Day 4: Grant Mastery Challenge with Coach K

Introduction

• Welcome to Day 4: Engaging session planned with Coach K and a guest speaker.
• Recap: Previous discussions on setting funding goals, business setup, and starting to write grants.
• Today's Focus: Introduction to EIN-only funding for businesses, with a deep dive tomorrow on locating grants and additional funding opportunities.

EIN-Only Business Funding

• Purpose: Access funding based on your business credit score using EIN only, without personal credit.
• Requirements: Structured business setup, building a business credit score.
• Benefits:
  • Separation of personal and business expenses.
  • Access to capital and emergency funds.
  • Business growth and development.

Building Business Credit

• Steps:
  1. Establish relationships with companies that report positive impacts on business credit.
  2. Aim for an 80 paydex score with positive trade lines.
  3. Terms like "net 30" refer to the period by which the account must be paid in full.
  4. Duns and Bradstreet: Key credit reporting agency. Aim for an 80 paydex score.
  5. PG (Personal Guarantor): Option to use personal credit or rely solely on business credit.
  6. Trade Lines: Accounts added to strengthen credit profile.

Companies to Build Business Credit

• NAV: Credit monitoring company; encourages securing a NAV Prime card.
• Credit Strong: Monthly fee for positive reporting.
• eCredible: Can add existing business-related accounts.
• Dibby: Reports rent payments if using a virtual address.
• Bank of America: Secure card to build credit and relationships.

Access to Funding

• Business Credit Cards: No PG cards available based on business credit score.
• Business Loans: Consider when there's sufficient age and revenue in business.
• Lines of Credit: Revolving credit available as needed.
• Revenue-Based Funding: Based on business income.
• SBA Funding: Requires tax returns, offers good terms.

Key Considerations for Funders

• Character: Business credit profile or personal credit.
• Capacity: Ability to repay based on revenue.
• Capital: Investment in the business.
• Collateral: To secure funding.

Guest Speaker: Nehemiah Davis

• Background: Inspirational story, overcoming challenges (e.g., fired from 10 jobs).
• Mindset: Importance of a strong mindset over just acquiring skills.
• Wealth Formula:
  1. Wealth Creation: Find a vehicle (e.g., real estate, grants).
  2. Wealth Accumulation: Continue successful strategies.
  3. Wealth Preservation: Understand taxes and saving methods.

Key Lessons

• Importance of Mindset: Mindset is a critical component for success.
• Taking Action: Commit to goals and take action towards achieving them.
• Leveraging Opportunities: Importantly, focus on "who" can help rather than "how" to achieve goals.

Conclusion

• Call to Action: Join Coach K's program for further learning and access to Nehemiah Davis's event.
• Next Steps: Apply with Coach K for personal coaching and deeper engagement.
• Final Thoughts: Emphasize the power of taking immediate action and making strategic decisions for business growth.