Sudbury
Congratulations on opening your new business! Open that business account, acquire a business debit card, and never mix personal and business expenses. Now you have one problem, it's difficult to get approved for a business credit card or business loan due to lack of business history. Your business has no track record with minimal history, financial institutions will probably deny your business credit card and business loan applications. But there is always a way around it. Use a personal loan for your business, Dun & Bradstreet, and Nav.com
What is Dun & Bradstreet?
There's three credit bureaus that reports your personal credit reports which are Experian, Transunion, and Equifax. There's also such thing as business credit scores and it's a huge difference. Dun & Bradstreet, Equifax business, and Experian business all reports to other lenders, entities, banks, and investors. Dun and Bradstreet is a corporation that offers analytics, insights, and reports on individual businesses. Dun & Bradstreet also offers DUNS numbers (Data Universal Numbering System) which generates business reports for your business. Every new business owner should get a DUNS number. Basically, the purpose of Dun & Bradstreet and a DUNS number is to help you build and establish business history and credit so it can increase your chances for business leverage to obtain credit cards and business loans.
How to Start?
Go online to Dun & Bradstreet website and register for a D-U-N-S number for free. It'll redirect you to a page like the images above. Fill out basic business information such as legal name, owner name, physical & mailing address, telephone number, and number of employees. Most importantly, put the business EIN number and always use that number for business credit cards. Finally within 30 days you'll receive your D-U-N-S number.
Need Business Funds Immediately?
For business owners who need funds to buy supplies for their business, personal loans is one way where you can do it quickly. As long as you have a good personal credit score this can be a valuable tool.
NAV
Nav.com monitor's your business credit and offers financing options for businesses. It also contains Equifax business, Experian business, and Dun & Bradstreet to help build your business credit. There's a monthly fee for about $30 and it also allows you to monitor up to five different businesses. I think the most important aspect about this website is the business credit card recommendations. Based on your business report it offers credit cards that'll give your business the best chance for approval.
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