How To Quickly Build Business Credit and Get $200K
Thank you guys for coming but Italy so we this. Is like the first the, first one, that we're doing we had had, a lot of RSVPs, we didn't charge for the event so we kind of knew when it's free some you know as you know so I'm not everyone's gonna show up people like the idea you, know coming out here and the agenda is to, is, to do targeted small business owners we, want to you, know touch on, funding. Options, ways to build business credit apart, from personal, credit throw in some personal credit tactics that are in there alyx, gonna touch on you, know digital marketing, components, especially. Something that he just launched for us right now that's, allowing, us to get facebook leads for less as a dollar. Keeping her customer acquisition, cost for right around 10 bucks you. Know for customer and a customer value on or credit precise about a thousand bucks on. The value side so it's a very good return on that alex will touch on facebook. Stuff, and. In and then we're bringing in a CPA as well to to touch on you, know s corpse, and all that kind of stuff it's, on the sixth floor actually and I. Use her she's awesome value. Because yeah, especially because, you, know when I love, pain little, to nothing at the end the year if you're gonna ways to do that so so. She's she's great at that and she may pop by or drop. Off some cards or something like that so. I, for. Though they don't know who I am you, know you Fred my, name is Joe Chavarria I am, the. CEO and founder of a company called the credit agents around the third floor where. A a, credit repair company focusing, on consumers, and starting. To to to, dab a little bit more on the commercial, side so working more with small. Business owners helping. Them. Do. A combination of both repair, and personal credit and establishing. Business credit in the, EIN number and, and. Then opening, up doors for for, more funding opportunities, you really just wanted to start the series of events, you.
Know The first event you do you know it's the worst right it's the hottest right. It's it's it's it's crammed. Or. This it's it's a little bit of not what you expect us so we appreciate you guys you know working with with us on the heat and all that and you. Know it's the first of many to come and we're excited because we, want to just just share so our struggles, and building, the business share, some things that can help the business like, marketing. Like funding, like business credit things like that and, in. Ultimately, if I can you know the mistakes in the blood and the water from the mistakes that I made those in my business if I can share that to avoid others, from making the same mistakes then I would, you know look back and say it wasn't for nothing right I was able to help some people you, know get past that five-year mark where historically that's, where most businesses don't make it past the past five years talk. About today it's just you know the basic steps to building business credit we're, going to touch on that and then I'll close this out with funding, just some just, the breakdown business owners and. What you need to do to qualify for that so, so. The first step to building, business credit is, really. The foundation so. With. The foundation, there's. A there's a couple components, to that I hope I spelled it right but foundation, there's a couple components to that which, you know some of you here may already have that so, a couple components would be like the ein number, the. Business. Bank account. The. Address. So you have to have a business address so. With, with business addresses I mean it's obviously with the storefront, that's already a business address, if. You're a solopreneur, you, know having, some type of. Non. Home addresses. Type. Of virtual office, that we work typically, they'll provide you with registered. Known, business, addresses, and. Sometimes you can you know but when I started off I work, completely, remotely, or from home but. You, know I need to get a business address our building business credit I just went to I think was Regis at that time and. It's. Sometimes, it's hit or miss I use you know with like a peel box or like a like. A like a FedEx you know box, you, know something, that doesn't, give you the peel box no like doesn't say peel box blah blah blah sundar said like 1 2 3 Main Street but it's an actual peel box it's, hit or miss and the reason why I say is hit or miss is when.
