Old Dnb Number & New Business
Old Dun & Bradstreet (DNB) Account - Should a New One Be Opened Before Seeking a Commercial Business Loan?
The answer to this question depends on a few factors and conditions, but the most important thing to remember when you are seeking a commercial business loan is that your small business can only have one DUNS number - not two. If your old DNB account was for the same incorporated small business that you are running today, you'll have to take measures to update it properly and keep it maintained. Dun & Bradstreet suggests you update your information at least once or twice a year to stay current, but you will probably want to update it more regularly, even as much as once per month to ensure that anyone who looks up your information has the most up-to-date, accurate information possible, and doesn't see outdated or missing information.
However, if you have an old DUNS number for a sole proprietorship or a different small business, you may want to acquire a new DUNS number for the small business, or incorporate your small business and get a new DUNS number in the business' name instead of your own. This will afford you a fresh start so that you can begin good updating practice from the very beginning and help to build your business credit the right way for obtaining a commercial business loan.
Checking to see if your small business already has a DUNS number, or applying for a new one, is a simple process. To check to see if you already have one, you must simply enter the name of your small business and the city and state the small business operates in. If you do not have a DUNS number, you may fill out an online application to obtain one at no cost to you. During the process, if you have any questions about Dun & Bradstreet, their website provides valuable resources, including phone numbers and FAQs to help you with the process.
Robbi Gunter is a staff writer for Strong Business Credit - a free educational web resource for small business owners needing business loans and business credit cards.
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