Frequently Asked Questions
#dominofxgroup #abillioninfunding
Have a question about DominoFX Group, our loans, or our programs? Take a look at our most frequently asked questions.
DominoFX Group works with its sister organization, The Domino Effect, to connect Founders to Funders with technical assistance, business courses, business advisors, and access to other programs and services.
DominoFX Group
What is DominoFX Group
DominoFX Group is a minority-led small business online lender marketplace with a fully online application process offering a wide array of loan products. DominoFX Group partners with the best in non-bank financing, private capital and various state banks to administer programs using our technology enabled platform and team of experienced banking professionals.
Is DominoFX Group a bank?
No. DominoFX Group is an online lender marketplace, but not a bank. By definition, banks take deposits and keep them in accounts for customers. We partner with banks, CDFIs and private capital and other trusted, reputable lenders.
Where is DominoFX Group headquartered?
DominoFX Group is headquartered in Northern California, but has partnerships in multiple states, working with small businesses nationwide and building an entrepreneurship school in every state.
What are the Qualifications for a Business Loan?
Qualifications differ depending on the lender, so there's no simple answer.
When you apply with us, our team navigates a diverse lender marketplace to match you with the right lender for your business.
Whether you have challenged or perfect credit, our team will find you the right lender or program. We pull in the right lending partners for each client to provide them with with the best options they qualify for.
What can I expect when I apply for a loan?
Our online application requests information about you, your business, and your business's finances. It then asks you to upload official documents that support the information you provided. In order for us to provide you with the best options available to you as well as staying compliant with laws and lenders, we review these documents and perform verification on your identity and finances.
How quickly your application proceeds depends on the type of loan, how quickly you provide additional information, and other factors which vary on each business owner's need and unique situation.
We have guides, videos, and resources to help you every step of the way. Please visit https://www.dominofxgroup.com/blog.
How do I get an update on my loan application?
Visit dominofxgroup.com or login to your back portal, depending on the program you are in. If you prefer to talk to a persn, we want to speak to you! Please call us at the phone numbers on our Contact Us page.
Does DominoFX Group run my Credit?
Our in-house underwriting team does soft credit pulls. From there, we can understand which lenders will approve you.
We do this through our lender matching technology and, of course, our team of expert Business Finance Advisors.
A majority of the lenders on our platform will also do soft credit pulls. If you are going to get a hard inquiry when you want to accept your offer, we'll let you know upfront immediately.
What is the Interest Rate on a business loan from DominoFX Group?
The rates can change depending on the different lending products. At banks, interest rates are generally the prime rate +2%, but strict qualifications restrict many businesses from reaching an approval that aligns with their business goals.
We offer SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. All these products come with different rates, and they all change constantly.
For equipment and SBA funding, interest rates are in teh single digits (6-8% range)
A/R and asset-based lending come with single digit interest rates if you have high-quality receivables or collateral.
If you don't have B2B receivables or collateral, rates are around 1% per month and will increase from there. This equates to 10-18% annually.
We have all the lenders, banks and investors in one place. We look to get you the best deal and get you the most competitive interest rate for whatever you're looking to accomplish.
Do you have options to Build Business Credit?
ABSOLUTELY! Business Credit is a beast and a game changer that can help you start when you have challenged personal credit, no collateral or cash flow. OR if you're an established business looking to boost the value of your business, offset your business expenses by 50-90%, separate your business from your personal liability and provide more flexibility in your cash flow.
We've helped hundreds of businesses build their business credit. Schedule your FREE Funding Planning Assessment today. We'll look at your business' foundational aspects and
make sure they're done the right way, that gives you the biggest chance of getting approved for credit, financing AND being able to get it at the best terms.
OUR BLOG
Latest News & Article
How To Find Your Secretary of State (In All 50 States)
Subscribe on LinkedIn to stay connected with the best resources to grow your business.
♻️Join The Domino Effect Club to stay up-to-date on events, tips, tactics and resources to fund and grow your business.♻️
“When you have a clear vision and combine it with faith, you're unstoppable in your business journey." - Terri Savelle Foy
When starting a business, one of the most crucial steps is registering your business with the Secretary of State, in WHICHEVER state you're running your business.