You Submit an application for credit the. Lenders. They forgetting. With the system that they use but the system they used to quickly verify the application, to make sure like the information, is legit, the, system will automatically detect is it a home, appeal box a business address if, there's anything other than a business address you're, not completely denied, but it hasn't been known to stop a lot of applications, in his tracks, from, the business. Lending perspective they're like oh okay because it's not, as regulated. Or not as monitored, as personal, is on the consumer side so. If. So. So if they, feel like this is gonna be fraudulent it's a shell company or somebody that really we're just gonna stop it you know his tracks that we don't want to go too far so an actual registered. Business address, a. Business. Phone number is. Definitely. Helpful with, with getting approved for business credit because. You, know sometimes. The the lender may call, to verify that it is a legitimate company if it's a cell phone the call gets missed and it's just you've reached you know so-and-so it's, like okay I don't know this is legitimate company right so, some some great options for for, business phone numbers there's a lot of services now freedom, boys. Bondage. There's a lot of companies out there where. You can get a business phone number have, it forwarded to your cell even if you're a solopreneur so, you're still taking all the calls you can set up an auto attendant and things like that so, it's so if someone, were to call to check out the business you, can have the auto attendant I love auto attendants, and it's just like you know you reach ABC company press one for sales - for service three, for this and yeah all those calls can route to your cell but, it's it sometimes, they'll just like check to make sure it's a legitimate business Oh sounds, good the auto ten that's good all right check, check mark okay this is legitimate, company. So, there's services out there ring Central's another one. I. Think. Though the top two your ring central, grasshopper. Are things another one freedom, voice you can get like a business. Phone number for like you know twenty thirty bucks a month set up auto attendant and, everything can can afford to to to your cell phone then. You want to get your business phone number registered with, for one one, even. Though it's kind of outdated businesses, don't do that I mean a lender so do they so check you know the for one for more than one records to, make sure that the, information the, phone number all matches. Up keep, in mind when you're applying for a business loan or credit they're, looking for reasons to not give money like they're looking for anything that would avoid, any kind of risk right so, they're looking for all that so you, want to make sure that all the records match, up so like your 401, listing should have the business phone number should, have the business address.
It. Should have the company, name that should probably go up here. Okay. All of that should should should match up. You. Can actually do it online now you know for 1.com and registered. The business phone number it's free you can register it online. Takes about you know two to three weeks for it to like fully be registered, but. You can actually do, that online, put 401, com. Up here okay. And. Then. And. Make, sure everything, on, the, state level. Like. Even your licenses, if you have if you have like a license for your business or, its required make, sure everything matches up, with, state records, you know so make sure your business make sure all this information, is up-to-date and, accurate at the, secretary. Of the state. Of texas website, make. Sure everything matches up okay, and. Make sure that if you require, a license, you know everything is is up, to date on that when you start getting into like the bigger funding, options if you need to like an SBA, loan, or. A large line of credit that's going to require some documentation, don't, start to ask for like proof of your license to make sure that you're operating legitimate, and things like that so that way you don't get shut down and, then you're off with the money and they lose the money right so they they'll start to do that. LLC. For privacy purposes and I have a business here in Houston, what, I want to use my Houston, address or my business, as. Long as it's a registered, business address, okay, I don't really matter yeah doesn't matter yeah I was going to ask about that for. Example we use a register agent yeah, our. Information. Doesn't show up anywhere, on the road, she goes for registered agent does. That mean to be the. Address, that we're using for the business, or can any different, the revenue is obviously great right address, right exactly so like if you let's, just for, simple you. Know scenarios, you're applying for for let's. Say a credit line the. The. Address needs to be the. Address that's associated with, the. EIN, number, what's registered at the state you, know all that needs to match up it's, all on your state certificate, is it the registered, address as the business address or is it like we're. Okay. Wrong has got the physical one right and you're using the physical one right that's really, what what what what matters so. So. This is like the first part be registered, something, read to the state make sure it's got the business phone number again, keep in mind these lenders. Are looking for reasons to deny. The application, exactly. So, once. We've done these. Components. Here, then. Step. Two is, to. Get, your. Duns. Number okay, and. Duns. Number is basically. Your. Credit. Report for for dun & bradstreet okay. The. Reason why you need to get your Duns number is because once we come over here to step. Three. A. Lot, of the vendor. Trade lines we'll be applying for they're. Gonna require a Duns number okay so basically before, we start applying for credit we got a good we got stopped by dun & bradstreet and, get the Duns number and you can do it online I mean just go to D and be calm. And. I. Think. That's the Google, gonna Bradstreet or D and B just google it and you'll, see it would, take it to the website it'll say like you, can you can verify your Duns number see if you have one already if. You don't then, you can just go ahead and apply for one right into there it's free. Exactly. It's it's for dun & bradstreet so, when, it's, which is a business credit bureau so let me kind of back up a little bit and clarify on the. Personal, credit side you have Equifax, Experian TransUnion, is, a three main you, have some other ones like LexisNexis. And novice those are like the hidden credit bureaus but most lenders, are using one of the major three right Equifax Experian and TransUnion on, business. Credit they're. Looking, at dun & bradstreet which, is the main player. In the, business, credit reporting world. Corporate. Experian, and in business Equifax, but the number one like what most lenders, use to, base, a. Decision. On it is done in Bradstreet, okay so to be like fully registered, on dun, and Bradstreet, and started, getting trade lines to report to your your, your dun & bradstreet credit, report you have to get a Duns number okay. You. Could have one you could so that's that's a good point so what could happen is if you're. Sitting around it for a while and. You. Know you haven't done this and you've been in business for plus two SEC three for five years, dun. And Bradstreet which they're they're they're nothing more than a dater.
