Personal credit scores range from 350 to 850. All three of the credit bureaus—Equifax, Experian, and Transunion—offer FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, it’s called Empirica; and at Experian, it’s called the Experian/Fair, Isaac Risk Model.
Business credit scores range for 0 to 100. The major business credit bureaus are Dun and Bradstreet and Experian Insights. Unlike their counterparts the business scoring system is not complexed. It is quite simply based on payment history. Each credit bureau does however, give the scores a different name. At Dun and Bradstreet the score is called a PayDex and at Experian it is called an Intelliscore. Here is the bottom line in this crash course: Good business credit scores PLUS good business credit scores gets you access to lots of business funding!
Your company’s image is a huge part of it’s credibility. There are actually creditors and vendors who will not finance your company if you don’t have a website or aren’t listed in the 411 directory. Yep, that’s right! It is equally important your company complies with both local and federal laws and ordinances, thus supporting the integrity of your business entity. The truth is lenders are not required to share their lending criteria or compliance formulas used to determine which businesses they approve or deny.
Does this sound familiar:
You need to borrow capital for inventory, new space, upgraded equipment, a new phone system, internet marketing, expansion, or simply to have an emergency cash cushion. You are confident in approaching a lender to request a business line of credit, after all, your business is profitable and you have your business checking account with this lender. They are familiar with your business. The process couldn’t get any easier, right? You can breath a sigh of relief.
Finally, you receive a letter in the mail from the lender, “Dear ABC Company, we regret to inform you that your request for credit has been denied.” There is usually no understandable explaination in the letter other than your business did not meet their lending criteria.
80% of small businesses are forced to close their doors forever because they could’nt get the capital they so desperately needed. Don’t become another statistic put your business in the hands of a Business Cash Flow Strategist that is familiar with compliance requirements so you can get the funding needed to grow a successful business.
Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level, create consistent cash flow and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful. To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit” – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com
As the owner of a company the task of obtaining capital for your business can be quite intimidating. The reason most businesses are unsuccessful because they don’t have the slightest clue where to begin in the funding process. This is why seeking expert assistance is so important. Here are 5 compelling reasons your company needs a Cash Flow Strategist to obtain Capital.
1. Out of the 7 million businesses who apply for funding each year, 5.6 million don’t qualify at banks.
2. The Small Business Administration reports that 97% of business loan applications fail.
3. 80% of businesses fail in the first 5 years due to lack of capital
4. Lenders are placing more emphasis on business credit scores. The business MUST have three separat business credit scores.
5. Attempting to obtain business financing using personal credit can severely limit the amount of capital available to the business.
This is why many business owners turn to a Business Finance Consultant to help them create a funding plan, establish their business credit and navigate the business funding maze.
Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful. To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit” – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com
God gave you a gift of 86,400 seconds today. Have you used one to say “thank you?” ~William A. Ward
I am about to share one of the most effective techniques to enhance the well-being of those around you. It is a gift that does not involve money. It’s the gift of gratitude.
I am so grateful to social media because it allows me to stay connected to those who have impacted my life. It also makes me aware of the impact my words and actions have in the lives of others. Over the past year I have run into people that I have not seen in months or even years. They are usually very happy to see me and then…… it happens!
They start thanking me and telling me how much i inspire them or how much they are inspire by my Facebook Page. The acknowledgment of my efforts to be positive in social media is an incredible gift that warms my heart and puts a huge smile on my face every time. It reminds me to not miss opportunities to thank or praise someone and give them the same pleasure.
Who can you thank today?
~ Sir Winston Churchill
~ Henry Ford
~ Elbert Hubbard
The Slight Edge by Jeff Olson
Olson takes the concept of compounded interest to a whole new level. His premis: If you will just put a penny’s worth of effort each day towards your goals, over time you will achieve them. If you are to be a successful CEO, make the Slight Edge philosophy a part of your daily attitude. Making a business work takes a lot of time and effort. Your effort must be a little bit every day, and consistant.
Raving Fans by Ken Blanchard
Blanchards work focuses on organizaiton excellence presented in the form of “legendary customer service”What is a raving fan? The premis: “If you really want to ‘own’ a customer, if you want a booming business, you have to go beyond satisfied customers and create Raving Fans.” A raving fan is an advocate of your products or services in the marketplace and an integral part of successful businesses.
The 7 Habits of Highly Effective People by Stephen R. Covey
Habits are a matter of choice. In this book Covey dives into the depths of our attitudes (paradigms) and principles to help us identify “where we are coming from”. Once we can identify which of our paradigms are keeping us from interacting effectively with others, then and only then can we truly begin to work on changing them.
The E-Myth Revisited by Michael Gerber
Gerber’s book is all about why most small businesses don’t work. To me it is the very summation of the definition of insanity seen in the business world everyday. Don’t get caught in the rat trap and the lie of entreprenuership, thereby only creating a glorified job for your self. Discover the Five core leadership skils as defined by Gerber: Vision, Discrimination, Strategic Thinking, Commitment, and Inspirational Communication. A definite must read for CEO’s
Think And Grow Rich by Napoleon Hill
This is likely the book every most CEO’s have read as budding entreprenuers, or at least has been told it is a must read. Who wouldn’t want to learn how to just think about being rich and have it happen? Published in the 1930s, the personal issues Hill wrote about Like the thoughts and behaviors that hinder people’s success in acquiring riches are still relevant today.
Want to know how your personal credit will affect your business? Don’t miss the Do It Yourself Credit Repair Workshop!
Obviously, if you currently have poor or bad credit history, it’s best to work on improving the status of your credit first before submitting your business loan application. Otherwise, you may just get declined by your lender. Banks and lending companies seek out applicants with good or excellent personal credit history.
You see the advertisements in newspapers, on TV, and on the Internet. They all make the same claims: “Credit problems? No problem!” “We can erase your bad credit – 100% guaranteed.” Do yourself a favor and save some money, too. Don’t believe these statements. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
This workshop will include:
• How you can improve your credit worthiness and legally dispute negative information on your report.
• How to obtain a free credit report and understand your credit rating.
• Understanding the credit scoring system.
• Secrets to getting business capital with less than perfect personal credit.
Bring a recent copy of your credit report and get it reviewed by an expert!
Inland Empire Women’s Business Center
SPACE IS LIMITED!
Register online at www.iewbc.org Tuesday November 2, 2010 Time: 6pm -8pm
Cost: $10.00 Online or $15.00 at the door
Author of Credit Repair For Entreprenuers, Speaker, and Business Finance & Credit Advisor