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Obtaining Corporate Credit to Grow Your Business with Andrew Rey

Posted by Maya Dolan on May 6, 2021 at 8:41 AM

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.


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A Little More About Andrew

Andrew is the CEO of Flow Business Funding, which helps
entrepreneurs and business people obtain corporate credit, allowing them to grow their business without ruining their finances. Additionally, Andrew is the best selling author of Entrepreneurial Money Secrets, unlock the power of corporate credit to leverage access to business, and coaches people on how to repair their credit score to get funding approval.

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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." 

So long story short, when my mortgage company that I founded once I got going in the industry, and just like a lot of people at that time, we were making a lot of money. And I had five investment properties, the whole story, and then the crash of 2008 lost everything, everything went upside down. And then I was like, "I got to learn about this," because my personal credit was trashed, so I started learning, that's where the journey began. I just really came across a few mentors that really took my hand and guided me and I invested time, money, and energy to learn these things. And now it's my passion to teach it, to share it.
 
Our tagline is, "We educate, we motivate, and then we facilitate." So we got to teach people about it, because most of your viewers probably haven't even heard of that, that you can build credit to a corporation or LLC, completely separate from your personal credit scores. So knowing that and learning how to leverage that is a huge boost in how you're successful, play out in your own business life. That's why I wrote the book, that's why I founded this company, and now it's my passion to share it and get on shows like yours and give as many access to tools and resources, and be able to help people to accomplish that. Especially now, never in history have we been in a better time for it, because everybody's working from home. This pandemic has changed the game and so many entrepreneurs that are just starting out, they've been in a job, like for 20 years, and now they're out of work, or they're forced to stay home and work. I think this is a great time for them to actually sit down, and be successful.
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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.

You might qualify with your personal credit, but if done correctly, a lot of these credit lines will disappear off your personal credit and go under your tax ID. So all you're doing is showing, "Hey, I'm a little risk, because I'm responsible with my personal life." That's why I say how the boat is a huge boost. And the 0%, let's be clear, it's usually an introductory 12/18 month offer, so it's not like you're going to
have 0% forever. Why do they offer that? Because for one thing, they want you to start using their cards. Banks and lending institutions are in the business of lending money, that's how they make their money. So them, offering these things to get you started and then prove yourself is really what it's about.
 
So learning these things, utilizing this space, and then exercising these things, like getting in the gym. You get with the personal trainer, the first three months, they put you on a program and get you going, then it's just consistency over time, and then you're going to get to your goals. And it's the same with this too. It's your financial fitness. So having good guides, good mentors, good people to... resources that you can turn to when you have questions, because you're going to have questions, I still have questions. So it's a constant learning process, but it gets pretty fun once you get going, and once you see the power that can unleash so, super exciting.

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.

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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.

The second thing is, make some goals, dream a little bit. Just take 10, 15 minutes and off the top of your head start drawing out the life that you're trying... Because let's face it, business is a vehicle for a life that we want, a lifestyle. Is it more time freedom? Is it a certain number? You want a Lamborghini? What is it? Be specific and think about that, consider that. And then take action. If you don't have an entity now, go on our website, at least check out the information. flowbusinessfunding.com is a great resource center. We built it that way to be a resource center. So download some guides, educate yourself, get on some videos. We've got a YouTube channel, we're going to be spending more time making more video content as well.
 
Take baby steps in the beginning. Look at your personal credit, set up your entity, get your business plan idea that you're going to do, and then start going after fund. Get on the phone with us and see where you're at, and we can guide you. If you need some credit repair, let's work on that first. If you've got great credit, you want to go after credit lines right away, let's get you going on. You want to build corporate or business credit, completely separate from your FIFO, getting our finance there, walks you step-by-step through.

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!

Every week we have a marketing professional on our show to share their tips, tricks and lessons learned from their professional experience. Check out some of our other podcast blogs from earlier this year: 

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Topics: Business Advice, Podcast Interviews