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Business Funding Strategies Without Income Proof
Jun 26, 2024
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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
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