Take The Mystery Out Of Obtaining Credit
Have you ever wanted to start a business? Obtaining corborate credit to start and grow your business doesn't have to be complicated.
Recently, our CEO sat down with Andrew Rey to learn how agents can play the game of capitalism. In this blog post, join Hollywood Branded's CEO, Stacy Jones and learn how to navigate the credit world from the expertise of Andrew Rey, the CEO of Flow Business Funding and best-selling author of Entrepreneurial Money Secrets: Unlock the Power of Corporate Credit to Leverage Access to Business.
A Little More About Andrew
Interview Transcript Highlights
Question: What got you here today to be talking about corporate credit? What is it that makes you this guru of how businesses can sustain themselves better financially?
Answer: You know they say when you fall down, you learn a lot. And I actually got involved in finance back in 2003, at the beginning of the of the refinance boom, and then the mortgage and real estate boom. I learned the behind the scenes of how everything worked in the mortgage world. I was asking questions, I was always curious about how corporations and big companies hadn't been able to grow and build credit, separate from their personal credit. I had heard that before, and somebody had told me a little bit about it, but I wanted to know how it works. So I made it my own journey to figure that out. I talked to so many people and they would look at me with blank stares. Mortgage professionals who'd been in the business for like, 20 years, and they're like, "Well, I don't know how that works. I thought you just put it in your personal name, and then you did it over in the LLC or corporation." I'm like, "No, no, there's got to be a way the corporations build credit." And they're like, "Well, I don't know."
Question: So you mentioned a moment ago a little while ago, corporate experience, corporate, this whole other tax reporting bureaus, but that do it on the corporate base. And I don't think that's something a lot of people know about. Can you share more information on that?
Answer: We have these resources and I'm sure at the end we'll offer that. But I get with credit monitoring, just like with your personal credit, you're going to want to monitor your business credit. So a company like NAB, N-A-B, who they monitor your Dun & Bradstreet, your business experience, your business Equifax, and even your personal scores. So, that's a good way to be aware of what's going on in your credit. Because just like personal credit, there's going to be inaccuracies. You want to make sure that those are good, so that it's not hurting your credit scores.
We've got to constantly monitor analytics and numbers of companies. You're increasing your accounts, who's reporting, who's not. Are they right in reporting? You're going to want your Dun & Bradstreet, your business Experian and your business Equifax. Those are the three to pay attention to. And as you're building those... see the Dun & Bradstreet started out, and that's where the store and vendor credit, things like this, the business Experian and Equifax is where the lenders are going to go when they're lending out lines of credit, things like that. More so, they're going to look at your PAYDEX score as well. But you can't have the other ones without the base. You build the foundation first, and then you start to build your house, your profile. You can accelerate, you can get these business credit cards at 0% interest under a tax ID with a 680 plus FICO Score, that will jump you into the Experian and Equifax because they're reporting and it's reporting under your tax ID.
Question: What are other sources of potential lines of credit or borrowing that a lot of businesses don't think about?
Answer: Well, for one thing, if you haven't already, if you've been in business, you go apply for PPP, or some of these government programs right now. I'm seeing people get approved. And this round because I've been doing more research because more and more people are asking you about it. If you're a gig worker, you're a Uber driver, you're self employed, and you have a dog walking service or something, you might be able to get some money. It doesn't hurt to try. All they can say is no, so you try, you're legit, and if they give it to you, great, it gives you a boost. If not, then at least you tried. I know a lot of people are afraid to even try. If you fall down, get back up, learn from the experience and keep moving on. But any of these resources can be helpful. Go to our website and download the free guide, download as much information. There's so much on there, and we're constantly trying to update it, because the first thing to do is learn. You're not going to be as fearful about taking action if you take the mystery out of it. People that don't know, they get handicapped and paralyzed to even move. I say just take baby steps in the beginning, until you get this. Like you talked about, it's a subconscious thing. We were taught things that are from our baby boomer parents, because they came from the Great Depression era, thinking don't trust banks, don't... this is all this kind of stuff. And in the world that we live in now think more like the flow and grow instead, think about it as just energy. Take that fear away, look at it like that's your avatar, "This is this is my body in my business, and I'm going to help build credit to it and it's going to feed me, and I'm going to feed it back." It's a back and forth thing. Take the mystery out and take some action.
Question: Will it help take the mystery out since you mentioned, to go to your website? What is your website? How can people find you?
Answer: Well, it's pretty straightforward. Flow, like flowing water, flowing money, businessfunding.com. So flowbusinessfunding.com. Like I just mentioned, we revamped everything, we've got new materials on there. And that's our passion, is helping entrepreneurs, first of all, learn about how this all works. Set up a strategy call, we'd be happy to guide you along the process. And we have some consultants that have been in the industry over 20 years, so they're more than willing. Or you may end up talking to me because I do a lot of counsels myself as well.
Question: If you had to say three things that you want to keep people in mind of everything we talked about, or else something that would drive them and change their lives as far as their approach? What would those be?
Answer: First of all, be honest with yourself, because it starts with you. Credibility, when I was talking on the Voices this morning, I said, "Credibility starts with integrity. It's who you are." And so taking personal responsibility is go look at your... where are your credits? Most people don't even know where their credit is. Look it up, look at where you are to start with. And then where are you in your business game? That would be the first thing, self assessment.
Check Out The Podcast!
Andrew has SO MUCH of great information from his experience with corporate credit, so check out the full podcast below to learn more about how to drive your business from his advice and expertise!
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