal credit is awesome. But we're talking about
building a business, okay? And having no personal credit, okay? So, those of you
watching this no personal credit like you never got a mortgage or you never
got a credit card. So, you don't have any personal credit. But you still want to
get funded for your business. You can. Let's talk about how you do that. So, the
difference with business credit is that they look at a totally different thing.
So, what's your personal credit, of course, they are looking at how many trade lines,
you have how long they've been open, what's your credit utilization,
what's your debt ratio. Again, they sometimes guess how much money you make
and they figure out your debt ratio. But it's really something that has nothing
to do with business credit. There is an entire system for business credit. There
is a credit bureau just for business credit. And the biggest one is called Dun
& Bradstreet, okay? You may have heard this and they
are the credit reporting agency for businesses. They report our trade lines.
So, if you take out a business line of credit or if your business doesn't pay
someone. Someone can file a lien against you and things like that. And now, there's
three credit bureaus for business. Now, the biggest one I just told you it's
Dub & Bradstreet. The other 2 are Equifax and Experian.
They also report business credit. However, the biggest one, probably the most
important of all of the three is Dun & Bradstreet. So, you really want to
familiarize yourself with this company and you're going to start doing things with
this company because you need business credit in order to not really have to
worry about your personal credit. Your business is an entity. And once you have
established your business credit, your business, can borrow money, it can get
credit cards. It can put houses in its name. It can do everything that you do,
only bigger. So, let's talk about you can quickly build business credit. That's the
fun thing about it. Personal credit, again. You have no personal credit and you want
to get a business loan. Well, you can quickly build business credit and get a
business loan. And I mean quickly. I mean in a matter of months. And all you need
to do is set this thing up. So, here's how we do it. All you have to do get the
business license. Either you get an LLC or S corp or a C corp. Get the business
license. Then get an EIN number. You literally can get this for free. It takes
like 5 minutes on irs.gov. Then you want to get your business phone number
and a couple of other things. And then once you've done those things, you will
go to Dun & Bradstreet website and get your DNB number, okay? So, this is the
awesome thing. B ecause most credit reports like think personal credit they
use your social security number and they give you a FICO score. Well, the great
thing about it is with the business. Although you have an EIN number which is very
similar to your social security number. EIN number is kind of like your
business's social security number. But Dun & Bradstreet has their own number.
This is a little bit weird, I'm sorry. So, I had to say it twice. You will have your
EIN number and then you will take that EIN number and you will go fill it out
with DnB, Dun & bradstreet, and you will get your Dun's number, okay? And this is
your own unique identifier for your business that they use from their own
company which is again, kind of like a social security number. It's unique to
your business and that's the number that they use for their credit reports, okay?
It's completely free to get this number. You just have to have a legitimate
business. So, the things that I said earlier, having the LLC or the S Corp
having a phone number and email address or the address. Those type of things you
need to go ahead and get done first before you go and apply for your Dun's
number. And now you want to build trade lines. Once you get the Dun's number,
they'll go ahead and they'll prove you, they're going to probably offer you an
upgrade, okay? And again, this is just Noelle's opinion. But I bought their
upgrade. I think it was like a thousand dollars and it did absolutely nothing
for me. So, that's just my experience so I don't necessarily recommend that to my
students. Obviously, you're on your own free person and you can go do that. But I
do not think you need that. In order to get tradelines accounts that show on
your business credit report, you're going to have to start opening up accounts
with companies that will report to Dun & Bradstreet,
okay? And it's pretty easy. There's a few companies that I know will pretty much
give anyone credit and they report to Dun & Bradstreet. And they're Uline,
Grainger, Quill, Sumo. actually have a whole list of them. But those are 4 that I
know off the top of my head that give business credit, their vendor credit
companies. They'll lend you the money and then it will report on your business
credit report. Once you get your accounts with those vendor accounts and you
purchase something. And again, pretty easy. Actually have an entire video I'll put a
link in the description box so that you can watch that whole video on just
business credit. But again once you open up those vendor accounts, you purchase
something, they will report that to the business credit
earning agency and you will start having trade lines. Then you can up level, okay?
So, those are accounts that you have to pay after 30 or 60 days. But then, once
they report, you'll have trade lines. After like a month or 2 months. Then
you can apply for credit cards with other companies in your business's name.
Because now you have trade lines on your business credit report and then it just
up levels from there. And again, I have students that have gotten hundreds of
thousands of dollars in business credit in a matter of months just by following
this process. So, it's something that almost anyone could do. You can start
getting business loans in a matter of months, okay? I have students that have
got business loans within 3 months in their businesses name just following
the steps that I said. So, go ahead and make sure that you do it. If you have any
questions, we have a resource. My company has some credit specialists that can
help you. You can give them a call at
888-479-4542.
I'll put the number right here on the screen and you can just give
my credit specialist a call if you are at that point, okay? Again, if you're not
don't have a business license or any of the other stuff, please do not waste
their time. Get those things first. But if you just need some clarification or you
just need some help with those next steps, my team is ready and willing to
help you just give us a call. We're here for you 24/7. Alright, guys. Go ahead and
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