Hoarding. Center right they're just hoarding, and collecting, data okay, so. If. They, if there's no Duns number yet like you didn't apply for one don't, be surprised if they just made one for you and they signed it if, that happens, and you go and you search the search is easy you plug in just your business, address business, name and it'll tell you if there, is a Duns number associated with your what's your account if there, is then. I think they give you an option to claim it and then you, can update the information online, if it's inaccurate if, no, record has found and that means nothing was ever created for you by default then, we'll give the option to go ahead and apply for the Duns number probably, two or three pages very. Simple information you just fill out the. Company address, you. Fill out the the, the owners, right who how many shares is the owner have or what percentage of equity does, the owner have and, then the owners information and, then, you create an online account and boom then they, say about 30 days you have your Duns number I have, some. Businesses right now that they're getting tuned under a Duns number to about two weeks right so. So, you need that okay and there's. There's some other numbers, like, with Experian. And. Equifax. Which. If you if you email me I can, give you the links to check if you. Have. Yeah. It's a similar number but they call it something else, but. I can sing the links if you want so you can check to see if you have anything with, Experian, will tell you if you, have any trade lines already. Like. There's anything that's being reported to your Experian credit report doesn't, brushed it would do the same thing but. The most important, thing is you get your your, your Duns number like I said it could take about 30 days to get the Duns number, but. Once you have your Duns number, then. We can go and do. Some vendor credit. These. Are going to be like your net 15 your net 30 s your net 60 s these. Are gonna be vendor. Accounts, that, you. Can, purchase. Equipment. From or supplies from. Or. Services, from and, you. When, you buy from them they'll send you an invoice do, 15, 30, 60 days later those. Payments, get reported, to your, business, credit reporting so, I'll give you an example of one popular, vendor, is. Cool. Calm, so. Cool calm is an office supply company and. This. This is actually one of the first vendors. That I did. Business with to, build our company's credit report and at the same time being we're in an office suite office.
Supplies Are things that we need on demand, before. Quill, I was doing everything the hard way I'd go to Staples, or Office Depot buy everything upfront you. Know and then and then get to the office like oh no we also need this or that it. Was a waste of my time you know my times best-suited growing the business not going, out and get an office supplies, so, when when I found quill not only did report to your, dun. & bradstreet credit. Report but. They, but you can do everything online you. Can place your order they'll ship to your office would did like one - today is like Amazon our sooner, and and. Then they report all your payments to your credit, report to get a proof or quill all, you need is your. Duns number. Yeah. I had number and. Then. A minimum, opening order. Of. 50 bucks that's. It and they'll prove you for a vendor account or. They'll prove you firfer credit line on quill it's not a credit card just a credit line on their website and, the. Minimum, approval is usually five hundred they'll go up to about two thousand sometimes I have no limit approvals. We have a no limit approval, right, so there's no credit line on our no limit on ours and. So. Go, that's it once you get approved. They. Will report the payments, they, report only to dun. & bradstreet they, don't report to all three Business Business Bureaus but just team B which is fine because again this is the most important, this is the the most most popular, yes okay, okay so so. That's one vendor so there's a couple of others or stores like Granger, there. Is up, line or I'm sorry Uline. This. Is like Granger or you lines like like a package just supplies, company, boxing. And things like that so, so we have access to about 20. Different vendors. Even. Like a t-shirt company as well you can you can buy your t-shirts you know and get your logo printed, and you pay 50 percent upfront and then you pay 50 percent once it's once. It's been completed they report that payment to your business credit report yeah. So. Personal. Credit, it's. Looked. Down by. The credit bureaus when you go open 30, a new credit Wallace exactly. So like on the personal credit side each. Inquiry, accounts. For roughly 10, percent of your score okay. So, the. More credit, seeking inquiries, you have over, a short period of time the. More, risky, you appear, to other lenders, that are out there I'll, give an example I had you. Know was helping get helping someone a startup company get, a proof or funding okay