BGP 049 Gerri Detweiler – Building Your Business Credit

Business owners that know their credit score are 41% more likely to be approved for a business loan. In this episode we talk with Gerri Detweiler the Head of Market Education at Nav where she shares insights on how business owners can establish and build their business credit. You can get your business credit score from www.nav.com for free.Show Notes:00:28 Introducing Gerri Detweiler03:08 Only 72% of small business owners know their business credit scores03:58 Nobody needs your permission to get your business credit04:43 The traditional vs nontraditional source for acquiring capital05:50 Case Study: How David Edmonson’s got capital for his sauerkraut business06:59 Business credit cards vs personal credit cards08:09 Where to start: The easiest and first type of business credit to establish10:23 What you should expect once you have established business credit12:10 How the your business and credit age factors into your access to capital14:13 Why your business category determines if you are high risk vs low risk 16:02 How much capital a business owners should expect to get17:10 Financing based on cash flow or sales - very expensive18:02 Financing from PayPal, Square and other merchants18:34 Access to capital based off of cash flow19:10 Crowdfunding options like Kiva, Able Lending and Kickstarter20:44 Do these 5 things to prepare for financing before you need it21:36 Get your business credit score at Nav.com23:00 Why business credit is used with government contractors and large vendor relationships like Wal-Mart and Target26:13 Say thanks and ask Gerri question at https://twitter.com/gerridetweiler 26:50 The Ultimate Guide to Financing Your Business in 2017 free ebook at www.nav.com/ebook Resources:www.nav.com Gerri’s books on AmazonThe Ultimate Guide to Financing Your Business in 2017https://twitter.com/gerridetweiler Special shout out to Joel at Nav for connecting us together.Disclosure: I am an affiliate for Nav so if you sign up I will get paid a referral fee which will contribute to my burrito fund.