This not only make your business legit, but also makes sure you're staying compliant with your state's regulations.
In today's lesson, let’s dive into what a Secretary of State Business Entity is, why it’s essential, and how you can go about registering one.
What is a Secretary of State Business Entity?
A Secretary of State Business Entity refers to a business that is officially registered and recognized by the state’s Secretary of State office. The registration process varies by state but generally involves submitting specific forms, paying fees, and providing detailed information about the business and its owners.
Why is Registering Your Business Important?
Legal Recognition: Registering your business with the Secretary of State gives your business legal recognition and legitimacy. This means your business name is protected within the state, and you can operate under that name without the risk of another business claiming it.
Liability Protection: For certain types of business entities, such as Limited Liability Companies (LLCs) and Corporations, registering provides liability protection. This means that your personal assets are generally protected from business debts and legal claims
BONUS TIP: banks and lenders aren't fans of sole props and you're basically looked at like a hobby. According to the SBA, "owners who want to test their business idea before forming a more formal business...Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships. READ FULL ARTICLE HERE.
Access to Financing: Registered businesses often find it easier to access financing. Banks, investors, and lenders typically require businesses to be registered before extending credit or investment.
Compliance and Establishing Your Foundation. Registration and following the steps in order ensures that your business complies with state regulations, which can enhance your credibility with customers, suppliers, banks AND Funders (credit issuers, lenders, banks, investors).
Types of Business Entities
You'll need to choose a business structure that best fits your needs. Here are the most common types:
Sole Proprietorship: The simplest form of business, where you and your business are legally the same entity. Note that sole proprietorships generally don’t require registration with the Secretary of State but might still need to file for a business name or a DBA (Doing Business As).
Remember, set yourself up for the long-term. You can choose Sole Props but they're not favored from a lending point of view.
Partnership: Similar to a sole proprietorship but involves two or more people. Some states may require registration, especially for limited partnerships.
Limited Liability Company (LLC): A popular choice for small businesses, LLCs provide liability protection for owners while allowing for flexible management and taxation options.
Corporation: A more complex structure, corporations provide significant liability protection and can raise capital by issuing stock. However, they are subject to stricter regulations and double taxation.
Nonprofit Organization: These entities operate for charitable, educational, religious, or other similar purposes. Nonprofits can apply for tax-exempt status but must adhere to strict guidelines.
Steps to Register Your Business with the Secretary of State
Choose a Business Name: Ensure your desired business name is unique and complies with your state’s naming guidelines.
Select a Business Structure: Decide which type of entity suits your needs (e.g., LLC, Corporation).
File the Necessary Paperwork: Complete and submit the required forms to your state’s Secretary of State office. This may include Articles of Incorporation for a corporation or Articles of Organization for an LLC.
Pay the Filing Fees: Fees vary by state and entity type. Be prepared to pay both initial and ongoing fees.
Get an Employer Identification Number (EIN): After registering your business, you’ll need an EIN from the IRS for tax purposes. Make sure the information matches (yes I'm talking down to ONE number and/or letter - everything must be on point)!
Comply with Additional Requirements: Depending on your business type and location, you may need to obtain permits, licenses, or zoning approvals. For example if you're in the food industry, you might need special permits or have to operate from a commercial kitchen.
Maintaining Your Business Entity
Once your business is registered, you’ll need to maintain good standing with the state by fulfilling ongoing requirements. How to do this:
Annual Reports: Many states require businesses to file annual reports and pay associated fees, so stay on top of these.
Tax Filings & Renewals: Ensure you’re meeting all state and federal tax obligations. If you miss it, request an extension and if you have an amendment, make sure you keep all your files in one place. Check your licenses and permits quarterly. Plan ahead and set appointments throughout the year with your accountant and tax strategist.
Secretary of State, Business Division, and Business Entity Search for All 50 States
CLICK HERE TO ACCESS THE LINK TO LIST OF SOS WEBSITES FOR ALL 50 STATES.
LET'S RECAP:
Registering your business with the Secretary of State is a critical step in establishing a legitimate, protected, and compliant business entity. By understanding the process and choosing the right business structure, you can set your business up for long-term success. You also set yourself up to receive better rates, terms and approvals when your business' foundation is set up properly and you look like a trustworthy, established, credible business.
