How to Use Nav Prime to Build Business Credit & Accelerate Your Business Growth

How to Use Nav Prime to Build Business Credit & Accelerate Your Business Growth

How to Use Nav Prime to Build Business Credit & Accelerate Your Business Growth

Running a business can be hard. That’s why business owners are often on the hunt for tools to make their jobs easier. 

Nav Prime is the only solution that puts your business on the path to better financing through proven financial tools.

Here’s how you can use Nav Prime to help your business grow. 

Intro to Nav Prime

Nav Prime can help small business owners build their business credit history, improve the metrics that matter, and access the best financing options. All business owners who use Nav Prime get Detailed Credit Reports with tradeline reporting. You can also get the Nav Prime Card* which can double tradeline reporting, and Nav Business Checking, which helps meet a key lender requirement. 

1. Build a Strong Business Credit Foundation

Many business owners have no idea their business can have its own credit reports and scores, much less know where their business stands. Good business credit reports and strong business credit scores may help businesses qualify for better business financing— including lower interest rates—as well as open up business opportunities. 

Business credit reports contain information about how a business handles its financial obligations. These reports are compiled by business credit bureaus. The following factors may be used to calculate business credit scores:

  • Payment history (by far the most important factor). 
  • Public records – including UCC filings, tax liens, judgments, collections
  • Age of credit history
  • Debt and debt usage – including balances, payment status, credit utilization, terms, and additional account activity
  • Industry risk that lenders and other see
  • Company size 

If you’re wondering how to establish business credit, keep in mind that a crucial step is to open accounts that appear on your business credit reports. 

Payment history is one of the most important factors in business credit ratings. Getting  accounts that report can sometimes be challenging, though, both for new businesses as well as established businesses since not all lenders report to business credit bureaus.

Nav Prime reports a tradeline monthly to all the major business credit bureaus. In addition, business owners with a Nav Prime Card will get an additional tradeline reported monthly. 

Customers who used Nav’s Detailed Credit Reports with tradeline reporting saw an increase in business credit scores up to 50% in the first 3 months.**

Nav Prime Card’s Easy Approval Process

Nav Prime Card* is a charge card. There’s no credit check and no security deposit is required. Link your business checking account for daily repayment. 

*Nav Prime Card is not available in the following states: CA, NV, ND, SD

Automatic Reporting To Build Credit History

Nav Prime Detailed Credit Reports are reported monthly as a tradeline to major credit bureaus. 

In addition, if you use the Nav Prime Card, Nav will track your transactions throughout the month on your Nav Prime card and report the total credit utilized and extended in aggregate during the month as an additional tradeline. This can further help your business build business credit. 

2. Access Affordable Financing

Nav is the only solution that puts your business on the path to better financing through proven financial tools. Nav shows small business owners financing options based on their unique business data and qualifications. 

Strong Personal and Business Scores Opens Funding Opportunities

Strong business and personal credit scores help small business owners qualify for a wider range of financing options. Make sure you know where your business stands before you apply. 

With Nav Prime, you’ll get detailed insights on your business through Detailed Credit Reports with tradeline reporting that can grow your business credit and improve your financial health profile.

Pre-Approvals for Affordable Business Loans and Credit

View your top financial options from 160+ trusted loans and credit cards based on your business data and know what you can qualify for before you apply.

Reduce the Need for Personal Guarantees

New businesses often rely on personal loans and personal credit cards for financing. That’s not ideal. 

As your business builds a business credit history and revenues, you’ll have more opportunities to get credit in your business name and move away from personal guarantees. Of course every lender’s requirements are different, but until your business demonstrates creditworthiness on its own, you’ll likely find yourself signing a personal guarantee for business loans. 

(Understand that until you form an LLC or other business entity, your small business is not a separate legal entity. You can build business credit as a sole proprietorship, but you will still remain responsible for any credit accounts you obtain.) 

3. Free Up More Working Capital

Working capital is the money your business needs to pay its expenses. If you’re like many small businesses, cash flow can be unpredictable. Without access to financing when you need it, your business may miss out on opportunities to grow, or you may wind up settling for expensive, last-minute funding. 

Higher Credit Can Mean Larger Credit Lines

Strong revenues and good credit scores can help businesses qualify for larger credit limits. Larger business lines of credit offer your business more flexibility when the opportunity to expand arises, or when cash flow is tight. 

Increased Purchasing Power Without Tapping Savings

Building up a business savings account provides additional financial security, especially when times are uncertain. If you’re frequently dipping into savings you may want to consider a low-cost line of credit as an alternative. 

4. Focus on Business Growth Instead of Worrying About Funds

One of the key benefits of small business financial health is being able to focus on growing your business, rather than constantly playing catch up. Ideally you want to be able to pay for those next steps from cash flow but many business owners aren’t sure where they stand at any given time. 

Whether you operate as a solopreneur with no employees (like the majority of small firms in the U.S.), or you have multiple employees, your focus is often on what’s right in front.

Sure, you may see how profitable your business is when you file your tax return. But do you know what’s happening today or this week? See your cash flow at a glance with Nav, so you can understand how to move your business forward. 