didn't, have time to build business credit he, was trying to get the business off the ground he's I need I need money right away you, know at least forty so I can kind of get the stuff going. And he. The. Only reason, why he got denied, credit was personal credit was great and usually, when you're needing to get some capital for a startup you need to have really strong personal credit personal. Credit was great he just had one too, many inquiries, over, the last six months so that, was, it was can't, have more than three he had four that fourth, one did, not result in credit on top of that and so, because it was like one more too, many inquiry, they're like we just can't do it and. So. Their, reasoning, is that not only is their underwriting guidelines that you can't have more than three inquiries last six months but it's also they look at it as this, inquiry, did, not result in credit. So, that Bank let's, just say was Capital One decided. Not to take a chance of this person why, capital. Owns a big bank why, didn't they take a chance on this person there's no trade line on the personal credit report so we're, gonna follow the, same steps and say no no we're not gonna do credit we're gonna issue credit because of that same, reason so yes all those credit does he keep secret inquiries, on the.
Personal Side like. Like he said they're frowned, upon okay. Especially. When they don't result in credit on the, business side doesn't. Even matter it doesn't even play a part into your business credit. Score, all that matters the. Main thing that matters just put it like that the main thing that matters when it comes to your business credit score is do. You pay on time okay, so let's say quill closed, net 30 okay. So, let's say day. One you, buy paper. Okay. And, it's like 100 bucks, then. Day. Seven. You, get the invoice, and. It says it's due and. Twenty. One or just say twenty three days because it's not thirty so, you got it don't you, know seven days right. And. Let's say that on day. 15. You. Pay in full. That's. Really, good in the, business space because, pain early, does. Matter, personal. Credit that matter no, matter if you paid earlier not just did you pay on the due date right did you pay on the due date or did you pay thirty days late sixty, ninety. Let's. Say you do you, pay on dates, that's, still good - not as good right you're not you're not like the student that gets extra credit raise your hand like yeah but you're, passing right you're good pay. Late yeah, then it starts to really hurt your business credit scores. Exactly. A one late it's. Already. Exactly. So like for their their their system, is is. It 30 days pass is a 60, over, do that, it's similar to the personal credit side but it's like your day, 45. You're, still considered more, than 30 days pass - right but that's bad it's definitely bad on the business side. It's. Definitely, worse on personal, credit side takes a lot longer to bounce back from that not. As long on the business side but it does hurt, you yes. Well. Remember. Cool all you need is a Duns number which to get a Duns number all you need is you, want this information correct, you can get a Duns number right, away but, you probably don't want to get the Duns number too soon because you're gonna transmit, the, address, the phone number so, you would probably want to have all that done right the first place so you don't have to like get the Duns number then go back a month later and then update all the information. It's. Personal, preference me I rather just submit it right the, first time but. Like to get cool all you need is a Duns number to get the Duns number you just need your EIN number business. Bank account all, that stuff. Right. But go, what the easy ones first you prove yourself with them and then, you can go out, let's, take let's take Amazon, Amazon corporate, credit line for example they. Won't approve you unless, you have a business, credit score and you, have at least three trade, lines already, yeah okay so you, go to let's say you wanted to get an Amazon corporate line today they're gonna like well no you don't, have your, non-existent to us right now you can personally guarantee it and we'll consider it but. In the business world we want to kind of stay away from personal, guarantees as much as possible. They. Require, the. Personal. Guarantee. Right I don't, like that right for the business this is still possible, to build up this and then go back and say well 100%. Yes well people have different layers of commercial. Accounts right so, so, there's there's, one application, that's floating out there that, you only enter your, EIN number right. And, they don't advertise it, they don't make it easy to find like that's what that's, why this. Whole world we're talking about the do you have no idea existed the, people who know this or the fortune five company have fortune 500 companies I have CFO's went, to school for this stuff this is all they do that's all they know and these.
