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    1 Reply Latest reply on Dec 17, 2009 10:01 PM by MoDeals

    Your opinion on business credit please

    bdccft2 Wayfarer
      I have a question and I need some advice.

      I have been working with small businesses for over the past 10 years helping them establish business lines of credit and establish their credit profile with Dun & Bradstreet. Because of the current economy bank loans and lines of credit for business has dropped greatly.

      My question is this... Do any of you think there is still a need for helping business owners establish their business with a "correct" DnB profile and assist them with optional means to replace / restructure credit to still be able to do business. The one thing I do get a lot of is entrepreneurs who want to go into business with very low FICO scores (below 580). I have been trying desperately to come up with creative ways to help them, but they don't normally have any money to be able to pay for the service.

      I really would appreciate any input you may have.
      1. What would you suggest to help get the word out to those who would be interested in setting up correct business profiles?
      2. I really want to help as many business owners as I can, so what do you suggest as a way to help the ones who really want the service, but can't pay for it up front?
      3. What way would you suggest I change ( if any) the business credit service I offer to help the most people?

      I know we all have many problems in business, but maybe some of the suggestions that are submitted may help others as well.
      Thanks
        • Re: Your opinion on business credit please
          MoDeals Adventurer
          Hi there,

          I know exactly what you are experiencing. All start-up business owners have to start somewhere. You have to build a business. For aspiring business owners who have little or no money, there is a credit builder program available for business owners to borrow $500 to go towards consumer credit restoration services. The $500 is collateralized and will be a line of credit to establish good reporting history for them if paid on time. This approach, at least helps them borrow a little more money from a lender. Additionally, SBA Community Express Loans are also good funding resources for start-ups.

          Hope this helps.