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SIC is an acronym for Standard Industrial Classification. SIC codes are the standardized numbering system developed by the federal government that classifies business establishments according to the industries they belong to. Using SIC codes is particularly helpfu…
Great question! QM stands for a qualified mortgage.
Qualified mortgages tend to be traditional government-backed loans and conventional loans (FHA, Fannie Mae, Freddie Mac).
QM Loans are usually processed through a bank on an owner-occupied property whereas NON…
How Do SIC and NAICS Codes Impact Your Credit?
SIC is an acronym for Standard Industrial Classification. SIC codes are the standardized numbering system developed by the federal government that classifies business establishments according to the industries they …
According to a recent survey by the Equipment Leasing Association, economic activity for leasing is on the rise. Simply put, more businesses are leasing the equipment they need for their offices and facilities.
It’s hardly a surprising trend: For many small busi…
Keep in mind the various business credit bureaus may have different scoring systems. Every lender chooses its own standards. So, there may be variations in scoring levels. However, the U.S. Federal Reserve Bank lays out the general rule for the small business len…
It can be difficult to get a business loan or line of credit. Especially when you’re just starting. But a loan or line of credit could open many doors for your business. You could use it to jumpstart your business, expand operations, update your equipment, or sol…
Is your business credit card paying you for using it? If it isn't, it should be.
There is more to gain from a business credit card than just the approved credit limit and what you can buy with it. It is easy to get caught up focusing on the credit limit and forg…
Get access to growth capital so your business can thrive!
Find out what funding options are available for your business. Stop using personal funds and credit.
Establish business credit under your entity and it's EIN#. Not your SSN. Credit lines report to busines…
You don’t have one? Why not? You only pay interest on a line of credit when you use it. But it is there when you need it. I advise my clients to obtain a business line of credit when times are good.
Don’t wait until something negative happens and you need access …
FREE Guide. 7-vendors to start building business credit immediately without a personal credit check or guarantee. Business credit lines attached to your EIN#, not your SSN.
Tap into Funding Resources for Sustainable Business Growth
Whether you’re bankable or not, a start-up or low-revenue generating business, we have access to capital for you. Have zero revenue? We have options for you too!
Looking for revenue-based lending? Apply …
How to Protect Yourself
- When your Social Security Number is requested, ask if you can give alternate information
- Don't give your credit card or bank account numbers to anyone over the phone unless you initiated the call
- Shred sensitive documents, all …
A business credit score is a critical component of your company's financial health and overall creditworthiness. Much like personal credit scores, a business credit score can significantly influence your ability to secure loans, attract investors, and negoti…
Posted on May 3rd, 2024.
Are you considering taking the leap into the world of entrepreneurship as a solopreneur? Congratulations on embarking on this exciting journey! While being a solopreneur offers unparalleled freedom and flexibility, it also comes with its …
Posted on May 3rd, 2024.
In today's dynamic business landscape, solopreneurs are carving out their niche with unparalleled vigor and determination. These individuals, armed with passion and expertise, navigate the intricate realm of entrepreneurship solo. However…
Stop using personal credit (credit cards, savings, 401K) for your business. It is hurting your personal credit score & severely limiting your growth.
Personal Credit versus Business Credit
Small business owners are often unaware they can establish a separate busine…
Qualifications:
4+ Months in business
$3,000+ Monthly Revenue
Business bank account
Prefer 450+ FICO scores
As a business owner, you must pay attention to the cost of capital. But the real question to ask yourself is what these funds will be used for and what kind of return on investment will it be for your business.
Over 80% of small businesses (under $50m year sales)…
As an entrepreneur, did you know you have a unique opportunity to build, maintain and acquire credit both individually and as a business owner? That's good news if you're trying to build and grow a company because you won't have to rely solely on your personal cre…
Is the capital you are looking for going to be clean fuel or bad debt.
Before I go any further, I’d like to remind borrowers of the golden rule. What is the “golden rule”? Those with the gold make the rules.
Many non-bankable borrowers want and expect bank rates…
Posted on February 29th, 2024.
Running a small business demands resourcefulness, especially when it comes to securing funding. While traditional avenues like bank loans remain a popular choice, alternative financing options offer flexibility and accessibility tha…
Posted on February 29th, 2024.
