The Road to Business Funding: Trade Lines, Credit Scores, and Giving Back

Lateral Money Moves

Does the prospect of business funding keep you up at night? What if we told you that there's more to it than just having a sleek website and a business phone number? Join us as we unravel the realities of obtaining business funding with our guest, Mr. Will King. We demystify the concept of trade lines and their legality in the financial sector. Will and I shed light on their importance, how they work, and why you might need them. We also give you the lowdown on 'piggybacking,' an intriguing term that describes the use of authorized user trade lines.
We've all heard the adage "hard work pays off," but what does it really entail when it comes to business funding? Will and I dig into why a solid personal credit profile is the secret sauce to get your business off the ground. No, a fancy business email or vendor accounts don’t guarantee funding, as banks conduct rigorous due diligence. We emphasize that your success hinges on credibility, perseverance, and possessing the right mindset and tools. We share a tale of a client with good credit score but high utilization and how we navigated her to funding approval. It's not just about numbers, it's about creativity, faith, and a strong plan to pivot.
But hey, it's not all about money and credit scores. Ever thought about the impact of helping others on your business? I reminisce about my early days, yearning for guidance, and how my journey now allows me to help others freely. Will and I stress the importance of lending a hand and how it leads to greater opportunities in the long haul. Our conversation is sprinkled with stories, humor, and facts, making for an engaging listen. Don't miss out on this insightful episode where we not only talk finance but also the value of service and helping others.

Chapters

1. The Road to Business Funding: Trade Lines, Credit Scores, and Giving Back (00:00:00)

2. Exploring Trade Lines and Their Legality (00:00:01)

3. Getting Funding for a Startup Business (00:15:31)

4. Business Credit and Funding Truth (00:23:03)

5. Credit Challenges and Funding Solutions (00:31:45)

6. Serving and Helping Others (00:45:26)