For anyone who has zero or bad credit, starting a new business can be a challenge. Even if you are reluctant to risk your personal credit, there are options for you to receive a line of credit in a safe manner. With business credit, there are ways to get approved for a corporate credit card without a personal guarantee in only six months. This program is called the business builder program, and you can do it yourself (DIY) or have a company do it for you.
How it Works
According to the small business website Chron, Owen E. Richason IV explains that getting corporate credit without a personal guarantee is something that will take time, and you must follow the plan strictly. If you follow five steps, you can get approved for at least $50,000 in business credit in the six months allotted.
It is now possible to get help with filling out applications if you sign up for the Advanced Application Assistance Program. The first thing you need to do is to get a valid corporation or LLC as well as a tax ID number. Furthermore, you must not have any previous bad credit, and you must not have been an owner, officer or director of another company that has bad credit. Your personal credit, however, will not affect your ability to get a business credit card.
First of all, you can sign up for the business funding makeover program, which includes getting step by step instructions on how to get your business registered with business credit bureaus and how to fill out the appropriate applications. You will also learn how to build credit.
Walking through the Steps
Step 0
The initial step is to complete a compliance check. It is possible for a company to take inventory of your basic credit measures. You will be guaranteed to start getting approved for your first four credit accounts three days after completing step one of the program.
Step 1
The official first step is to get a DUNS number, which is considered to be very important.
Step 2
The second step is to complete the appropriate credit applications. You will begin with the basic merchants’ accounts.
Step 3
The third step is where you will be coached, and you will be connected to credit bureaus so you can work directly with your credit. You will even be able to get pre-approved for offers.
Step 3.5
The next step (which is considered a half step) will involve more applications, however at this level the applications will help get you situated and receiving business credit from banks. Each application should only take about fifteen minutes.
Step 4
The fourth step involves getting your TAX-Id based master card.
Step 5
The fifth step will allow you to use a business credit record that has been reported over several months to acquire your first short term credit loan.
The Guarantee
If you cannot achieve results after getting assistance and strictly adhering to the five steps, the company can either take over the steps, or you will get a refund on your money. Furthermore, if you have completed steps 6 through 11 in the program, you can be eligible to receive a total of up to $100,000 in approved credit lines, or pre-approved credit. The official guarantee means you will be able to obtain business credit that will be reported to every major business credit bureau—and if you don’t get approval for a total between $50,000 and $100,000 in business credit or pre-approval for your company name after you thoroughly finish steps 0 through 5 and 6 through 11, you can get a full refund.
Moreover, some vendors on the program will only report to one of these bureaus, and some may report to more than one. There are over twenty applications in this program, and it will take you about four hours in total to complete the other steps. You will also be able to receive coaching and assistance for one year.
After you have correctly followed these steps, you have set up the groundwork to take your company where you would like to. You and your company will be creditworthy, and you will have many credit options to choose from without relying on personal credit.
George Clooney is a Loan Consultant, provides support for businesses all across the US particularly with obtaining credit cards for business.