If you're a budding entrepreneur looking to establish your business credit, you're in the right place! Building a solid credit foundation is crucial for your company's growth and financial stability.
In this blog post, we'll walk y…
You are hurting your personal credit needlessly. Make this a 2024 resolution.
Personal Credit versus Business Credit
Small business owners often are unaware of the effects business credit can have on cash flow and a positive funding decision. Having business cre…
Self-employed individuals, whether they are independent contractors, gig workers or small business owners, often face challenges getting small business loans.
How to get a business loan if you are self-employed
When you are an employee of another business, you can e…
Posted on January 29th, 2024
As a business owner, you're likely familiar with the concept of personal credit – but what about business credit? Many entrepreneurs overlook the importance of establishing and maintaining business credit, assuming that personal cred…
Posted January 29th, 2024
In the dynamic landscape of entrepreneurship, your business is more than just a source of income – it's a valuable asset with the potential to generate wealth and financial stability. Whether you're a seasoned business owner or just star…
The Employee Retention Credit (ERC) is a Payroll Tax Credit Refund designed to reward businesses for retaining employees during COVID-19.
Business Owners can receive a refundable credit up to $5,000 per employee in 2020, and $7,000 per employee, per quarter (excl…
Cash used to be king. People paid for everyday purchases with cash or with checks (which are functionally equivalent to cash), and they saved credit cards for big, infrequent purchases or for emergencies. Nowadays, credit cards are accepted almost everywhere, and …
The SBSS score is generated by looking at a combination of personal and business credit history. It includes the business's history of paying vendors and lenders. This means a brand-new company with no business credit history will have a lower SBSS score since it …
When it comes to applying extra funds to combat your debt, you often hear of two popular strategies: the snowball method and the avalanche method.
1. Snowball method — You make your minimum payments on all of your credit cards, except one. You focus all of your e…
For most all credit applications, you want to find yourself in the low-risk category. Keep in mind the various business credit bureaus may have different scoring systems. Every lender chooses its own standards. So, there may be variations in scoring levels. Howev…
There are many different alternative funding options available you may not even know exist. If you need help finding the right financing product and lender, I can help.
Issues with traditional bank loans
Traditional bank loans have long been a common source of fun…
Small business owners often are unaware of the effects business credit can have on cash flow and a positive funding decision.
Having business credit and in turn, business credibility is key to long term business success. Small business owners need to start viewin…
Before seeking financing, there are several questions you should ask yourself. The answer to these questions will determine where you will be seeking financing. From a traditional lender like a bank/credit union or an alternative financing lender?
Ask yourself;
How…
To run and grow a business of any scale, you need access to capital. Securing financing can be a difficult process for small businesses.
At Integrity Business Funding Consultants, LLC, we are all Certified Credit & Lending Specialists. We are funding consultants, …
Dun and Bradstreet is one of the three major business credit bureaus (along with Experian and Equifax). Because of this, it’s a good idea to open and responsibly use business credit cards that report to it.
Most business credit cards do not report to Dun & Bradstr…
Launching DAC FlatFee, Rx: A Revolution in Healthcare.
This innovative solution to the high costs of pharmaceutical drugs is a game-changer, much like Netflix in the entertainment industry. With DAC FlatFee Rx, customers enjoy the benefit of paying a low monthly f…
Do you pay more than $30.00 per month for prescriptions for your family?
If yes, I will save you money. Hello Friends and Family, we now offer a flat fee RX program. Are the drugs you use each month on our list? Most likely they are. Want to go to your pharmacy? …
Smart business owners use vendor credit and business credit cards for their business, not personal credit cards. Using your personal credit card for your business lowers your personal credit score and doesn’t help your business to establish corporate credit.
Ther…
We all know you can borrow against your life insurance policy. But did you know you can sell your life insurance policy? Selling your life insurance policy in a life settlement is a popular alternative many policyholders use to access a quick, generous payment in …
I believe networking is still one of the best ways to grow your small business. But it does require an investment of your time.
Join online communities and forums related to your industry or niche. Attend events and conferences when you can where you can meet peop…
It’s much like a Credit Union vs a Bank.
