There are 20 key items that banks will test your business on for compliance before even looking at the merits of your loan package. Below are the first five in that test. Test your business.
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Business Funding Evaluation Test
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Pass
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Yes
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No
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Business Legal Name:
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ABC Business Associates. LLC
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X
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State of Filing:
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Nevada
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State of Location:
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Oregon
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For your business to receive EIN only bank financing it must be Incorporated or formed as an LLC. Your business entity must be in good standing with the State you filed in and in the State where it is physically located and doing business. Foreign Corporation Status must be in place if the States are not the same.
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Business Phone:
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916-456-8765
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X
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Business Fax:
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916-456-8843
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Your business must be listed with your local, and the national, 411 directory assistance. You must have a valid business phone number that is listed under your exact business legal name and under any DBA’s that you may be using for your business entity.
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Dun & Bradstreet:
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Not Found
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X
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Your business must be found in the Dun & Bradstreet (D&B) business credit reporting database under your exact business legal name and any DBA’s you may be using.
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Experian SBR:
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Found, but with only 2 trade lines
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X
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Your business must be found in the database of Experian Smart Business Reports. There are three major business credit reporting agencies and your business must be found in each. To build strong business credit scores requires at least five vendor reporting tradelines and three credit cards.
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Equifax SBFE:
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None
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X
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Business Email:
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Jsmith12345@yahoo.com
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Your business must be found in the database of Equifax Small Business Financial Exchange. Banks primarily rely on the Equifax business credit report.
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15 More Bank EIN Only Financing Compliance Items:
There are 20 EIN only finance compliance items. 15 items still remain. Failing to pass any one of them will get your business declined.
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?
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?
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97% of all existing businesses are not Bank EIN Financing Compliant. This is because they do not know what it takes. We insure that your business is 100% compliant and we provide a step-by-step process for building strong business credit scores the fastest possible way.
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