Frequently Asked Questions
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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.
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Latest News & Article
5 Starter Trade Lines That Help Build Your Business Credit
Building Business Credit: The Top 5 Trade Lines You Need 🚀
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“You shouldn't focus on why perhaps you can't do something, which is what most people do. You should focus on why perhaps you can, and be one of the exceptions." - Steve Case, AOL co-founder
Become a MEMBER, Join today and unlock amazing benefits through The CEO Creative, one of the top tier-1 net 30 vendors for building business credit.
Let’s start strong because today is all about business trade lines—specifically, the top 5 trade lines you should be using to build your business credit. Whether you’re a new entrepreneur or a seasoned business owner, this is for YOU.
How Can I Qualify for a Business Loan as an Entrepreneur?💼
Why Business Credit Matters 💳
What is Business Credit?
Business credit is the foundation of financial growth for your company. It’s not just about separating personal liability from business liability—it’s about opening doors to better loans, higher credit limits, and better terms without putting your personal credit on the line.
Key Benefits of Building Business Credit
1️⃣ Easier Loan Approvals:
Building business credit makes it easier to qualify for loans, credit lines, and credit cards.
2️⃣ Better Terms:
With strong business credit, lenders offer better rates and higher limits.
3️⃣ No Personal Guarantee:
You can separate your personal credit from your business entirely. That means no personal credit checks and no social security number required for approvals.
4️⃣ No Revenue or Collateral Required:
Even startups can qualify for business trade lines without cash flow or real estate.
What Are Trade Lines? 🛠️
A trade line is essentially a vendor account that reports payment activity to business credit bureaus. These reports are key to building a strong business credit profile. The more trade lines you have reporting, the stronger your profile becomes, and the higher your potential credit approvals will be.
Pro Tip: Focus on trade lines that report to major business credit bureaus like Dun & Bradstreet, Experian, and Equifax for maximum impact.
The top 5 Trade Lines to Start With💼 🚀
1️⃣ Newegg
Newegg offers all kinds of electronics and office supplies. Whether you’re working from home or outfitting an office, Newegg has you covered.
Reports To: Dun & Bradstreet
Why It’s Great: It provides multiple payment experiences (each bureau report is counted separately), giving you a solid start on your credit profile.
2️⃣ Network Solutions
You may not have heard of Network Solutions, but they’re a game-changer for business credit building.
What They Sell: Computer networking solutions and office supplies.
Reports To: Experian and CreditSafe
Why It’s Great: Experian is one of the primary bureaus used by lenders, and CreditSafe is a rising star in the credit reporting world.
3️⃣ Business Credit Line ($2,500)
This trade line is a favorite for new businesses!
Requirements: A business license (can be obtained from your county or state).
Credit Limit: $2,500 for brand-new businesses.
Why It’s Great: Higher initial credit limits improve your chances of larger approvals down the road.
4️⃣ Home Depot
If you’re in construction, renovation, or simply need tools and supplies, Home Depot is a great option.
Reports To: Dun & Bradstreet, Experian, and Equifax
Why It’s Great: Each report counts as a separate payment experience, fast-tracking your credit building.
5️⃣ Grainger
Grainger is a must-have vendor for business owners who purchase tools, office supplies, and more.
Reports To: Multiple bureaus
Why It’s Great: Easy approval process and no personal guarantee required.
Why Vendor Credit Is Your Secret Weapon 🛡️
One of the biggest mistakes new business owners make is skipping vendor credit. While it’s tempting to jump straight to large loans or credit cards, building a solid business credit foundation with trade lines gives you long-term growth opportunities.
Building Business Credit: Protect & Stay on Top of Your Accounts 🏗️💳
Building business credit isn’t just about creating it—it’s about protecting what you’ve already built. This means keeping a close eye on your business credit reports 📄 and acting fast if something doesn’t look right. Regular monitoring and addressing errors promptly is key to maintaining your financial foundation. 🔑
Keep an Eye on Your Business Credit 👀
Stay in the know about your business credit activity, including vendor credit cards. Ensure your credit usage is accurately reported to credit agencies and fix any inaccuracies as soon as possible. This isn’t a one-and-done task—it’s a habit you need to build. Don’t just look at your scores; dive deep into the details. 🔎🛠️
✨ Pro Tip: We can help you monitor your credit profiles with Experian, Equifax, and Dun & Bradstreet for less. 💰
Update Your Business Credit Details
If your reports from Experian, D&B, or Equifax have errors or incomplete info, it’s time to update them. ✍️ Correcting inaccuracies ensures your credit profile reflects your business’s true credibility. 🏆
Why does this matter? Fixing errors can make or break your ability to secure funding. Each bureau has its own process for disputing issues, but staying on top of this ensures your profile stays strong.
📋 Get your reports here:
D&B PAYDEX: Access Your Report
Experian: Get Your Report
Equifax: View Your Credit Profile
Resolve Credit Report Errors 🖊️
Spot an error? Dispute it ASAP! ⏰ Most credit bureaus allow you to file disputes online. Be detailed and specific about the issues and include any supporting documents. Addressing mistakes early helps keep your credit profile clean and accurate. ✔️ 💻
Build Credit with Vendor Accounts
Building business credit starts with using credit responsibly. Only borrow what you can afford to repay, and track your balances and payment deadlines. Paying off net 30 vendors on time and in full boosts your business credit score faster than anything else. 🚀🗓️
Strong credit scores unlock opportunities. Lenders see your business as reliable and capable of handling its financial obligations. With good credit, your EIN gets linked to a solid reputation with credit bureaus, reducing the need for personal guarantees on loans.
Start small with vendor accounts that report to credit bureaus, like Dun & Bradstreet. These accounts are a fantastic way to establish and grow your credit. 💳
Let's Recap💡
Building business credit isn’t just about the here and now—it’s about setting your business up for sustainable growth and profitability. By adding trade lines to your profile, you create a foundation that lenders trust, making it easier to access the funding you need to grow.
By following these steps, you’ll not only strengthen your business credit 📈 but also position your company for premium credit cards and funding opportunities. With consistent effort, you can take your business credit to the next level! 💥
Ready to Start?
If you found this helpful, hit that like button and share it with your network! Let’s create more owners and entrepreneurs. Have questions? Text me at 888-414-8845, and I’ll point you in the right direction. Ready to begin? Let’s build your credit today! 🚀
Stay tuned for more tips, and don’t forget to subscribe to The Domino Effect for all your business funding and financial literacy needs! 💼 💡
FREE COURSES & TRAININGS!!
🔍Watch our YouTube Channel The Domino Effect - to LEARN⬇️🧏♀️ 🧠
Let's Get You Funded💰 👩🏻💻
5 Business Credit Mistakes That Cost You $50k
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! 🚀
NEED A LOAN? APPLY TODAY: https://dominofxgroup.com/get-started
SPEAK WITH AN ADVISOR: 📲 Funding Planning Session: https://plan.dominofxgroup.com/
📚Claim Your Business Credit Building Guide: https://financeguide.dominofxgroup.com/
FREE GUIDE: 12 credit lines and cards: https://12lines.dominofxgroup.com/12lines
Subscribe on LinkedIn to stay connected with the best resources to grow your business: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=718759297885977395
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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.
