Spotlight has developed a proven system that will build credit for U.S. based businesses. This will require participation from both “Spotlight Funding LLC” and a “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, together we will need to establish 10 or more lines of business credit that will report to the business credit bureaus.
Together we will create accurate business credit profiles with Dun and Bradstreet and obtain a DUNS number if client does not already have one. Additionally, we will update other Business Credit Bureaus if applicable. Business updates usually take between 5-21 days. The length of time is determined by the business bureaus.
Spotlight will assist client in creating and publishing 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.
Once the previous steps are complete, we provide your business with 2 suggested lines of credit. We have selected Preferred Lenders that will offer your company credit terms without a client having any business credit history. Client 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.
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.
Spotlight will provide approximately 45+ lenders for the client to select from. These new lenders are categorized in the following Rounds:
These are Preferred Lenders that will usually approve a client with 1-2 tradelines reporting
These will usually approve a client with 3 or more tradelines reporting
These will approve a client with 4 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 assist with working capital lines of credit and equipment financing.
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.