How to get approved for a business loan? Okay you,
are you ready to get approved for hundreds of thousands of dollars in your business's name just
like Noelle? Well, I'm going to tell you exactly how to do it step by step with no fluff. Let's go.
So, many of you are already aware of the differences between personal credit and
business credit. But I need to quickly explain because there are some numerous differences
that many people do not know. Most people are familiar with personal credit. You know about
Transunion, Equifax, and Experian. You know that they will report all of your different
trade lines, your student loans, your auto loans your mortgages and things like that.
You also know (if you're like me) that if you do not pay your bills on time
or for something happen in your life, you're going to end up with a very bad personal credit score.
In fact, I ended up with a credit score almost at 500. I've seen, even seen credit scores
lower than 500 from people that have had issues. But the key to being successful in your business
is getting away from personal credit all together and learning about business credit. Business
credit is completely different. Yes, there are still 3 bureaus. There's Equifax business,
Experian business. But then there is a company called Dun and Bradstreet. Dun and Bradstreet
is the major credit reporting agency for businesses. And just like your personal credit,
they have trade lines and they have a scoring system. In fact, their scoring system is 0 to 100.
And a score over 80 is considered a very good Dun and Bradstreet Paydex score. And so, with
business credit, they are looking at something totally different than what they are looking at
with personal credit. With personal credit they're looking to see how well you pay your bills; if you
pay them on time. But there's a bad thing. If you start to use your credit cards on the personal
credit side, your credit score can really go down if you really start using too many of your credit
cards and you start carrying a balance. However, with business credit, it's the exact opposite
almost. In fact, you are rewarded for using your credit cards on the business credit side but
you need to make sure that you are paying all of your payments on time because in business credit,
they are looking to see how well the business manages debt. They're not necessarily looking
in the personal credit world to see you know what your debt utilization is and some of those things.
They are highly focused on how well you are able to pay back your debts. And that is why it's easy
to build business credit quickly. So, let's get into that. So, the first thing that you want to
do when you're talking about getting approved for a business loan is you want to make sure
that you have the necessary requirements. You have to actually have a business set up. So,
you're going to need an actual business registered with your secretary of state.
You're going to need an LLC, a C Corp or an S Corp. You're going to need your EIN number.
Which you can get absolutely free. EIN stands for employer identification number. You can get that
absolutely free at irs.gov. You're going to need a professional phone number, a professional email,
and a professional website. If you have those basic 5 things, you are already about 80% ahead
of most businesses. There are so many businesses that don't even have any of these things. So,
go ahead and get those things done. And in many cases you can get it done in just one
day depending on what state you live in. So, let's talk about the next step. The next thing that you
want to do to make sure that you can get approved for a business loan is have a business checking
account. This is so important. If you don't have a business bank account, you are not going to be
able to access all of the money that is available for your business. You can easily get a business
checking account. In fact, I know a company called North One bank. And you literally can get set up
with north one in less than 3 minutes and you can do the entire thing from your computer. They
will allow you to set up a business bank account. And you can integrate it very easily with PayPal,
Square or any other merchant processing account. You can access their large network of ATMs
all across America. They have tons of ATMs. In fact, one of the largest networks of any
company that I know. Additionally, you can do all of this (again) online in less than 3
minutes. And they have some awesome incentives. I'll make sure to put a link below so that you
can get a business checking account. This is going to be very important because once you
get a business checking account, there are tons of companies that will lend to a small business
with just 3 months of business checking account statements. They will look at those statements,
they will qualify you based off of the deposits into those business checking account. And they
will lend you money based on that. You don't have to have great credit. In fact, you can have
scores as low as 550. But you will need 3 months worth of bank statements. So, if you don't have a
business checking account, please check out North One bank and get set up in less than 3 minutes.
Now that you have your checking account, you have the business set up. You also want to make sure
that you have your Dun and Bradstreet number. And again, this is completely free as well.
You don't necessarily need this to get approved from every different lender because like I said,
some lenders don't use Dun and Bradstreet, some of them will use Experian business or Equifax
business. But if you go ahead and start getting trade lines on your business credit report,
this will make getting business funding easy. You literally can go into many of the banks that you
apply for a business checking account at and they will offer you a line of credit. Or you can take
3 months of your business bank account statements. And we can help you get funding for your business.
If you need help and you feel like you have all of these things, you can literally call my office at
888-479-4542 and we can help you out. Again, this is not something that we do as a business. We are
not a business funder. We don't lend money but I can point you in the right direction or someone on
my team can help you if you need a little bit of help. We're definitely here for you. Okay.
Now that you have all of the information, you want to start applying. If you have three months
of business tracking accounts and you have your some tradelines on your business credit report,
you can go ahead and start applying. There's a company called Nav. Again, NAV. com and you
can start getting business funding directly from them. They have a network of lenders
directly for businesses all the way from startup companies to businesses that have been established
making millions of dollars. They are excellent resource if you are looking for business funds.
And they can help you get approved for a business loan really quickly. So, check them out. Again,
there's a link below and you can check them out and go and get a business loan using that company.
I recommend them and i think you should use them as well. So, there you have it.
That is how you can get approved for a business loan really quickly and really easily. Make sure
you check out North One bank if you don't have a business bank account. And if you already have
one and you're ready to get some business funding, please check out nav.com. And again, links below
in the description box. I want to make sure that you get all the funding that you need
to be successful in your business. This is why I've been successful and I want to make
sure that you have that exact same thing that I have had. This is Noelle. To your success.