Big, Players Home, Depot or you know City paying all these guys, that's. What they want to deal with they want to deal with with with the higher end you know cuz they know the game they know they're gonna pay they're, gonna be doing a lot of volume right the, smaller guys like us well they're not gonna like advertise, the underwriting guidelines they're, not going to say, hey here's this commercial account with no personal. Guarantee especially. For the small guys because it is like well how do i I want, them to personal guarantee stuff, you, know maybe not McDonald's, right because I know McDonald's right, like they're they're legitimate, corporation. They're gonna pay me right but the little guy I don't know they're from Adam I need a personal guarantee so, they don't tell you that they have these accounts, that that are available to, the general public because. Again, the fortune 500 companies large corporations. Have, CFOs, that already but you know this stuff you, can build up enough your business, credit you, you're a small guy you can exactly Hey look I'm small guy but my business credits great exactly, I want the corporate, account right and that's why that's why I love doing this and teaching this because I want to I want to level the playing field I want the the, small guys to, be able to compete and play as the. CFO's, these bigger companies do and and teach, to teach the game right so. One. Thing that that you brought up which is which is very important I'm going to kind of kind of tie it in here is credit. Scoring okay so, on, personal. Credit your credit score is going to range from 300, to 850, on the, FICO, spectrum, okay on. Business. Let's just take dun and bradstreet score model which is called pay tax called the paydex score paid. X is gonna range from zero to a hundred okay. On the personal credit side let's take FICO again you have five components, that make it a payment, history, utilization. Length. Of history types of credit new credit okay, dun & bradstreet number-one, thing that drives our score payment, history that's it payment, history frequency. How often you pay on time when, you pay early so, you want to increase that score the best way to do it is to not only pay on time but, pay pay your accounts early it's right.
Right. Okay, so what what from, promote from from, the business from a b2b perspective, let's, say I issue credit, we're both in business if. You're. Borrowing a million dollars for me but you're paying the. Bill on time every time I'm good, yeah right you, know long as you're paying me I'm making my interest I'm making all this stuff you're, paying on time you're not going anywhere, borrow, as much as you want I care, mostly about your, pain on time and I don't have to chase you down to get the money that's what I love right on the personal side there's so many more limitations, it's. Not like hey borrow more because all you have is this job. Right, that that, you have to support on the business sky's, the limit right what you do with your business is exactly. Right. Yes. Depending. On. I'm ordering $100, on four different accounts, would. That affect the amount that these companies. Would want to lend me because they see. Individually. Right so let's say like quill has a $500. Limit on on, that, one account right with you well of course you probably won't be able to go more, it depends on that but, let's say that you take a, individual. Vendor like for example we have no limit with crow our accounts no limit all right we started off with a limit but then they remove the limit after like three four months like I you know what no limit so. All cool says they we ordered already long right they're just here it comes here it comes here it comes all they care is when, the invoice comes are you paying on time that's it that's, all they care about okay but yeah, from an individual perspective there's, a cap, on it yeah you won't be able to go that, far because they put an individual, cap on it all, of these tree lines you're talking about these. Are net, 15 and 30 net 65. They're not credit. They're. Not they're not revolving, their number revolving credit that's, where we're going to talk about next how to get to how, to get to the revolving okay so, there's. More vendors right shoot me an email if you want you, know a simple. List for four more vendors okay. So. Then after. We. Do, this so so so. We do charge for this to do all it for you and you know hand-holding, and do a lot of legwork for you I personally. Do a lot of it because I for. Me when someone says hey let me do it for you all that goes a long way for me yep pleased to do it for me so especially because I know the systems and all that so I'll just I'll do it for a lot of my like, my clients, so, after. Vendor credit, then. We go into store credit okay and this is when we get into some some more revolving, accounts but, it's store credit before we get into like the cash credit, right, we will start off with some store, credit so. To get store credit we. Need three. Trade lines first, okay. That would be like the vendor accounts so we need like a quill maybe. A Uline. And maybe a Grainger account right and. We. Need them to, report. To. The business credit report, so before, you start going to store credit you're, gonna buy, this point you're. Had you set up like you know navcom. Something, to monitor your business credit reports different, lines are being reported before, we go into store. Credit, so, with store credit, this is one we're gonna get into the, credit lines like with with Amazon. Dell. Apple. Home. Depot has one this is a I think this went home Elm Depot and Lowe's commercial. Account comes into play these. Companies will do store credit, you, know anywhere between a, thousand, up to about twenty five hundred is normally what what I'm seeing on a store credit line that's a revolving line right.