Time and Money Saved on Interest Goes Towards Expansion

When your business does need to tap a line of credit, small business loan or other types of financing, you want to get the best deal possible given your business qualifications. Every penny you save on interest and fees is money you can put back into your business, to increase your cash buffers or invest in hiring employees, office space and more. 

5. Prepare for a Future of Great Business Credit

The saying that the best time to invest was yesterday, and the next best time is now. Investing in building your business financial health and credit today will pay off over time.  

Solid Credit Foundation Ready for Future Financing

Good business credit isn’t something you set up once and are done with. While it doesn’t have to take a lot of time, paying attention to your credit and the financial information that goes into them, can pay off. 

Here’s good news: The majority of Nav customers that use Nav tradeline reporting at least a year continue to see positive business credit score changes***

Build Excellent Business Credit Habits

Credit habits are like any other habit: they require time and attention to make them stick. Checking your credit on a regular basis is the first step in building good credit habits. But many business owners don’t have a lot of extra time to access and review their credit reports. 

That’s where Nav can help. You’ll be able to easily track your credit scores in one dashboard, and take action based on what you see.

Protection Against Unexpected Expenses

Fewer than 10% of business owners surveyed by the Fed for the 2022 Small Business Credit Survey reported they didn’t experience any financial challenges in the prior year. 

Instead, the majority reported some type of financial challenge including:

  • Increased cost of goods, services and/or wages
  • Challenges paying operating expenses
  • Weak sales
  • Uneven cash flow

There’s a good chance that your business will experience some type of unexpected expense or financial detour in the future. Having access to credit at affordable rates can help you weather that challenge a little more easily. 

Tips To Maximize Platform for 10X Potential

Nav Prime offers a robust financial health suite that streamlines access to the best financing options. To take full advantage of it, be sure to:

Monitor your personal credit reports and business credit reports. Nav Prime Detailed Credit Reporting provides reports from two major consumer credit bureaus and three major business credit bureaus, updated monthly. Pay special attention to alerts. 

Actively keep a pulse on your business financial health profile with Nav Prime. Manage business metrics that matter to lenders. Ensure your business always has access to their best financing options.

Get a Nav Prime Card. Get this credit-building charge card with no credit check or security deposit required. With tradeline reporting, you’ll get a new tradeline reported to major business credit bureaus. Autopay from your business bank account and easily understand your credit utilization. 

Consider Nav Business Checking. Small business lenders often require business bank account statements to verify revenues and cash flow. Check off a common lender requirement, manage money with simplicity, and make informed  decisions with the only business checking account that connects your banking data to the best financial options for your business. 


How To Use Credit To Grow Your Business?

There are a number of ways a good business credit profile can help your business grow. Benefits may include: 

  • Access financing to invest in inventory, marketing, headcount or any number of revenue-generating activities. 
  • Better terms on loans and/or business insurance
  • Get longer payment terms from vendors and suppliers
  • Qualify for financing without being limited to personal loans or personal credit cards

How Fast Does Business Credit Build?

Business owners can often see the results of building business credit history fairly quickly. Everyone’s situation will be different as myriad factors go into credit scores. But it may not take as long as many entrepreneurs imagine it will. As mentioned earlier, customers who used Nav’s Detailed Credit Reports with tradeline reporting saw an increase in business credit scores up to 50% in the first 3 months.**

Can You Get Credit for a New Business?

If by credit you mean financing, there are a few options available to new businesses. Startup business loans may include:

  • Business credit cards (including 0% APR cards) 
  • Small Business Administration guaranteed loans including SBA 7(a) loans and Microloans
  • Crowdfunding

Find out what your business qualifies for with Nav. 

What Can a Business Charge Card Do for New Businesses?

A business charge card can be a great way to pay for business expenses. You’ll be able to track expenses for tax purposes and separate your business and personal finances. If your card is lost or stolen and used fraudulently, federal law limits your maximum liability to $50. 

With a Nav Prime Card you’ll also benefit from tradeline reporting to all the major business credit bureaus. 


*DISCLAIMER: Nav Technologies, Inc. is a financial technology company and not a bank. Banking services provided by Blue Ridge Bank, N.A., and Thread Bank, Members FDIC. The Nav Visa® Business Debit Card is issued by Blue Ridge Bank, N.A. or Thread Bank, and the Nav Prime Charge Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted. FDIC insurance is available for your funds on deposit, up to $250,000 through Blue Ridge Bank, N.A. or Thread Bank, Members FDIC. See Cardholder Terms for additional details.

Nav Prime Card is not available in the following states: CA, NV, ND, SD

**Based on aggregate data tracking Experian® Intelliscore Plus business credit scores after three months of having Nav tradeline reporting. Results will vary. Scores are calculated from many variables; some users may not see improved scores.

***Based upon the aggregate percentage of Nav customers with positive score changes, nearly 75% of customers continue to see positive business credit score changes across business credit bureaus by keeping their Nav tradeline at least a year.

This article was originally written on September 21, 2023 and updated on March 26, 2024.

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