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Earning Your Cred: Understand & Leverage Business Credit

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If you’re a business owner and need additional funds to grow, you might be curious about business credit… what is it, how do you get it, and how do you use it? Business credit can be really powerful for business owners. It can help you fill short-term cash flow gaps, hire new employees, buy inventory, set-up a new website, launch a new marketing campaign, and more. But, it’s really important to understand the ins and outs of business credit and how to leverage it properly. In this webinar, together Experian and Kabbage will cover:

-Basics of business credit
-Why business credit is important
-Maintaining business credit separately from personal credit
-How to establish and grow business credit
-Planning ahead by understanding what can improve a credit score
-Understanding business credit and loans
-Kabbage credit – data vs. business credit
-Case studies from business owners who have leveraged business credit

Published in: Economy & Finance
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Earning Your Cred: Understand & Leverage Business Credit

  1. 1. Kabbage Kam Webinars #KabbageKam Earning Your Cred: Understand & Leverage Business Credit Featuring Speakers From:
  2. 2. •Basics of business credit •Why business credit is important •Business credit vs. personal credit •Establish & grow business credit •What can improve a credit score? Meet the speakers… Andres Thomas Customer Success Kabbage, Inc. • MODERATOR • Case studies from business owners who have leveraged business credit Brian Ward Senior Director Business Information Services Experian •Business credit and loans •Kabbage credit: data vs. biz credit Spencer Robinson Head of Data Operations Kabbage, Inc.
  3. 3. Brian Ward Senior Director Business Information Services Experian
  4. 4. Why is Business Credit Important?
  5. 5. Why is Business Credit Important? • Survive • Sustain • Grow “May the odds be ever in your favor”
  6. 6. Why is Business Credit Important?
  7. 7. Why is Business Credit Important? • Gain leverage in your business relationships
  8. 8. Why is Business Credit Important?
  9. 9. Why is Business Credit Important? • Reduce personal risk
  10. 10. Understanding Credit Reporting • Your credit bureau report is at the heart of building business credit • Credit data is collected from a wide range of sources
  11. 11. Primary Factors of Your Score Score factors include, but are not limited to: • Derogatory public records: collections, liens, judgments and bankruptcies • The status, recency, frequency and dollar amounts of any applicable liens, judgments or bankruptcies • Trends in slow payment of obligations • The number of business credit inquiries or applications that are generated by the business or owner • The number of trade experiences, balances outstanding, payment habits, credit utilization and trends over time • Years in business, line of business or SIC code, size of business and other demographic data
  12. 12. Just the Facts: Business Credit You can view any business’s credit report Your consumer score has no impact on your business score and vice versa Personal scores are not the same scale as Business scores
  13. 13. Build Your Business Credit • Act like a business – Establish accounts in your business name, not your personal name • Be visible – Ensure that your good behavior is reported • Borrow then pay on time – Stay current to agreed upon terms • Monitor your company’s profile – Check and correct outdated information – Be alerted of important changes in your company’s name
  14. 14. Get Started Today 1. Use the tips we provided
  15. 15. Get Started Today 1. Use the tips we provided 2. Verify your business credit report at: SmartBusinessReports.com
  16. 16. 1. Use the tips we provided 2. Verify your business credit report at: SmartBusinessReports.com 3. Learn how to improve your business score: SmartBusinessReports.com/scoreplanner Get Started Today
  17. 17. Spencer Robinson Head of Data Operations Kabbage, Inc.
  18. 18. Business Credit for Loans + Are you a business? + Do you have any existing liabilities? + Do you have existing business relationships? + Will you try to pay back a loan? + Can your business support the payments? + How/where will the loan payments come from? + Etc. What do lenders look for? 18
  19. 19. Kabbage Data Enhances Traditional Data • Verifies business entity • Historic business relationships • Payment history • Focus on historic behaviors • 360° view of business model • Verifies business entity • Focus on the current behaviors Kabbage Data Business Credit Profile
  20. 20. The more services you link, the better we understand your business. This allows us to possibly increase your credit line.
  21. 21. Who is the Kabbage Customer? Customer service is already amazing, the UI is very impressive, and it’s an incredibly fast service! Not sure what could improve at this point! “ Honestly you guys are a god send for small businesses and, in my honest opinion, doing more to kick start the economy than our government. Thank you! “ ” + 1-25 employees + Years in business > 1 year + Industry: All small business verticals + May or may not exist in traditional business credit databases + Varying needs for capital over a period of time 21 ”
  22. 22. Andres Thomas Customer Success Kabbage, Inc.
  23. 23. Kevin Pereira: Wet Shave Club Shortly after starting his own business, Kevin Pereira found himself with a good problem to have: his company, Wet Shave Club, was growing too quickly. “We were in a situation where we couldn’t keep up with the membership requests we had,” Kevin said. “We were getting more and more members, but we didn’t have the inventory to fill all of our requests. We needed working capital from somewhere.”
  24. 24. Cristina Garza: Accountingprose.com Having access to a line of credit from Kabbage helped free up working capital and empowered Christina to be more proactive in her hiring. “I was able to lean on Kabbage to hire four new employees and cover payroll. With more people, I could take on more clients, so I was able to see returns quickly.”
  25. 25. Annie Kamiya: Curtis Kamiya Music Like many small business owners, Annie and Curtis Kamiya were working seven days a week for their small business. Their business was growing, and they were looking for a loan to bring on additional staff so they could focus on launching new online project. “We knew we had something to offer, but we just needed a little breathing room to accomplish our goals,” Annie said. “It was important for us to have extra working capital so we could make sure that bringing on new staff was the right move, without needed extra income to cover the expenses.”
  26. 26. Kabbage Kam Webinars #KabbageKam Get Small Business Credit & Loan Content Subscribe to Kabbage’s Blog:
  27. 27. Kabbage Kam Webinars #KabbageKam From @KabbageInc Thank you!

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