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5 Steps to Build a Strong Business Credit Profile

5 Steps to Build a Strong Business Credit Profile. Get the funding you need now!. Presented by Amber Colley. Women Business Owners. We know:. Small businesses are the backbone of our economy Women business owners are on the rise! 1.5 X higher than national average 200K + in the past year!

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5 Steps to Build a Strong Business Credit Profile

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  1. 5 Steps to Build a Strong Business Credit Profile Get the funding you need now! Presented by Amber Colley

  2. Women Business Owners We know: Small businesses are the backbone of our economy Women business owners are on the rise! 1.5 X higher than national average 200K + in the past year!  550 new firms/day! Women business owners seize unique opportunities! We’re moving the economy forward!

  3. Our Role in Our Economy

  4. Does Business Credit Matter? Know a business owner who could NOT get: Lease terms? Freight terms? Payroll credit? National distribution? Lucrative jobs on bids Line-of-credit increase?

  5. The Problem: Great business credit is a key to funding your biz growth Facts: Economic growth requires small business growth Small businesses need access to capital to grow Banks want to loan Qualified small business owners are hard to find!

  6. What is Business Credit?

  7. Benefits of Improved Biz Credit • More sales & loan opportunities • Better financing rates & terms • Improved biz credibility for increased deals & sales • Increase in your line of credit • More competitive inventory management • Better Cash Flow

  8. Overview • Intro: Why you should care? • Who are we? • Understand how business credit tracking works • Concrete steps you can take to improve your business credit

  9. 174 year-old startup • Character • Capacity • Capital • Collateral Source: Original Credit Report from The Mercantile Agency, November 22, 1893

  10. Did you know? • 85% of commercial lenders use the D&B Commercial Credit Score in their decision making • Most credit decisions under $100K rely on credit scores for automated decisions. • There are over 1.5M updates to the D&B database every day • A DUNS number is required to do business with the Fed Gov, most major retailers and many other companies

  11. How D&B Tracks Business Activity

  12. Lack of Information is Not Neutral

  13. 5 Steps to Improve Biz Credit • Check Your Business Credit File • Establish a Business Credit History • Pay Your Bills On Time • Monitor Your Business Credit Profile • Monitor Your Customer’s & Vendor’s Credit

  14. Example: Business Deals • Manufacturer didn’t maintain their profile • Given 10 days to fix or lose major retail customer

  15. Take Home Lessons • SBA says: Insufficient or delayed financing is the most common reason for business failure • Don’t wait until it’s too late!

  16. Questions? We’re Here to Help! • White Paper: Securing Capital in a Crunch • Ask us for info on your vendors, suppliers, competitors and/or customers • Talk to one of our staff to discuss your individual business needs

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