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Business credit card funding is the easiest and fastest ways to obtain cash credit for a startup or existing business. For example, you can get up to $150,000 in unsecured credit for a business without documentation and no personal credit reporting, while building your business credit reports.
Who is Business Credit Card Funding For?
Business credit card funding is a service that acquires business credit cards under the name of the business, using the personal guarantee of the applicant.
If you answer ‘yes’ to any of the following, business credit card funding may be for you.
- Do you want to separate your business and personal expenses?
- Do you want access to working capital at any time, to use anywhere and for any business purpose?
- Do you want to protect your personal credit?
- Do you want to build your business credit?
- Do you want access to revolving sources of cash & credit?
At the end of the day, this type of funding is a fast, easy and hassle-free way to get access to business lines of credit. Since this is no doc program, you do not have to supply lots of documentation such as bank statements, tax returns, financials and more. All you need is the articles of incorporation, EIN letter and driver’s license to start the funding process.
Why Business Credit Card Funding?
The following reasons are why business credit card funding is such a popular funding program.
Cards issued do not report to your personal credit reports
This ‘dividing line’ between personal and business credit cards must be established at the credit reporting level in order to legitimize true personal and business credit separation. The business credit cards issued to your company under this program do not report to your personal credit reports. So, any debt you carry on your business cards do not impact your personal credit utilization or FICO scores.
Cards issued report to business credit reporting agencies
The cards issued under the company’s EIN report to business credit agencies such as Experian Commercial. Typically, clients receive 4-5 cards which results in 4-5 positive tradelines reporting to the company’s credit file.
Maximize Credit Limit Approvals
If you want to ensure that you get the highest credit limits possible for your business, it is essential to be strategic in your approach. The following five factors are what make our business credit card funding process so effective.
- The List of Banks Selected
- The Order of Banks to Apply
- Timing between Application Submissions
- Personal Credit Optimization
- Business Factors
Avoid Declines
There are several big banks but there are hundreds of cards across these banks with different criteria for underwriting. There are hundreds of other banks if you count credit unions and regional banks. Certain banks will auto decline you if they see a recent inquiry from other specific banks. This is why the order and timing in how we apply through our business credit card funding program is so effective.
Access to Working Capital
Having access to working capital is crucial at every stage the company’s life. Whether it is to cover unforeseen expenses or fund expansion costs – having enough can make all the difference.
Some of the benefits include:
- Revolving source of credit
- Cash liquidation service
- Access to a preset credit limit
- You can borrow against your credit line and repay it and use it again
- Can maintain a revolving balance or paid off
- Can pay a monthly minimum payment
What You Need for Business Credit Card Funding
If your business is a corporation or limited liability company, it is recognized as a separate legal entity with the ability to enter into contracts. You are issued an Employer Identification Number which is used to identify your business entity to the IRS, banks, lenders, suppliers, and other businesses.
The following is needed:
- Separate legal entity (Corporation, LLC, etc.)
- Company must be in good standing
- Employer Identification Number (EIN)
- Business Contact Information
- Business Bank Account
