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MARINBB's PROUD PARTNERSHIPS

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Marin Small Business Development Center

The Marin Small Business Development Center (SBDC) is a nonprofit organization that provides expert no-cost advising and low cost workshops to guide small businesses to success and accomplishment.

As part of the Northern California SBDC network, the Marin SBDC serves all of Marin County and is currently hosted by Dominican University of California. We work hands-on with entrepreneurs and business owners to address challenges, seize opportunities and grow our client’s bottom line. 

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SearchLight Lending

Searchlight Lending is a boutique full service real estate brokerage that specializes in finding the “Out of the Box” financing solutions that many people have come to need during this difficult and changing lending time. We pride ourselves on communication and honesty and look forward to earning your business.

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Scot Candell & Associates

We are proud to provide services related to operating your business, including corporate formation, contracts, raising capital through either debt or equity, as well as the sale of cannabis businesses.  We work with a team of accountants to insure our services provide the best tax treatment available.

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Blue Water Credit

Whether your credit only needs a quick fix, or a total rebuild, we can help you. Once your destination has been defined, we will develop a unique strategy to repair your past, restore your present, and rebuild your future.

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Sandra Scott

Attorney, Sandra Scott in San Rafael who practices tax law that includes estates, trusts, estate planning, tax audits, tax litigation & internal revenue cases

7 STEPS TO SEPARATING BUSINESS FROM PERSONAL CREDIT

1. Entity Re-Structuring

This is where you’re business's credit foundation is set up and it’s critical not to take short cuts or side steps because you’re ability to obtain financing can be stunted. At this stage it’s extremely important to structure your business entity properly from both a tax and asset protection standpoint.  In addition, both the business credit bureaus and lending institutions will verify certain information about your business that must meet specific lending guidelines and criteria. In order to achieve the best business classification ratings make sure you meet all the requirements before moving on to the next step in the business credit building process.

 

2. Business Plan & Pro Forma Creation

This is not a mandatory step, but it’s necessary for your overall business success as well as a door opener for specific lenders. 

 

3. Business Credit Profile Creation

 

Once you have completed corporate re-structuring you will be ready to set up your business credit profile with Dun & Bradstreet as well as steps to activate your business credit profile with Corporate Experian and Business Equifax.

 

4. Tier 1 Trade Accounts

 

This is the first step where you will be setting up trade accounts for your business that are known to grant small amounts of credit to businesses that have no credit history. Please note that even if you have been in business for several years, this doesn’t mean you have a good and solid business credit history. After setting up your business credit profile there will be no history so you will need to start small and gradually build it to larger amounts over time.

 

5. Tier 2 Trade Accounts

 

At this point you set up business trade accounts for your business that are known to grant credit to businesses that have little business credit history. Subsequently, most Tier 1 accounts will now be reporting on your business credit profile so you can now apply for Tier 2. When Tier 2 vendors pull your business credit report they will see that you have some good history so they will grant additional credit in amounts higher then approved for in Tier 1.

 

6. Tier 3 Trade Accounts

These companies will grant credit in higher amounts than what was granted from Tier 1 and Tier 2 accounts. Those members with good personal credit history may also be ready for bank financing at this stage. Each tier builds upon the previous tier. Many who want to apply for bank financing at this stage can but at this stage they will need to use their personal credit scores for approval and will need to be in the 680+ range.  If personal credit scores are below the necessary range then I suggest enrolling in a credit restoration program.

 

7. Tier 4 Cash Credit Accounts

Tier 4 accounts consist of vendors who will grant your business cash credit cards, typically with a Visa or MasterCard logo. Benefits to you include no personal guarantee and affect on your personal credit profiles.

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