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It really depends on what type of biz you have. Once the biz has seasoned most financeing can be done by the commeercial loan officer of the real friendly bank. Or if its large a/r you carry from a commercial factoring co. Some will want cross colleratal of biz and personal and pg. I know dw and I have rented our office condo for the past four years and want to buy an older house int the historic district (zoned commerical) in small town and had informal talk the real friendly bank; they will loan us 90% of the purchase price but -0- on renovation so we just rent and wait til we can fund the renovaion without taking a loan out against our house. If we were willing to do that they would cross colleteralize and loan 100% of cost and 100 % of renovation.
I would suggest a shell business card, Exxon, Home depot commercial card, sears commercial acct, etc...these are just a few of many and these can all be had with no personal gaurantee and no personal credit pull which is nice. Even just a minor purchase, fuel, etc allowing the balance to report and then and then paying in full to report 0 the next month can help. It is a nice way to build business credit without additional inquiries on personal.
BTW-I would stay away from 3rd party "fleet" cards. Just MHO
Something to keep in mind when building business credit is: not all accounts report to all bureaus. i.e. all Citi backed business accounts (Home depot, Shell, Best Buy etc) report to Experian Business but (at least in my experience) they do not report to Equifax Business. Synchrony backed businessa app's pull Equifax Business so you may have several great accounts but be declined if none of them are reporting on the business bureau being pulled by the bank you are applying with. Lots of good info available to help sort out a good strategy
Sometimes the perk that you need is 'it builds your business credit.'
@Anonymous wrote:
Hmm, looking at those cards there doesn't seem to be any perks to having them. (Ex: 3-5% back in Gas, of 6% back on office supplies, etc).
So our current business credit cards are more beneficial.
We get 5% on office supplies, 1.5% on Gas, actually a lot of the time ends up being 5% because I buy Gas Gift Cards from Office Supply stores earning the 5%.
Are there any that would Match or exceed the current discounts/rewards we are getting just by using the business credit cards or not really?
Like looking at Shell's Business Card they offer only 3 cents back per gallon, with a minimum $300 monthly spend to earn that. That's about 1.25% where I'm at which is very low.
Lowes Contractor card which is a net30 no PG card, offers 5% off at the time of purchase, it's backed by Sync and should be easy to get...