The day your small business is born marks the start of your business credit history. Now, as a new small business owner, you have both your personal and your business’s credit rating to carefully monitor and nurture—lucky you.
When you just open your doors for business, your business credit history is a blank slate. To prove your business’s creditworthiness—and secure business loans or business credit cards in the future—you need to build your business credit history.
A great way to build your business credit history is to take out a small business loan and practice stellar borrowing behavior, paying in full and on time—every time.
But unfortunately, only some small business lenders report your borrowing habits to the business credit bureaus. Here’s your short list of the lenders that do report your top-notch borrowing habits to the business credit bureaus.
The 7 Small Business Lenders that Report to the Business Credit Bureaus
When you pay on time and in full—or on the other hand, miss loan repayments fairly regularly—you can be sure that these 7 small business lenders will report your borrowing behavior.
If you’re looking to fix your business’s struggling cash flow, BlueVine’s invoice financing or shorter-term line of credit option could be a great fit. For invoice financing, BlueVine works with businesses with generally more than $100,000 in revenue. And for the line of credit option, they require more than $120,000 in revenue. But eligibility for either the invoice financing or Flex Credit product will be determined by your outstanding receivables and your credit score.
BlueVine is one of the only factoring companies that report to business credit bureaus. BlueVine specifically reports to Experian.
Check out BlueVine reviews to find out if this factoring company is right for you.
OnDeck offers both short-term loans and lines of credit to business owners who need shorter-term capital solutions for a variety of business purposes. OnDeck’s short-term loan can go all the way up to $250,000, and the line of credit product can reach a maximum of $100,000 in a credit line.
Most importantly, though, OnDeck does report your borrowing behavior to the business credit bureaus. Read OnDeck reviews to learn more about what it’s like to work with this small business lender.
Fundation offers both short- and medium-term loans for businesses that have greater financing needs. Their term loan product can go all the way up to $500,000 in financing for the most qualified borrowers. With interest rates starting as low 7.99%, Fundation can be a great option for your business’s longer-term capital needs.
Fundation is another small business lender that reports to the business credit bureaus. Fundation specifically reports to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian. If you’re interested in working with Fundation, check out Fundation reviews to learn more.
4. Lending Club
Lending Club is another great medium-term lender that works with businesses that have been established for at least 2 years. Term loans with Lending Club can go as high as $300,000 with interest rates as low as 5.9%. Another need-to-know fact about Lending Club? They offer fully amortizing loans with no prepayment penalties.
Read Lending Club reviews to learn more about working with this lender.
5. The Business Backer
The Business Backer offers a line of credit through their FlexFund Line of Credit product. The Business Backer offers anywhere from $5,000 to $240,000 in credit lines, with draws repaid either with daily or weekly repayments.
When you’re approved for a line of credit from The Business Backer, you can be sure that they’ll report to the business credit bureaus—specifically Dun & Bradstreet and Equifax. Find out if this lender is right for you by reading The Business Backer reviews.
6. Seek Capital
Seek Capital is one of the growing number of alternative lenders offering fast business funding for entrepreneurs who don’t qualify for longer-term business loans. Seek Capital offers unsecured business credit cards with line-of-credit capabilities. When you apply to Seek Capital, they’ll match your credit profile, business data, and funding goals to find the right business credit card product for you.
Considering that Seek Capital connects business owners to credit cards for small business financing, your borrowing behavior will be reported to the business credit bureaus—specifically Experian, TransUnion, and Dun & Bradstreet. Check out Seek Capital reviews to learn more.
QuarterSpot offers daily payment short-term loans of up to $150,000. As far as short-term lenders go, QuarterSpot offers a longer-term financing option—with terms up to 18 months. Another great aspect of working with QuarterSpot? QuarterSpot offers fully amortizing loans with no prepayment penalty. So if you need a short-term working capital fix that you’ll expect to pay off early, you’ll save money on interest payments if you work with QuarterSpot.
Another benefit of QuarterSpot is that they also report to business credit bureaus. Read QuarterSpot reviews to learn more about working with this lender.
There you have it—7 small business lenders that will report your loan repayment data to the business credit bureaus. If you’re looking to build your credit history, working with any of these lenders would be a great way to do so.
If you do take a business loan with one of these 7 lenders, make sure you’re doing all you can to stay on top of your loan repayments. Your business credit history will build over time, but practicing stellar borrowing habits is the best way to bring your business credit score to the top.
This article was originally published on the Fundera Ledger on January 11, 2016.