There is a lot of factors that are important in business credit building. These factors must all be perfect for a creditor to extend your business credit. If you don't meet one of these requirements, you will probably be denied and the creditor will never tell you why.
First, make sure you have the proper state and federal licenses you need for your business. If you are required to be licenses, you need your license before you apply.
You will also want to make sure you have your business bank account setup. Merchants will not extend you credit unless you have a business bank account, and the name on the account is the same as on the corporation papers.
You will need a physical location or virtual office for your business also. You can be approved for much more credit if you have a credible business with a real location. UPS and PO boxes won't work, you will need a real physical address.
Another factor merchants look at before issuing credit is whether you have a business website and email setup. Again, they are looking for a credible business. Most legitimate businesses today have their own website and professional email addresses. Banks will be looking for those before issuing credit.
You will also want to insure your business has a real phone number that is a land-line, not a cellular phone number. And you will want to insure you have that phone number listed with 411.
Most merchants will do a 411 check and if your phone number is not registered, you won't be approved.
There are many factors to insuring you get approved for business credit. In this email we discussed just a few of the many factors you will want to meet to be approved.
If you're concerned as to your established business credit, call us and we'll point you in the right direction to credit and funding.
Trevana Properties is a placement company working with a variety of hedge funds, REIT's, commercial banks, specialty boutique lenders, private investors and other funding sources not widely known to the general public.