Business Credit and Funding

Here are the top three benefits of using a Nav Prime plan for building business credit:

1. Full Business Credit Reports and Scores

- Nav Prime provides full access to your business credit reports and scores from major credit bureaus like Experian, Equifax, and Dun & Bradstreet. Having these reports allows you to monitor your credit closely, identify any discrepancies, and take proactive steps to improve your credit score, which is crucial for securing financing.

2. Cash Flow Alerts and Insights

- Nav Prime offers advanced cash flow insights and alerts that help you understand your business’s financial health. By staying informed about your cash flow, you can make better financial decisions, avoid late payments, and manage your debt more effectively, all of which contribute to building and maintaining strong business credit.

3. Matchmaking with Credit and Financing Offers

Depending on your Bank institution you'll need the following to open a business bank account

1. A federal tax ID number for the business, also known as an employer identification number.

2. Your Social Security number if you are a sole proprietor.

3.State or local authority documents that show you've formed a legal entity, such as a limited liability company (LLC) etc. Articles or certificate of formation.

Credit card issuers will typically pull your personal credit when you apply for a business credit card. However, there are a few cards, such as the OpenSky® Secured Visa® Credit Card, that don't pull your credit when you apply.

How do I know if my business qualifies for a credit card?

Most businesses, from sole proprietorships to corporations, can qualify for a business credit card. A business doesn't have to be registered or incorporated to apply. However, an independent, unregistered or unincorporated business owner will also be personally liable for any business credit card debt they accrue.

Disclaimer: Be sure to consult with your business consultant, credit specialist or accountant before applying this information.

1. Pay Yourself as a W-2 Employee

2. Earn Profit Distributions

3. Pay Yourself as a 1099 Independent Contractor

4. Keep the Money in the Business

No matter your circumstances, consult an accountant or tax attorney to help you choose the right approach for your business.