The funding programs are broken down into non-bankable and bankable. Non-bankable could also be called "alternative" or in some cases "sub-prime". These funding programs tend to have high interest rates of 25% and up, fund smaller amounts of $100,000 and less and have short repayment terms of 24 months and less. There are many of these programs and they are useful to use to get your clients to the next level which is "bankable". Bankable funding programs tend to be much larger loans up to five million, at much lower intertest rates around 9% to 12% and with much longer repayment terms can be 15 to 20 years. It normally takes 4 to 6 months to assist a small business client to access bankable funding programs.
Absolutely! The system started as a business credit building platform. It is the oldest and the very best around. It has over 200 business credit reporting vendors who will extend business credit terms to start-up companies for a very wide range of products, services, and credit cards. Then once a company has established a business credit score they can access over 3,000 vendors extending credit terms for every product and service imaginable. Everyone should realize that cash lenders, such as banks, credit unions, cash type credit card providers do not use business credit to approve loans. They do use business credit to decline loans and they often use business credit to determine the amount, the rate and the term of an approved loan.
Over 200 in the initial business credit building phase and then over 3,000 once the business has become "bankable". Becoming bankable is a four legged table. One leg is completing all items of Lender Compliance. Leg two, is developing at least a Low 5 bank rating. The third is creating comparable credit. And the fourth is building strong business credit scores which includes a business FICO score.
Typically about 4 to 6 months to get it right and establish a strong profile with business credit scores where having a business FICO SBSS of 155 or above is critical. It all depends on the client sticking to the system instructions, using all their new accounts every month and paying their all their business bills at least 10 days early.
There are 20+ non-bankable funding programs in the system along with their underwriting approval guidelines. This means your clients will know which funding programs they pre-qualify for now, which ones they fall short on, and be directed to which ones they should submit applications. On the bankable side we have researched the funding programs and small business product offerings of over 1,000 regional size business lending banks.
The set payout is 35% of whatever fees are collected from the client on each specific funding program. Funding program to funding program and direct lender to direct lender within a funding program all have different levels of fees that are charged on a per funding basis. More important is the effort you are required to put forward to earn that 35% which is almost nothing. The pre-qualification, application, automated document collection, direct lender offer portal, e-sign contract, funding and fee collection is all done for you freeing up all your time to focus on pre-qualification scan generation.
You can set up an unlimited amount of staff members, agents, affiliates, reps, and referral partners without any additional costs or ongoing fees. You can also run an unlimited number of business pre-qualification success scans at no additional costs.
After first helping your pre-qualified clients with their initial non-bankable funding, the system then helps them complete the following. Lender compliance, which is all about making your clients not be categorized as a high risk of default by bankable lenders. Optimize credit, which is building strong business credit of a business FICO of 155 or higher and strong personal credit for what bankable lenders want to see. Credit building, which has two very important parts. The first being creating comparable credit which are reporting tradelines of a size comparable to that being sought. And second, then obtaining 12 to 15 additional reporting tradelines that are also of a good size reported amount. Increased Web Presence, which is doing everything to increase SEO, social media, star ratings, local listings and NAP validation. Maximize Value, which is about increasing their SDE (seller's discretionary earnings) so that their business is attractive and worth as much as possible. Organize Financials, which is making sure that the business financial statement are up to date and accurate. Making sure the owner's personal financial statement are in order. And getting the business to have three years of projected "look forward" financial that are in line with their industry vertical ratios. Basically the entire process of assisting them to become bankable and all that goes into that.
Your revenue is generated in four ways. First, when a completed success scan shows a prospect that is pre-qualified for one or more funding programs they are going to receive a "Concierge Call". This call is to build rapport and encourage them to apply. If they apply and get successfully funded, you get paid. Second, throughout the funding process it will be stressed about the importance of their business becoming bankable and how they will need to "invest" a small portion of their successful funding in their becoming bankable. It will be stated time and again that the "pre-bankable" funding is for a smaller amount, shorter term and higher intertest rate and will most likely be gone within 4 months. Therefore they need to use that time and those funds wisely to become bankable. When they make that investment to become bankable, you get paid again. Third, during the process of becoming bankable your clients will be engaging service vendors to complete required tasks, when they do you get paid yet again. And fourth, once your clients become bankable they are taken back out for "Bankable" funding which are larger amount loans, at much lower interest rates and much longer repayment terms, and you get paid again. And its all done for you. You just put them in at the top and watched your money flow in at the bottom.
