Detroit, MI — BIPOC is an acronym for Black, Indigenous, People of Color. LatinX is an umbrella term for people of Latin American origin or descent. In the United States, BIPOC and LatinX entrepreneurs struggle to fund their businesses. These racial minority groups find applying for business loans discouraging and are less likely to submit loan applications. Lack of funding impacts their ability to remain in business.
However, the founders of CorporateCreditInfo.com, are working with entrepreneurs from marginalized communities to help them gain access to business credit.
BIPOC and LatinX business owners can suffer hardship despite a groundswell of opportunity. Without business credit, they can experience cash shortfalls, be unable to submit vendor bids, attend conferences and trade shows, cover membership dues, or find themselves challenged by financial constraints, failing to maintain cash flow and meet demand. BIPOC and LatinX are less likely to have collateral or access to home equity and more likely to launch businesses with less start-up capital. Business lending is more expensive and highly unlikely if these proprietors have less than perfect credit. Without access to business capital, it is difficult for anyone to meet obligations and remain in business.
Moreover, due to systemic racism, BIPOC and LatinX business owners have come to anticipate rejection from traditional lenders. CorporateCreditInfo.com provides BIPOC and LatinX businesses with solutions that bypass the barriers these entrepreneurs face when seeking credit and loans. “There are opportunities to fund your business that are not tied to your Social Security number and do not require a cosigner,” says Nicole Wilson, owner of the company. “A tax ID number is just a start. Businesses need more than just the tax ID. Our company is here to help get everything you need to get funded.”
BIPOC and LatinX business owners tend to launch businesses as sole proprietorships, partnerships, or as an LLC, a limited liability company. The corporate business structure is more complex and may seem intimidating. However, the corporate business structure is crucial to opening up corporate funding options and legal protection for the owners.
CorporateCreditInfo.com can escort entrepreneurs through the filing process, setting up their corporation, and assist in completing the necessary applications to acquire business credit. After establishing business credit, the site can advise how to build the business credit score, generated by Dun & Bradstreet (D&B).
The founders of the website have decades of insight into the practice of establishing corporations and building business credit. BIPOC and LatinX can access substantial lines of credit, build a solid business credit history through their IRS-assigned EIN, establish AAA corporate credit, and raise legitimate money without being a personal guarantor through the owner’s social security number.
For more details about the service, visit CorporateCreditInfo.com
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