Read about Novae's recent inclusion on Inc. Magazine's 2024 Inc5000 list on Yahoo Finance
Read about Novae's recent inclusion on Inc. Magazine's 2024 Inc5000 list on Yahoo Finance
We know the lenders' hidden criteria for funding and we'll guide you through understanding and meeting each item! We will also help you:
We truly simplify your path to business credibility and maximize your financing opportunities with our Business Credit Finance Suite!
With our Business Credit Builder, we assist you in activating your business with the major business credit reporting agencies (BCRAs) and accessing your complimentary D-U-N-S number to help maximize funding opportunities!
Here's how the program supports you:
Even one negative item on your business credit reports can lead to loan or credit card denials. Our program offers a straightforward solution to dispute and correct any inaccuracies across D&B, Experian, and Equifax, helping you build a robust business credit profile and score.
We guide you through initial setup, assist in correcting inaccuracies, and monitor your progress, enabling you to secure high-limit credit and loans with favorable terms.
Securing initial business credit can be tough, especially since most trade vendors don't report to credit agencies. Our Business Credit Builder program helps you obtain usable EIN credit from vendors without a personal guarantee, even if you lack personal credit!
Key benefits:
Your new credit will report to Dun & Bradstreet, Experian, and Equifax Commercial, establishing tradelines and scores with all major agencies. This positions you to secure store, fleet, and cash credit.
If you have good personal credit, you may qualify for our Credit Line Hybrid Program, offering:Once your initial business credit is established, access high-limit revolving credit cards in your business name linked to your EIN, no personal guarantee needed.
Our Business Credit Builder helps you obtain:
We guide you through the entire business credit building process, from initial vendor accounts to high-limit store and fleet credit cards, cash credit, and auto financing, all without a personal guarantee!
With our intuitive software and dedicated full-service business credit adviser team, we streamline the process of securing business credit, guiding you effortlessly at every step.
PRODUCT/SERVICE FEATURE | VALUE |
---|---|
Business Credit Finance Suite | $2,500 |
Business Credit Education & Restoration | $2,500 |
Personal Business Coaching & Advisement | $2,400 |
Access to Lending Sources in Specific Tiers | $2,000 |
myNovaeDisputes Manager (12 months) | $800 |
Experian Smart Business Monitoring data | $600 |
Personal Debt & Budgeting Software | $240 |
THE TRUE VALUE OF THIS SYSTEM | $11,040 |
The Success of Your Business | PRICELESS! |
A personal guarantee is an individual’s legal promise to repay credit issued to a business where they are an owner, executive, or a partner.
With business credit agreements, giving a personal guarantee essentially makes you a co-signer on the business credit account. You will remain liable for any debts the business incurs. You have given a “personal guarantee” that you will be responsible for the debt.
In practice, this means that your personal credit will undergo a hard inquiry, since you are putting your Social Security number on the credit application. With enough hard inquiries, your personal credit score will be adversely affected.
You may be wondering: do business credit inquiries hurt my credit? Unlike with personal credit, anyone can pull your business credit reports. This does result in inquiries.
However, unlike with personal credit, business credit inquiries don't negatively affect your Fundability or business credit scores with each business credit bureau.
Business credit tiers are actually Credit Suite terminology. Our business credit advisors continually check and recheck vendors and other credit and business financing issuers. There are differences in terms of how easy or difficult it is to be accepted for credit, and what you may need to provide to qualify.
For example, business credit tier 1 is vendor credit, where you need very little to get started. You can qualify with few payment experiences on your business credit reports. You may be able to qualify with a short time in business, such as six months. Or you may be able to get around certain more stringent requirements by offering a personal guarantee or making a deposit to secure the credit.
And to get to business credit tier 2, you will need to have at least three trade accounts reporting to the business credit bureaus.
When a lending institution has more than just your personal credit scores to look at, they will review any other information which they believe will better answer their one big question: will you pay them back?
Because it’s possible to have good business credit with bad credit on the personal side. But if your business credit is good enough for a lender, they will weigh it more heavily in their decision.
Lending institutions will let your business credit guide them as they pull your business credit reports and look for a few things.
If the answers to these questions satisfy the lending institution, then you’re more likely to get a loan, although it will not necessarily be for exactly the amount you were originally seeking.