Whether you’re starting a small local business or a large corporation, the Secretary of State’s office is your partner in ensuring your business meets all legal requirements. Get started today.
Ready to see how fundable your business actually is now that it’s set up? Start with DominoFX first for your quick path to grow your business to success!
💰Remember that small efforts can lead to BIG IMPACT. 🎯
Here's a question: What's a priority for you? You say this business is your passion but now that you know what it takes to get to the next step, are you taking necessary action to get it done? Be REAL with yourself.
With that said, here's your Actionable Funding Tip of the Week! 👊
👉WATCH THIS NEXT VIDEO: 5 Reasons You're Getting Denied & How to Overcome Them
THE BUSY WOMAN'S GUIDE: 10 Steps to Starting Your Own Business
Hey, I get it—I’ve been in your shoes. Juggling work, family, and life while trying to start a business feels overwhelming. That’s exactly why I wrote The Busy Woman's Guide: 10 Steps to Starting Your
Business. I took all the hard-earned lessons from my own journey and boiled them down into simple, manageable steps. You don’t have to do it all at once, but with this guide, you’ll know exactly where to start—and I’m here to help you along the way.
TDE COMMUNITY HIGHLIGHT:
🎯Upcoming Events🎯
StartupSac is hosting the Startup Challenge Sept. 27-29. The Startup Challenge gives you the opportunity to bring your idea to life. It's your chance to transform your startup dreams into reality this weekend—don’t miss out! I've been and participated in StartupSac events and they're an amazing resource for Founders and Entrepreneurs in the region.
Why join the Startup Challenge?
Pitch your idea and convince others to join your team—or find an exciting idea to support!
Validate your idea with real customers and prove there's a real opportunity.
Compete for awesome prizes and showcase your progress to a panel of experts.
🗓️When: Friday, September 27 through Sunday, September 29
📍Where: The Carlsen Center for Innovation and Entrepreneurship at Sac State
💸Fee: $35 for students*, $99 for general* (Includes all meals, snacks, coffee, and a cool t-shirt!)
*Eventbrite ticket fees apply
Registration is filling up fast! Grab your spot before it’s too late! LEARN MORE HERE.
UPCOMING WEBINAR:
Join The Domino Effect, a growing community of Founders & Small Businesses. Receive all the latest advice and offers from our network straight to you.
We’ll keep you up to date with all the latest news from The Domino Effect and our community. Hear from our Funders, receive exclusive offers from our partners and make the most of our handy guides and blogs designed to make your business run a little smoother, while accessing the best resources to capital.
Resources to Help You Execute:
Here is a quick checklist to get you started. Remember imperfect action beats inaction, get started, stay consistent and let's Build! 🚀
📚Claim Your Business Credit Building Guide: https://financeguide.dominofxgroup.com/
📲 Funding Planning Session: https://plan.dominofxgroup.com/
Subscribe on LinkedIn to stay connected with the best resources to grow your business: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=718759297885977395
Tired of doing it all on your own and ready to get automated? Profitlifter CRM and Marketing system. They are THE BEST! Schedule a free consult and download their free info so you can get a feel of how it works. Click here.
Check out our YouTube for FREE COURSES and trainings to help you GROW your business.
Testimonials
Real results from business owners just like you
Cheryl Reisner, a former bank lender from Shreveport, Louisiana. The suite’s business credit building process unlocked more funding options than she ever imagined, opening up new possibilities for her business. Cheryl believes every business owner can benefit from the Business Finance Suite, as it revolutionizes how they operate.
Louis, a Miami-based business owner found success using the Business Finance Suite, which helped establish a business credit profile. This enabled them to apply for funding without using their Social Security number, eliminating personal liability for credit applications. The speaker highly recommends this program to fellow business owners.
Edward from El Paso, Texas, struggled to secure funding for his small businesses until discovering the Business Finance Suite. Within a month, the suite helped set up his business correctly, establish trade lines and revolving credit, and now he’s on track to receive funding. Edward guarantees it’s worth the investment and only wishes he’d found it sooner.
