Find Out How to Accelerate Your Path to Improved Funding Options
Written by Glenna Gonzalez, Professional Marketer and Public Relations
What is Nav Prime?
Nav Prime provides access to financial and business credit building tools and services that can help build a small business owner’s financial health profile.
Business credit is a multifaceted evaluation that encompasses various financial factors influencing a company’s creditworthiness.
Credit bureaus compile data on a business’s financial transactions, payment history, legal filings, and other relevant information to generate a business credit score.
This score serves as a numerical representation of the business’s creditworthiness, with higher scores indicating lower credit risk.
Understanding the components that contribute to a business credit score is essential for strategic financial management.
Critical considerations include the business’s payment history, credit utilization ratio, length of credit history, and public records.
Entrepreneurs and business owners must grasp the intricacies of business credit to navigate the financial landscape effectively.
Moreover, businesses should be aware of the different credit reporting agencies, such as Dun & Bradstreet, Equifax, and Experian, each employing distinct methodologies for calculating business credit scores.
Being cognizant of these nuances enables businesses to tailor their financial practices to optimize credit scores.
A comprehensive understanding of business credit positions a company to make informed financial decisions, secure favorable credit terms, and build a solid reputation within the business com.
Why is Building Business Credit Important?
The importance of business credit cannot be overstated, as it serves as a pivotal factor in determining a company’s financial health and reliability.
Lenders, suppliers, and potential partners routinely rely on a business’s credit profile to assess the risk associated with engaging in transactions.
A positive business credit history opens doors to various financial opportunities, including easier access to loans and credit lines.
Moreover, businesses with strong credit profiles are often better positioned to negotiate favorable terms, such as lower interest rates and extended payment periods with suppliers.
Beyond the financial realm, a robust business credit history is instrumental in attracting investors and fostering trust among stakeholders.
It is a testament to the business’s ability to responsibly manage its financial obligations.
This trust, once established, can translate into increased opportunities for collaboration and expansion.
Positive credit history can also be a differentiator in competitive markets, influencing consumer perception and attracting clients who value financial stability and reliability in their business partners.
In essence, maintaining a positive business credit profile extends far beyond the financial realm, impacting a business’s overall sustainability and growth potential.
What are Nav Prime Features?
I. Nav Prime Card
- The only commercial credit-building charge card with no minimum balance, no hard credit check, no personal guarantee, no typical lender requirements, and daily
repayment for no risk of carrying a balance.
- This Nav Prime Card gives you a business tradeline where data is submitted to the major commercial credit bureaus. Swap everyday transactions to the Nav Prime Card and feel good knowing you’re doing good for your business.
****Currently not available in CA, ND, SD, and NV. Requires approved Nav Business Checking account and successfully linked bank account to repay outstanding card balances.
II. Two Tradelines
- You Automatically gain one monthly tradeline with your Nav Prime membership payments.
- Unlock a second monthly tradeline once you’re approved for the Nav Prime Card. Data for these tradelines is reviewed by the major commercial credit bureaus. *Demonstrating a healthy payment history and keeping tradelines reporting over time is a very influential factor to your business credit scores. Each time you’re seeking financing, lenders will review both business and personal credit
III. Detailed Credit Reports
- Access both business and personal credit reports that could cost you hundreds a month to get elsewhere and see how your credit-building influences your scores.
- Gain the ability to problem solve issues like UCC filings, tax liens, and other public records.
- Watch up to 4 other businesses’ credit reports so you are always armed with information on who you do business with to make confident financial decisions.
IV. Nav Business Checking
- Helps you manage your money while always getting connected to your best financial options to help reach your goals.
- Allows you to make informed decisions through financial insights and leverage multiple accounts, convenient payments, and more from your account.
- No monthly maintenance fees, minimum balance, credit checks, and unlimited fee-free domestic transactions.
- Having a business checking account is a typical lender requirement needed to get funding and a barrier Nav removes.
What Challenges Does Nav Prime Solve for Small Business Owners?
- Provides the ability to build business credit history so you can improve access to capital.
- Improves qualifications to get better access to funding by using tools without typical lender requirements, easily added into daily habits.
- Checks off common lender requirements and allows you to be in control of the things lenders see.
