CEO vs Owner: The Business Funding Secret You Need To Know/CJ Moneyway Show ft. Herman Dolce

So let me ask you, uh, Herman, man, what's one mistake people make when trying to get business funds?

The one mistake that they do— there's a couple, but I'll talk about the main one. The main one, because you have to think like banks do. Let's assume for business funding, you guys understand that you have to have an LLC, you have to have that piece of paper. You're getting the funding in your business's name, not your personal name, right? So there's Herman Dulce and then there's Belozone Enterprises. I go to American Express, Chase, I'm like, hey, I need money in my business name because that, that credit card, that debt doesn't show up on my credit report. So, you know, on your personal side, you max out the credit card, your score drops. Not on the business side, it doesn't drop because they can't see it, right? So when I'm applying for these business credit cards, they— there's one thing where people mess up. They say, oh, I'm the, um, owner of the business. They ask you, what are you? Me, I don't tell people that. I don't tell the banks that. I tell them I'm the CEO. I'll tell them I'm the president. I tell them I'm the vice president. Why? Because presidents, vice presidents, CEOs, they get a check every week. They get paid. Owners don't get paid. They get paid after everyone else. So you have to think like the banks do. They're like, oh, you're the owner? That means if the business don't make money, you don't make money, right? So you won't be able to pay the credit card debt off. But because me, I wrote CEO, president, vice president, they're like, oh, Herman most likely gets a check every week. So if something happens, he's able to pay the credit card payment. So that one little thing makes a difference in the amount of credit card limit that you do get.