And So you can you, can charge you can buy you got a minimum payment you may those reports your business credit reports this is when you get into into. That scenario that you're referring to. All. Of these again they're, gonna, say alright you, don't want to you know you want no personal guarantee right. Like for Amazon Amazon wants. To see the trade lines right, they want to see that you have the business score they, want to see that, and. I think Amazon also wants an opening order I think, there's is a hundred bucks so we're just an opening order over, a hundred bucks for a corporate account and then your approve okay but, remember we, can't get to him as on unless we got the vendor accounts they're now looking at you if you don't have a score there's no trade lines not, even looking at you you, look at for you for like the, personal stuff but we know we want a business. You know credit line okay after. Store credit, and then, we get into, the. Cash credit, and these, are going to be the, the revolving, credit lines like let's, just say a, no, personal, guarantee discover. A business card or no, personal guarantee Amex. Right because, this is when we get into the cash credit, revolving, credit lines that that are not really, necessarily, associated, with with stores right these are visa, master. Amex, is you can use on the business side to. Get here. We. Need ten total trade lines. Okay, so that would include like some of the vendors some, of the store credit, we. Need about ten total trade lines she, started getting approved for some. Cash credit, okay. Right. This whole process that is exactly. This whole process that I went through with. To us to avoid the. PGS right the personal guarantees to avoid all of that okay. This. To avoid all of that it's it's, it's about a six month to, 12, month process to establish all that. Right. They have nothing to go off of so by default they have to look at the personal credit report and, I hate that man I, you. Know I know most businesses own and you do both of them don't have a choice they have to do it but, and, they don't know you could avoid it no no. Right. And. You got you got to do with the personal credit reporting as well a lot, of them you know for me if I have an account I don't want it to report to my business my personal credit port everything in business you know how to chase in credit card capital 1 and Amex stay, away from our personal credit okay I want to keep it separate I want to look at my personal credit report I want, to go buy a car or you. Know a house I don't want to take my business with me like it's separate, okay I pay myself separately, from the business the, business is, completely, separate from from, from me so. If, you want to fast track all of this then. Let's. Say you want to get some funding a little bit sooner. Then. You, know kind of skip the whole business credit so whenever I'm coaching the business I'm like look we. Need to do both right if you need funding today let's see we'd get you funded today but simultaneously, we, need to be building visit. Credit to because that's a that's, a credit profile, in its own so, you, would have more power to, get. Access to more funding, in the future if you have two credit, profiles, right you have a business, credit profile, and you have your personal credit profile especially, when you get into, like an SBA, loan one, day if you need to get a million. Dollar SBA, loan or more, you. Know you get into the dock scenarios, they're, gonna look at personal. Credit they're gonna look at business credit to give you the bigger amounts, and they, have a special, score, called, FICO, SPSS. Score, which. A lot more Lindner starting to gravity, gravitate, towards the want to do a lot of funding because. The FICO SPSS. Score, is a combination. Of your business and personal, credit. Score so to make things simpler, simplify, for the lender. They have a score model now that combines business. And personal, let's, say you need some funding, okay so you're most most most popular, funding let's just talk about what. I'm lining up a lot for let's just take a startup right because it started would be a great example of, a, company that. Would. Do you know to go through all of this would take some time for them for start-up business but let's say have a startup I even, example of a, coffee business okay that. I helped, and so. This this coffee company, had had, the foundation had.
