Updated Oct 2018
When your business is eligible to apply for a renewal with OnDeck, we’re here to help you prepare. We’ve put together 5 things you can do to save time and make for a better renewal experience.
- Be in Good Standing with your Secretary of State
- Review your OnDeck payment history
- Evaluate changes in your cash flow
- Monitor your business credit
- Keep tax filings handy
You can call your dedicated account manager or OnDeck’s Small Business Credit Advisor team (email us) for any help you need in getting ready.
1. Be in Good Standing with your Secretary of State
Businesses must file an annual report with the Secretary of State’s Office. This proves that your business met compliance requirements and may conduct business in the state. When your filing is in order and you’ve paid all required fees, your business is “active” and in Good Standing. To check your entity status, visit your Secretary of State’s website to access its online report filing system. This is especially important if you’ve undergone changes to the corporation or LLC/LLP, business address, or DBA name.
2. Review your OnDeck payment history
Making on-time payments are a positive reflection of your credit profile. Too many missed payments can impact your renewal eligibility, so it’s important that you are up to date when you apply. Given that business owners may use several bank accounts at a time, it’s a good idea to track or set up alerts for your bank account on file with OnDeck. You may want to keep in contact with OnDeck’s Payment Support team, if needed.
3. Evaluate changes in your cash flow
Lenders want to understand your business’s cash flow and sales patterns – and so should you. Your current cash flow may differ from when you last applied, so carefully consider the timing of your next application. Keep in mind that OnDeck looks for at least 5 deposits to your bank account per month; for 3 months of bank statements, this means at least 15 deposits.
4. Monitor your business credit
OnDeck reports your on-time payments to major credit bureaus to help you build up a business credit profile. Good business credit shows lenders you are a credit-worthy customer. This distinction may increase your financing options in the future. You can check out your business credit profile with a service like our partner, Nav. OnDeck’s Small Business Credit Advisors can also provide you with one-on-one advice regarding business credit, Secretary of State, and general business questions.
5. Keep tax filings handy
Tax returns and extensions allows OnDeck to verify information like ownership percentage, financials, and Secretary of State. To speed up the application process, it’s helpful to keep a copy of your most recent return accessible.