1 installment loan such as a business term loan, equipment lease, or SBA loan. 3 business credit cards, 5 vendor lines of credit. This is a general rule of thumb for building excellent business credit scores in the shortest period of time.
Yes, it is real. However it is a goal and not an overnight thing. The 200 vendors in the system extending credit terms are corp only. Many of the funding programs are corp only. But when it comes to unsecured lines of credit for "cash" from banks or credit unions those are either going to have to be personally guaranteed or the business itself will need to be very strong. Strong typically means at least two years in business, at least $35,000 a month in gross revenue, a minimum of 10 reporting business credit tradelines, at least a low 5 bank rating, having comparable credit and FICO business credit scores of 155 or above. In other words, becoming "bankable".
Many can be accessed right away but mist of those will be for vendor lines of credit and not cash or unsecured lines of credit. Most unsecured cash business loan programs will require becoming bankable and having a business with consistent revenue that shows it can service the debt.
They are B2B vendors for a vast array of products and services. They are reporting and non reporting. Access to them is limited to those businesses who have already completed the becoming bankable sections with obtaining at least 10 reporting business trade lines, been in your system for at least 4 months and have already built business credit scores of least the 70 or above.
It scans about 150 data points on their business for all things lender compliance, business credit, SEO, social media, star ratings, backlinks, local listings, NAP validation, corporate filings, legal filings, possible valuation, and the owners. It lets them see how lenders and anyone else looking at or investigating their company will see them and what they will find.
After your clients or prospects run a free success scan on your private label they are given free access to your success system to apply for the pre-bankable funding programs they have pre-qualified for. They can also the first half of Lender Compliance simply to let them see why they need assistance to become bankable and to give them a taste of your system.
Yes, they get a complete scan of where their business is now for every part of their online marketing. Then they are given the instructions and tools to optimize each aspect on their online web presence and provided with service vendors who will do the jobs for them. Web Presence, which is a combination of their Web Rating Score and their NAP Validation are now key components of many lender's underwriting approval algorithms and should always be optimized either when seeking funding or simply seeking customers.
Yes, inside the system is the Maximize Value section that teaches them about the importance of maintaining there SDE (seller's discretionary earnings) to make their business as attractive as possible to new buyers, to be able to get their very best price for their business, and how to calculate an accurate valuation of a supportable sales price for their business.
Of course, in any section where you offer those services you can add your business as the preferred vendor for that service. You will also be able to have all the service vendors in each section be vendors that you have affiliate, reseller or white label relationships with so that you get paid on each service provided.
No. We recommend only taking on clients into your becoming bankable assistance program who are pre-qualified for one or more pre-bankable funding programs and who have been funded. Then having those clients invest a small portion of their initial funding in their becoming bankable success. Taking payments from clients is a bad idea and taking payments from clients whom you have not initially funded is a very bad idea. By first funding a client and then having them invest only a small portion of that funding in their future success you are putting money into their pockets rather than simply taking money they don't have. Accepting payment from clients you have not funded will result in chargebacks, complaints, damaged star ratings, and bad feedback to your referral partners. None of which you, or we, want associated with your private label.
Business owner prospects who complete a pre-qualification success scan and who pre-qualify for one or more funding programs make the very best clients for your success system. Clients that you can provide initial funding for then have the money needed to complete the become bankable system successfully. We recommend staying away from completed success scans that do not pre-qualify for even one of the 20+ funding programs. Prospects generated from referral partners make by far the best clients. With referrals from other B2B service providers you will have instant credibility because they were referred to you and they pre-qualify for one or more initial funding programs at a rate 3 times that of internet or any mass marketing leads. Mass marketing generated prospects tend to be of very poor quality. "Internet Leads" tend to pre-qualify at a rate of 20% or less and even those 20% tend to be of very poor quality because they found you (and many others) on the internet, they are usually "picked" over, and they often have a warped sense of reality due to watching too many videos from scammers claiming they can get hundreds of thousands of dollars in cash funding by having $200 business credit tradelines for toilet paper and packing tape. We recommend staying far away from any mass marketing or internet leads and focus only on referral partner marketing and development.