The Ein number had. You. Know had had, all that right and, all that but, didn't have business credit established yet, it's. Not operational yet because I startup be basically needs like the, the. Coffee grounds. And the the equipment, the licensing, he needs all of that to, be to to go to go, to market, so that's why he's technically stuck until he, can line up some some, capital needed. About which. I think you need about 30 at the time so. This is how I was he able to help him get funding so we got him three credit lines these are these are business credit lines, and. The way we got these business credit lines and they equalled up to about forty two thousand, dollars in credit, lines for his company these are all revolving credit lines so, he kind of went straight to cash credit, because, he had, a minimum. Of. A 685, go. No. More. Then, three inquiries. Last. Six months. And. He, had at. Least one. Revolving. Account on his personal credit report. Open. For. 24, months. For. At least 24 months, he. At least one revolving, account opened for 24 months. Less. Than 50% utilized. And. It was at least a. 2k. Limit. Okay. Cohen. And. No. Drugs. It's, like no collections nothing it's perfect. Okay. So. When. It comes to accelerating. This or lining up some credit lines for, for a business, let's. Say okay, I don't have time to build business credit right now I need some funding right away one. Of the most popular. And easier ways I can line up some credit for a company is, going. Ahead and leveraging their personal credit report okay, so, long as there's a 685, Co there's, no more than 3/4 last six months there's at least one revolving, account that's been open for 24 months that's, 50 percent utilized, or less with, at least a $2,000, limit and no drugs we. Can do about a 5x multiple, on the, largest credit line okay in this scenario here it's a 2,000 credit line one. One. Company which was chase offered, a $10,000, you know business credit line well, what's unique about our process, too is that we'll even. Not. Necessarily shotgun, to credit but we'll leverage, that offer with a couple of other relationships, and hey look so once those coming in at ten what can you do well we'll do another ten we'll match it right because, credit card companies they're they're, kind of savages like that like if they see that someone's. Getting denied they, don't want to pay them attention if they see someone's getting to prove they want in then we know in the action as well that's a good sign for them so. We leverage the that chase approval, with an Amex, I know what the discover it, was ten fifteen. And. I think another another. Twelve somewhere, in there so, I forget, the math, is wrong on that but it came out to about 42 ok go look over 30 got, 42, in credit. The, business is a start of all he has is the ein number the secretary, of state registration. The loc all that stuff. But. That allowed him to help, get the things he need to go to market like the. The cart like, the the coffee grounds, and maybe. Doing some marketing in the website going so some stuff you can go to market before, that can't go to market, you know I have to wait I have to go or has to go it, was either this or go borrow, money from family, and, you. Know how that is you know you just you want to want to avoid that because once you start borrowing money from your family then, their part of the business in a way and they influence, and, let's say one said the business doesn't work out, and it's an awkward relationship you, know moving forward and so didn't. Want to go that route he said let's see what I can do here, and it. Worked right so. This. Is basically. The, the fundamentals, to building.
Business Credit in, the, event that there is a need, for for. More funding which if there's time permits after Alec speaks I'll touch on some more funding options this is this is a credit line program. Okay this is going unsecured. Business. Credit lines, no. Dock right we go up to 150 no dock once we can do more what you need more than 150, then when you start seeing some docs you know P&L statements, bank, statements, stuff like that okay but, if you need less than 150. Depending on how your personal credit we can leverage that to get some, commercial credit lines you know with no, docks really really, needed and, it's a one-time payment there's no reoccurring fees when it comes to this if you, need if there's any kind of personal credit work that needs to get done we just throw that in there because. We also broker, some relationships, with some lenders and so a lot of times when I line that more funding they pay us you know a little commission for lining that up as well so our interest, is aligned which is you know I want capital, for the business and I want to build business credit and, that's what I want is well you'll hire meet you know or pay me to build out the business credit but, there now and for the agenda which would be to line up more capital, for the business right so a more looking I'm looking more for the relationship, the, fee is there to you, know hire. Me to, show the level of interest and commitment and, so also my time is valued. And I go to work and you know and I'm not doing this you know for nothing right so. So. That's my part for now, I want to kind of open it up for some questions just on business credit I will have time permits I'll kind of circle back around and maybe talk about some more funding options, but. Yeah any any questions on like, the building business credit card. Anything. In general on what, we touched on know. Was. A good information was it yeah, helpful, provides direction clarity, good.