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Small business resources

Small Business Essentials

Start right, build business credit, get funding-ready

Free tools and checklists from Liberty Capital Group, a commercial lender since 2004. Whether you are opening your doors or getting ready for your next loan, these are the steps that make approvals easier and financing cheaper.

Freeguides and e-books
Business creditD&B and PayNet
Loan-readydocument checklist
Since 2004Liberty Capital
Apply in 3 minutesFree quote(888) 511-6223
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Starting your business

Startup checklist

Form the entityRegister an LLC or corporation with your Secretary of State
Get an EINFree from the IRS; lenders want it on every application
Open a business bank accountKeep business deposits separate; lenders read these statements
Write a business planUse of funds, revenue projections and your experience
Licenses & insuranceBusiness license, liability and, for vehicles, commercial auto
Pitch to lendersA one-page summary: what you need, why, and how it pays back
Building business credit

Build credit in the company’s name

Lenders check business credit as well as personal credit. Strong business credit is what opens corporate-only programs and $0-down leasing: Liberty Capital reserves $0 down for businesses with 5+ years in business, established PayNet and D&B business credit and 700+ personal credit.

1
Get a D-U-N-S numberFree from Dun & Bradstreet; it starts your D&B file
2
Open trade accountsVendors that report to D&B, Experian Business and Equifax Business
3
Finance equipmentEquipment leases build PayNet history, which equipment lenders check
4
Pay earlyPaying trade accounts early can lift your D&B PAYDEX score
5
Monitor your filesCheck D&B and Experian Business for errors once or twice a year
6
Keep it separateNo personal payments from the business account, and vice versa
Running your business

Habits that make lenders say yes

Clean bank statementsFew or no NSFs and steady balances matter more than one big month
Up-to-date booksA current P&L and balance sheet speed up larger approvals
Taxes filed and paidUnresolved tax liens stop most approvals
Know your debtKeep a simple list of every loan, lease and advance with its monthly payment
Plan for seasonalityArrange a line of credit before the slow season, not during it
Match money to useLease equipment; use working capital for short-term needs
Getting funding-ready

What lenders will ask for

Most requests

Application-only deals

  • Short online application (soft inquiry to start)
  • 3–4 months of business bank statements
  • Equipment invoice or quote, if leasing
  • Driver’s license and entity documents
Larger requests

$150K and up

  • 2 years of business and personal tax returns
  • Interim P&L and balance sheet
  • Personal financial statement
  • Debt schedule
  • See the full credit guidelines
Free guides

Free e-books from Liberty Capital

Download our free guides on equipment leasing, startup funding and working capital at the e-book download page. Have a question? Check the FAQ or call (888) 511-6223.

FAQ

Small business questions

How do I build business credit fast?

Get a D-U-N-S number, open a few trade accounts that report, finance equipment to build PayNet history and pay every account on time or early.

Can a new business get a loan?

Startups usually qualify first for equipment leasing. Most working capital needs 6+ months of revenue.

What credit score do I need for business financing?

Equipment leasing generally starts around 600; larger deals and lines of credit usually need 650+.

Does business credit affect my personal credit?

Separate business credit keeps business debt off your personal report in many programs, but most small business loans still require a personal guarantee.

Related
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Ready when you are

See what your business qualifies for, or call (888) 511-6223.

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Rates and terms disclosure: any rates, payments or terms shown are examples only. Sample rates apply to established businesses with 3 to 5+ years in business and strong credit (680+ FICO), subject to credit approval. Startup rates vary and are subject to final approval. Application-only limits vary by credit, time in business, equipment type and industry; amounts shown are guidance, not a promise. $0 down is reserved for businesses with 5+ years in business, established PayNet and D&B business credit and 700+ personal credit. This is not an offer or commitment to lend. Not tax advice; ask your CPA about Section 179.