The North American Industry Classification System (NAICS) Association doesn’t have a publicly available list of low risk codes. However, from working with lenders, many people in the business credit industry have determined that some industries obtain financing easier than others. This is the list of lower risk industry codes. Low-Risk NAICS Codes Understanding what some
High-risk industries face numerous challenges. Arguably, one of the most impactful is limited access to funding and payment services. You can better determine whether or not you fall into such an industry with NAICS Codes. Some businesses with high-risk codes may have to jump through more hoops while others are turned away entirely. But what
Homeownership is a necessity for stability, independence, and generational wealth. The problem? Not everyone may have all the recommended items in place to make homeownership a reality. In order to buy a home, you have to have income, good credit, and a down payment. You can buy a house with any two of these, but
Generally speaking, mortgage lenders look for an established credit history in home buyers. For some lenders this is as little as one year of on-time credit payments, and no delinquencies on your credit report in the last 2 years. Remember that each lender is different, so requirements vary. Some lenders may not want to see
Your business credit score helps entities like loan issuers determine your trustworthiness in paying back debt. Much like a personal credit score, a business credit score can have significant implications for your business’s future. But how do you monitor this score over time? Whether you need financing or simply want to stay on top of
Every business requires capital in order to scale its operations. Every business also has multiple financing choices to secure this capital. Are you currently in the process of weighing your financing options? If so, let’s look at debt vs equity financing, their pros and cons, and which is the best choice for your business. What
Many consumer financial tools are available to business owners. Checking accounts is one of those things. Here’s what you need to know about each type of account before opening up one at your local bank. What Is a Business Checking Account? A business checking account is an account designed specifically for business activity. This might
While you might be tempted to think that you can build business credit in 30 days, in reality, it takes much longer for most businesses. Let’s take a closer look at all of the essential information you need to know that will help you build your business credit quickly and effectively. How Long Can It
The world of finance is a vast, sometimes confusing space. This is especially true for those in the initial stages of their business looking into concepts like business credit to help them grow and scale. What is business credit? Which factors matter most in your score? More importantly, how do you get started? If you’re
The prospect of owning a home can be exciting, but getting too excited and failing to do the proper research can result in numerous issues throughout the process. As a first-time buyer, you want to make sure you’re getting the best possible mortgage loan with desirable terms. The good news? As a first-time home buyer,
