HOW WE DO IT
The Spotlight Difference
Spotlight has developed a proven system that will build business credit for U.S. based businesses. This will require participation from the Spotlight Client during the following processes.
In order for a Spotlight Funding Client to achieve “Impeccable”, “Elite” or commonly referred to as a “Tier 3 Business Credit” status, you will need to establish 10 or more lines of business credit that will report to the business credit bureaus.
Step 1
You will create an accurate business credit profile with Dun and Bradstreet and obtain a DUNS number if you do not already have one. Additionally, other Business Credit Bureaus if applicable will be notified automatically of any changes. Business updates usually take between 5-21 days. The length of time is determined by the business bureaus.
Step 2
Spotlight will have instructions on how to create and publish important Business Directories Listings. This step is so lenders can locate your company. Approximately 70% of all lenders will try to locate your business in SPECIFIC directories. This will increase credit approvals and help raise limits by enabling lenders to locate the client’s business. This makes lenders comfortable lending to a business without any previous credit history.
Step 3
Once the previous steps are complete, Spotlight will provide your business with 2 suggested lines of credit to get started with and instructions with credit building guidelines to ensure everything gets reported correctly. We have selected Preferred Lenders that will offer your company credit terms without a client having any business credit history. Clients can then use the available credit. This new credit will report to the business credit bureaus usually within 2-7 weeks. The client now has 1-2 lines of credit reporting to the Business Credit Bureaus.
Step 4
Spotlight will provide access to Free Credit Monitoring. At this point our client can view their new credit as it starts to report. Once a client’s new credit has reported, we can move on to other lines of credit that will approve with 1-2 lines of credit reporting.
Step 5
Spotlight will provide approximately 45+ lenders for the client to select from. These new lenders are categorized in the following Rounds:
Round 1 Lenders
These are Preferred Lenders that will usually approve a client with 1-2 tradelines reporting
Round 2 Lenders
These will usually approve a client with 3 or more tradelines reporting
Round 3 Lenders
These will approve a client with 7 or more tradelines reporting
Round 4 lenders (will usually approve with 10 or more lines of credit reporting. This final Round will consist of high limit credit cards. Additionally, Spotlight Funding has developed relationships in all aspects of funding and will provide reliable ways to gain working capital lines of credit and equipment financing.
TAKE YOUR BUSINESS TO THE NEXT LEVEL – THE SPOTLIGHT WAY
Disclaimer: Any Spotlight Client that pays their new credit “Late”, “Slow” or “Past” the due date of any invoice or revolving credit line will accept the responsibility or consequences of their payment behavior. Additionally, the approval process is based on lender’s underwriting guidelines. Guidelines can vary from time to time due to type of business, industry and age of the company. Lenders will occasionally change or update their guidelines without notice.