Just as with a bank, at a credit union as a member you can open a savings and checking account or take out car loans. The only difference is that the credit union usually pays more interest on savings and checking accounts…
Is the capital you are looking for going to be clean fuel or bad debt.
Before I go any further, I’d like to remind borrowers of the golden rule. What is the “golden rule”? Those with the gold make the rules.
Many non-bankable borrowers want and expect bank rate…
Quick answer: You can expect a “hard” inquiry to temporarily decrease your credit score by five points or less, according to FICO. If you have good credit, your score may drop less than that. I personally applied for credit recently and the inquiry did not affect…
Many borrowers state that they have been turned down for business funding but get no reason as to why they were turned down.
Here are a few reasons why you may have been denied credit.
Your personal credit score is too low.
You don’t have enough time in business.…
Do you have clients with decent credit and would like to obtain funding? Before having them apply, they should take a few steps to boost their credit score. Here are 5 tips you can provide them that will help increase their score quickly.
Pay down your credit card …
A non-qualified mortgage (non-QM) is a home loan designed to help homebuyers who can’t meet the strict criteria of a qualifying mortgage. For example, if you are self-employed or don’t have all the necessary documentation to qualify for a traditional full document…
An unsecured business line of credit can be a valuable tool for small business owners and real estate investors. They provide fast flexible access to funds, low interest rates, improved cash flow, increased financial stability, and the opportunity to build your po…
Keep in mind the various business credit bureaus may have different scoring systems. Every lender chooses its own standards. So, there may be variations in scoring levels. However, the U.S. Federal Reserve Bank lays out the general rule for the small business lend…
As a business owner, you must pay attention to the cost of capital. But the real question to ask yourself is what these funds will be used for and what kind of return on capital will be for your business.
When the bank says no, where do you go? You look at altern…
Virtually all solopreneurs, small business owners and real estate investors find themselves short of capital sometime during the lifecycle of their business. When the bank says no, where do you go?
The good news is there are funding options available that many bor…
Previously, in order to access the home equity in your property, you would need to Refinance or take out a home equity loan or line of credit. This would come with added debt and a monthly payment.
Did you know you can access up to $500,000 in a properties equit…
There is no better way to start the topic of business card statistics than with statistics, right? In that spirit, did you know that with every 2000 cards distributed, you can boost sales by 2.5%?
Having a business card to represent yourself or your company in the…
Visa and Mastercard plan to increase fees for retailers accepting credit and debit cards, potentially costing over $500 million annually.
The additional Visa charges are slated to begin in October for online transactions, followed in April by new fees for commerci…
Issues with traditional bank loans
Traditional bank loans have long been a common source of funding for individuals and businesses alike. However, they come with a range of issues and drawbacks that can make the borrowing process less favorable for certain borrowe…
Before paying anyone for business advice, including me, try your local S.C.O.R.E. chapter first. See if they can help.
What is S.C.O.R.E.?
S.C.O.R.E. is the nation’s largest network of volunteers, expert business mentors, dedicated to helping small businesses plan…
During consultations, we are often asked about credit inquiries. Most people believe a hard inquiry hurts their credit score far more than it really does.
How many points can a credit inquiry drop your score? Quick answer: according to FICO®, you can expect a “har…
Most real estate buyers have heard that they need to pre-qualify or be pre-approved for a mortgage if they're looking to buy a property. These are two key steps in the mortgage application process.
Some people use the terms interchangeably, but there are important …
Alert! Check your credit reports for incorrect credit limit reporting!
One of the dirtiest tactics used by credit card issuers—to prevent competitors from offering you competing credit cards—is reporting no credit card limit to the credit bureaus. Since 30% of you…
Let’s cut to the chase. There is a major misconception about loan brokers. The misconception is that going through a loan broker versus going directly to a lender adds no value and costs you more time and more money. That is what most people think. But it is simpl…
Posted on July 21st, 2023
In today's rapidly evolving market, having access to timely resources can be the key to unlocking growth and seizing new possibilities. As a trusted financial advisor based in Sheridan, Integrity Business Funding Consultants, LLC, takes…
Posted on July 19th, 2023
Securing the right financing is essential for business growth and success in today's competitive market. While traditional loans have been the conventional choice for many entrepreneurs, 0% business lines of credit have emerged as a pow…