Of course you do! If you cannot find your answer here, feel free to give us a call or drop us an email.
“I had only some idea of the potential risk I was taking by personally guaranteeing my business. BizGate’s financial advisers got me straightened out as fast as I could go through the process. What we did in a few months gave my business new life.”Rachel H.
FAQ – Frequently Asked Questions
Q -How is business credit and funding different than a personal loan?
A- Personal loans are based upon FICO credit scores, personal guarantees, and personal collateral, and small Business Owners often are required to use these personal items to obtain business funding and get their Business up and running. A Business can be approved for a loan if it has cash flow, credit, and collateral. However, if the Business does not have the proper Corporate structure established, a creditworthy profile, and compliant with lending requirements, the lender does not recognize the Business as being separate from the Owner/Operator. Business credit is real and based on a business credit scoring system that measures the variety and type of extended credit and the amount of credit given. High level Business lending entities, vendors, or credit cards are not open for public application. A Business must qualify based on the above stated items for your personal liability to be protected. This independent business qualification an achievable goal through BizGate Business credit and funding program.
Q - What is a “Small Business”?
A – Generally, a Business doing less than $20 million annually is considered “small”. There are many other qualifications to consider, including the type of Business, the number of employees, and other factors. Classification becomes important when a Business is looking to pursue government contracts, as large and small Businesses are treated differently. If you are anywhere near the $20 million mark, the Small Business Administration (SBA) site offers guidelines to help you determine the classification of your Business.
Q - What is Business lending compliance?
A – Institutional Banking and investment lenders run two different compliance systems. One system and its criteria are specific for Individuals, and the other is structured specifically for Business, and has a different set of criteria. Few small businesses and new start-ups (pre- or low-revenue companies) understand the 20-point lending criteria that is essential to Business financing. When a Business meets those requirements and they have an established creditworthy profile, they are recognized similar to large corporations and a whole new world of funding opportunities and resources are available to them.
Q - Is there a specific pathway to build Business credit?
A – Lending institutions measure businesses by their credit performance. Therefore, when Business owners begin to build a corporate credit profile, they must follow a specific road map as each step builds upon the one before it. When following each of the Seven Credit Steps you will break into the High level and unlimited funding sources you need.
Q - Okay, already, how do I get started?
If you have not yet spoken with a BizGate representative, contact us immediately! The next step is to sign up and enroll in your personal Business Credit and funding Suite to populate your company’s information. Within 48 hours of completion, a personal Business Adviser will contact you to walk you through every step of the way!
Q - How long does it take to build Business credit?
A – The length of the process is determined on an individual basis. On average, it takes 3-6 months, dependent upon you following the instructions of your Business Adviser. For this reason, your Advisers will “push” you to complete the multiple sequential steps necessary to make your credit efforts successful. Consistent effort is vital, so we recommend that you assign someone the task to ‘follow through’ performing each necessary action to build the strongest business credit profile and unlock unlimited funding.
Q - What if I have not actually launched my Business yet?
A – You can begin building Business credit for your company whether or not you have transacted any services or sales! While you are preparing to “roll out” your Business, your Business Adviser can show you how to build a Business credit profile, which moves you toward the funding you will need when you are ready to raise capital and execute your Business plan.
Q - I have personal credit problems, will that effect my ability to build credit and access Business funding opportunities?
Q - If I have additional questions as I am going through the process, to whom will I speak?
A- Upon enrolling in the program, you will be assigned a personal Business Adviser and a Certified Financial Officer. Both will be available to you through email and direct phone contact. They will be your go-to-team when walking through the Business funding Suite and credit building process. You may contact your BizGate Personal Associate or the corporate office at any time at 775.432.6670.
Q - How do I pay for a Business Credit Suite?
A – After all agreements are signed, you will be invoiced. Payment can be made with cash, Business checks, by PayPal, or by credit card through PayPal. Upon receipt of your payment, your Business Credit Suite will be assigned to you and you can begin the process. If you need payment arrangements contact your BizGate financial concierge and they will work out a plan for you.