Step 1. Lender Requirements Overview

It’s essential that your business meets the requirements of lenders, even if you have been in operation for decades. This allows you to go through the business-credit-building process with ease.

Remember, the below suggestions are just a broad overview of what will be needed. You won’t need to start on them right away, because you will review them with each step in this BizCredit Builder.

You will get information on setting up the foundation of your business credit. During this phase, it’s important that you meet specific requirements from lenders, allowing you to reach superior results.

Here’s a quick overview of requirements from most lenders and banks. By following this step by step guide you will go through each step and complete tasks that will help you build a strong business credit and be loan ready!

When you use the BizCredit Builder system, you’ll have all the information to complete the requirements and create better business credit profiles and scores so you can succeed in what you set out to do.

1. Articles of Incorporation

Your business must be with a good and active standing on the state records.

2. Tax ID (EIN) Number

You must have an EIN that matches state records.

3. Business Address

Business must have its own commercial address preferable with a commercial lease.

4. Business Phone Number

Your business must have a separate business number listed with 411 using the business legal name.

5. Business Account

As far as lenders are concerned, the official start of the business is when you opened a business bank account.

6. Legal Documents

Contracts, Franchise agreements, Commercial leases required for you to conduct business.

7. Business Certificate & Licenses

Your original business license or certificate of doing business. It’s essential that all DBA’s with state, federal, or banking records are organized.

8. Business Credit Reports

You must have an open file with a good credit history and score with Dun & Bradstreet, Experian and Equifax business.

9. Credit History

There can be no late or derogatory marks on the business file.

10. Tax Returns

You must file all the appropriate business tax returns.

11. Financial Statements

Profit and Loss (P&L),  Balance Sheet, Income Statement, Cash Flow and Bank Statements – This must be current within 180 days of your application.

12. Public Records

Public records can have no liens or judgments against your business.

13. Business Credit Cards

Have at least 3 revolving credit cards and make payments as early as possible.

14. Vendor & Supplier Credit

You should have at least 5 to 8 vendor lines of credit and pay as early as possible.

15. Loan from Bank

Secure at least one small business loan from a bank.

16. Personal Credit Reports

There can not be open bankruptcy, no late or derogatory marks on the personal credit report.

17. Business Plan

Required for start-ups. Create a summary of the business plan and include projected revenue.

18. Business Insurance

Your business must have the appropriate liability insurance.

Lender Requirements
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