Business Funding Strategies Without Income Proof

Jun 26, 2024

Obtaining Funding for Businesses without Proof of Income

Distinction between Business Credit and Business Funding

  • Business Credit:

    • Open lines of credit with other companies (e.g., Cringer, Grill, Uline).
    • Limited to using credit in specific stores.
    • Focused on building an 80 Paydex score.
    • Important: Lenders do not care about the 80 Paydex score.
  • Business Funding:

    • Use the company (new or established) and the owner's personal credit.
    • 95% of the funding depends on personal credit.
    • Facilitates obtaining lines of credit and funding from banks.
    • The focus is on obtaining money, not just lines of credit.

Funding Strategy

  • New LLCs: Potentially have no documented income.
    • Use