1. What is UBF?
2. Personal credit cards vs Business credit cards
3. Understanding business credit
4. Key selling points
5. Understanding the credit report, who qualifies and who doesn’t
6. The process of submitting for approval
7. The funding process
1. A+ Credit – No collections, chargeoffs, or public records.
2. Depth of History – History of mortgage, installment loans, and credit cards both open and closed with good payment history.
3. Perfect payment history the last 24 months.
4. Usage below 30% on each credit card.
5. Minimum $20,000 in high credit limits.
6. No more than 4 inquiries on each bureau in last 6 months
Business Credit Foundation
1. State Records: Your entity must be open, active and in good standing.
2. Federal EIN: Your Employer Identification number filing must match your state filing exactly.
3. Bank Account: The day you open your “business” bank account is the day your business starts in the eyes of lenders.
4. Business Licenses: All applicable business licenses must be filed.
5. DBA: Any dba’s must be on all state/federal/banking records.
6. Separate business phone: Your business must have its own phone number.
7. 411 Directory: Business phone number must be listed with 411 under the exact legal name.
8. Experian: File must be open with a credit history and good score.
9. Dun & Bradstreet: File must be open with a credit history and good score.
10. Equifax: File must be open with a credit history and good score.
11. Business Credit Histories: No lates or derogatory on the business reports.
12. Physical Address: The business needs its own physical address.
13. Bank Rating: Your business bank rating should be a minimum of a low 5.
14. Tax Returns: All applicable business tax returns must have been filed.
15. Public Records: There can be no liens, judgments, or liens pending against the business.
16. Credit Cards: At least 3 business credit cards with payments made early.
17. Vendor Credit: At least 5 vendor lines of credit with payments made early.
18. Comparable Credit: A larger loan from a nonbank lender with payments made early.
19. Bank Loan: Securing a small bank business loan with payments made early.
20. Business Model: A summary of your business plan with revenue projections
Ventury UBF Application