Business Credit for New LLC (3 Steps)

Imagine starting a business and having all the funding it takes to buy products and market the business to lots of customers. Unfortunately, in real life, it just doesn’t turn out this smoothly. Starting a business is hard enough – but trying to do it without any financial assistance can seem impossible. If you're looking for ways to get business credit for your new LLC, you've come to the right place. In this blog post, we will discuss three steps that will help you get the credit you need to make your business dreams a reality. So, what are you waiting for? Start reading! 

1. Get a Business Address

Having a business address is one of the most under-prioritized tasks for new business owners. Many just don’t see the importance of it. Well, did you know lenders actually google addresses on business funding applications? If you stated you are not a home-based business on the application but they google the address and it's not a commercial office building, your credit application could get delayed or denied. That’s the reason I recommend Opus virtual business offices for business owners who do not have a brick-and-mortar office space. Opus is one of the most popular agencies to offer a virtual business address. It's perfect for new business owners who don't need an actual building, just need to look like they have one.

2. Make your Business Official

If you haven’t done so yet, make your business official by establishing an LLC or updating your existing LLC. You want your business to be taken seriously, so make it a priority to have all the proper paperwork in place. Proper documentation is the reason getting the business address first was so important. You won’t have time to go back and update all your paperwork once your business starts making lots of money. If you don’t have the paperwork yet, you can start your LLC online today with Zen Business it just takes a few minutes. You can also start an S-Corp or nonprofit online with North West Agent. Additionally, when choosing your business name, use Consulting or Ventures at the end and avoid (trucking and credit). These are considered “high-risk” businesses and could cause delays when you start applying for funding.

3. Get Business Credit in 30 Days with NAV

The third step to establishing business credit is to start building a business credit score with NAV. Their Business Boost program reports to the business credit bureaus monthly. Nav is a marketplace that provides business credit and funding lenders for small business owners and entrepreneurs. The cost is $39 per month. You can start NAV for free and check your business credit score now.

7 Types of Business Funding 

1. Start Up Funding
2. Merchant Cash Advance
3. Term Funding
4. Credit Card Funding
5. Invoice Factoring
6. Business Loans after establishing credit
7. Personal Loans

Save this article for after your business starts booming! Knowing how to find good lenders has its own challenges. My favorite lenders for business funding are listed below.

• Start-Up Funding

If you just started a new LLC and don’t have business revenue yet, you can apply for funding from 7 Figures Funding. Requirements are that you have a 650+ credit score and make $50,000 annually.  7 Figures offers lines of credit, long-term loans, and low-interest credit cards. They even allow co-signers for people with challenged credit. If your company is new and hasn't generated any sales yet, I recommend you apply for funding with 7 Figures.  There's no hard inquiry and pre-approval in minutes.

• Easy Long-Term Loans

If you are a business owner for 6+ months you may be able to qualify for funding with a 10-year term at Rok Financial. Their minimum guidelines are $5K+ Monthly Gross Sales. Rok Financial's simple 15-second online application will match business owners with offers in minutes. Rok also offers to finance equipment financing.

• Fast Short-Term Funding

Bank Breezy offers same-day funding up to $25,000, and gig funding for solopreneurs who may not have a business checking account yet. This is the fastest funding you will find online.

Be Prepared for Due Diligence:

Once you've identified potential investors or lenders, be prepared for due diligence. This may involve providing detailed financial statements, business projections, legal documentation, and other relevant information. Being transparent and organized throughout the due diligence process can instill confidence in investors and lenders.

Additionally, maintain a website presence. Lenders will often search your company online. Websites and landing pages are cheap and affordable these days so don't skip this step. If your company is not online, it doesn't exist in a lenders eyes.

Business Credit Conclusion

So there you have it! Three easy steps to getting business credit and funding for your new LLC. To learn more about business credit check out my E-Book on how I went from $0 to $50,000 in business credit within 6 months. So what are you waiting for? Get started today!  

Which are you most surprised by? How easy it is to get business credit, or how fast business owners can get business funding? Let us know in the comments!

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Read Other Related Articles

1. Fastest way to Instant Business Credit and Funding
2. How to Get Business Loans 2024
3. 5 Business Credit Cards for Start Ups

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