Building Your Business Credit with Gerri Detweiler - BGP 49
Business owners that know their credit score are 41% more likely to be approved for a business loan. In this episode we talk with Gerri Detweiler the Head of Market Education at Nav where she shares insights on how business owners can establish and build their business credit. You can get your business credit score from www.nav.com for free.
Show Notes:
00:28 Introducing Gerri Detweiler
03:08 Only 72% of small business owners know their business credit scores
03:58 Nobody needs your permission to get your business credit
04:43 The traditional vs nontraditional source for acquiring capital
05:50 Case Study: How David Edmonson’s got capital for his sauerkraut business
06:59 Business credit cards vs personal credit cards
08:09 Where to start: The easiest and first type of business credit to establish
10:23 What you should expect once you have established business credit
12:10 How the your business and credit age factors into your access to capital
14:13 Why your business category determines if you are high risk vs low risk
16:02 How much capital a business owners should expect to get
17:10 Financing based on cash flow or sales - very expensive
18:02 Financing from PayPal, Square and other merchants
18:34 Access to capital based off of cash flow
19:10 Crowdfunding options like Kiva, Able Lending and Kickstarter
20:44 Do these 5 things to prepare for financing before you need it
21:36 Get your business credit score at Nav.com
23:00 Why business credit is used with government contractors and large vendor relationships like Wal-Mart and Target
26:13 Say thanks and ask Gerri question at https://twitter.com/gerridetweiler
26:50 The Ultimate Guide to Financing Your Business in 2017 free ebook at www.nav.com/ebook
Resources:
The Ultimate Guide to Financing Your Business in 2017
https://twitter.com/gerridetweiler
Special shout out to Joel Jensen at Nav for connecting us together.
