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Owners Bank, a new digital bank created to meet the unique needs of small business owners, today announced the expansion of its financing offerings to include a new business credit card designed for small businesses.
Small Business Credit Cards For New Businesses
The Owners Bank Business Credit Card was created to fill a void in the banking industry where small business owners are struggling to find a card that fits their unique needs. This card is changing the game when it comes to serving small businesses. Unlike traditional business credit cards, which often have requirements that exclude small business owners, Owners Bank’s new business credit card is open to businesses of all sizes, including sole proprietors. For those with multiple employees, credit limits can be allocated among up to six cardholders as needed, empowering employees to make critical purchases when and where they need them.
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“At Boss Bank, we believe business credit cards are essential to sustaining and growing a business of any size. “We’re tired of seeing small businesses lose out by having their applications denied or end up being forced into a consumer card that doesn’t properly serve their business,” said David Mitchell, founder and CEO of Liberty Bank, a division of Liberty Bank. “With just a driver’s license, employers can apply for our business credit card today, delegating purchasing power to their employees and enhancing operational excellence.”
The new business credit card is a great deal for small businesses, from sole proprietors to those with many employees. This card is designed for small businesses as a true business credit card that helps solve real business challenges. For example, it allows employers to represent a line of credit so employees in the industry can access that line of credit for things like gas purchases, parts purchases, and more. The card comes with an interest rate and rewards program that awards 10,000 points for the first $1,000 spent. These reward points can easily be converted into cash back, gift cards or merchandise. Along the way, card and account details are easily viewable by owners in the credit card app.
“Right now, many small business owners are dealing with complicated, time-consuming systems of getting paid to employees and tracking those expenses across multiple platforms,” says Mitchell. “With our card, the process is efficient and seamless, benefiting small business owners and their businesses.”
By registering, I agree to receive emails from Fintech Finance and the Privacy Policy and Terms of Use. As individuals need good consumer credit to get a loan, companies need to build a solid business credit history to operate successfully. This article discusses how it takes two to three years to build good business credit and what you need to do to get there.
Key Trends For Small Business Credit And Debit Cards In 2020
If you’re just starting a business, your credit is based on your personal credit score and history. Typically, it takes two to three years to build business credit before being considered for a business loan. That said, there are ways to build a business reputation faster (or at least faster). Read on for more information.
You may wonder why entrepreneurs don’t use personal credit to get a small business loan. In fact, many people do: 46% of small businesses use personal credit cards. But if you want to protect your personal assets and reputation, it’s important to separate your personal and business finances.
Building business credit can protect your personal assets from legal liability. It can also take advantage of tax benefits to help track your business cash flow and streamline your accounts. Business credit cards typically have higher credit limits than personal cards, giving you more sources of funding as you invest and expand your business.
Building a business reputation is a process: follow these five steps to make your business a success.
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When setting up your business as a legal entity, it’s important to choose the structure that’s right for you: a limited liability company (LLC), a limited liability company (LLP), or a corporation. (There is no distinction between individuals and sole proprietors.) [7] Then apply for an Employer Identification Number, or EIN. This is a nine-digit number used by the IRS for taxes.
Once you get an EIN, you can use it to open a bank account. This is useful for keeping your business funds separate from your personal account. (You can also use an EIN to apply for licenses and permits as well as apply for credit.)
The D-U-N-S number is another nine-digit business identifier created by the business credit scoring company Dun & Bradstreet. This identifies your company’s Dun & Bradstreet business credit file, which is available to lenders or lenders when applying for a business line of credit. Your D&B file should also include basic information such as your company’s address and phone number, as well as any subsidiaries or affiliates.
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Small U.s. Businesses Rely More On Credit Cards To Survive
Establishing a physical address increases your company’s credibility with customers and potential lenders. Adding contact information – such as phone number, email address and website, so they can learn more about you and contact you if necessary. Your business website and email address should be separate from your personal contact information.
Business credit cards help you build credit and provide important protection against fraud. There are many credit cards for different types of business. To apply for one you must provide the following [11]:
Once you’ve established business credit, rely on it to improve your business credit profile and secure lower interest rates. Here are a few ways you can:
Whether you’re a new business or a company trying to improve your credit, you may have questions about how to build credit. Here are some common questions and answers that may help.
Credit Card Faqs
The scales used for business credit scores are different from those used for personal credit scores. Agencies use different formulas, and scores often range from 0 to 100 (similar to the Dun & Bradstreet Paydex score), while FICO scores range from 0 to 300. On Experian’s scale, a score of 76 to 100 indicates a business is a low-risk borrower.
To build credit, you’ll want to open an account that reports to the credit reporting agencies. It’s a good idea to establish at least two or three accounts (or business lines) with companies that send reports. These include business loans, supplier accounts, and business credit cards.
Different credit scoring models emphasize different factors when creating a score. Some things to consider include your payment history, credit utilization and how much you have on your account.
The expert will consider factors such as your outstanding balance and payment habits, as well as public records (including debts, bankruptcies and judgments) and company background from independent sources.
The Best Business Credit Cards For 2019
As mentioned above, the scoring system for business credit is different from personal credit, although some of the same factors are considered. In addition, the information stays on your business credit report for the same length of time as it does on your personal credit report. One of the factors considered is the payment trend over a 12-month period.
Business credit cards are available from most companies with good credit. This includes freelancers, LLCs, corporations, and small or large business owners.
Building a business reputation is an important task for small business owners. Whether you need to purchase office supplies, pay for inventory or shipping, pay rent, or pay employees, you can improve your business credit just like you build your personal credit: make regular payments and lower your debt.
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