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    3 Replies Latest reply on Nov 7, 2008 3:30 PM by F.Catano1

    How to build Business Credit to get a Loan or a LoC

    4viprentacar Newbie
      Hello my name if Juan Jose Castillo and I am an owner of a Luxury and Exotic Car Rental business in Miami Florida. The name of my company is 4VIP Rent a Car LLC and i have questions specifically regarding two topics in particular:

      1) How to build quickly a strong business credit
      2) How to get a loan or a line of credit after building the credit history and for how much money.

      I have been trying to do some research online regarding how to build business credit, but there is a lot of mix information and nobody gives a certain answer of which small business credit cards report to business credit bureaus or if they report to the credit bureaus at all. I am already monitoring D&B and Experian to see how my company credit evolves for the past couple of months and there is nothing being reported. Our company has two credit cards. One is American Express Gold Business and the other one is Capital One Business Card. Amex is reporting the business credit card into my personal credit. I have called several times and they told me they have to do it that way. .....?????. Also I called Capital One and they told me that the credit card does not report to teh credit bureaus and only reports when there is negative activity. Again....???????. My personal credit is excellent (737 TU and 728 EQ) and now I got completely lost on what to do to start building quickly a strong business credit because the ultimate goal is to get a line of credit for the business.

      Our company is growing fast and we are on a niche market that is having a lot of demand but we are refraining from growth because there is no financing sources available for us at the moment because everybody is telling us that the company should have two years in business. So we are practically being forced to loose business oportunities as we cannot grow our fleet.

      If we start building credit, how long it would take us to get a loan or loc. And if that is the case which one is easier to get.


      Juan Jose Castillo
        • Re: How to build Business Credit to get a Loan or a LoC
          Fortis Adventurer
          Hello Juan,

          Good morning, hope all is well. The best way to develop business credit is having a lender extend your business credit. For example we work with startup businesses in getting their financing for equipment and SBA's.

          What type of funds are you seeking?


          Fortis Capital

            • Re: How to build Business Credit to get a Loan or a LoC
              4viprentacar Newbie
              we were looking for a line of credit as our business is seasonal. However, if we have more options with a loan we would not disregard it as an option. We would also be interesting on a leasing equipment alternative. This financing is primarily to increase our fleet size and have more options available.
              Juan Jose
                • Re: How to build Business Credit to get a Loan or a LoC
                  F.Catano1 Wayfarer



                  I would highly recommend you do a Google search for "Strong Business Credit" and there you should find great information on where to start on how to properly build a business credit profile. After this is accomplished you will certainly have more financing options such as lines of credit available.

                  If you would like to get some more detailed information and see what financing options you may be able to qualify for, please give me a call. I will be more than happy to speak with you.

                  (Broward County, FL)


                  Felipe Catano