By Debbie Gregory.

Establishing business credit is an important step for any new business. Business credit allows a company to borrow money that can be used to purchase products or services.

Having a business credit history separate from a personal one minimizes the effect negative events on one might have on the other. For example, financial missteps that impact personal credit history and score wouldn’t impact the business credit if there is a clear separation, and vice versa. Setting up a separate legal entity, such as a limited liability company or corporation also provides protection of personal assets.

The first step is to structure your business as a separate legal entity.

Next, obtain a federal tax identification number (EIN). The EIN is basically a social security number for a business.

Open a business checking account in the legal business name. Once open, be sure to pay the financial transactions of the business from that account. Apply for and use a business credit card, and be sure to pay the credit card bill from your business checking account.

Open a business credit file with all three business reporting agencies: Experian, Equifax and TransUnion. It’s important to closely monitor your business credit reports and scores on a regular basis to ensure the information reporting is accurate and up to date.

Establish a line of credit with vendors or suppliers. Work with at least five vendors and/or suppliers to create credit for your company to use when purchasing with them. Ask them to report your payment history to the credit reporting agencies.

Most importantly, be sure to pay your bills on time. Just like with your personal credit, late payments will negatively impact your business credit.

By establishing business credit; banks, lenders, suppliers, retailers, insurers and investors will now be able to better access the viability and creditworthiness of your business. Ultimately, your business credit report will impact the amount of credit, payment terms, interest rates and insurance premiums your business will pay.

American Heroes Network host Gary Ray and his co-host, Lt. Col Bill Forbes, sat down with VAMBOA’s Debbie Gregory to tap into the wealth of resources and information she has acquired over the years.

As the daughter of a disabled veteran and the former CEO of one of the most comprehensive online directories for military and veterans, Ms. Gregory has always considered it an honor to serve those who have donned our nation’s uniform. Recognizing that veterans have the skills and drive to become successful entrepreneurs, Gregory founded VAMBOA, a 501(c)6 non-profit trade association, to connect veteran and military business owners with the corporations seeking to do business with them.

“My goal is to show our members the advantages of looking beyond government contracts to the opportunities that working with corporations provide,” said Gregory. “These corporations are looking to fulfill their supplier diversity requirements, and veterans are a diverse network of suppliers on many levels.

VAMBOA does not charge members fees for membership and is supported through corporate sponsorships.

Gregory is also proud of her continuing contributions as a board member and producer of “America Salutes You – Guitar Legends II”. The annual concert raises awareness for those who serve, including first responders , and raises funds for some of the excellent non-profits that support them.

This year’s concert will take place December 2nd at the Novo Theater in Los Angeles. There is an incredible line up of talent. Those wishing to either purchase tickets or donate should go to the web site at http://www.americasalutesyou.org.

Ms. Gregory also serves in the DoD volunteer position of Director of Employer Engagement for California‘s Employer Support of the Guard and Reserve (ESGR).

The interview can be heard at: https://www.voiceamerica.com/episode/110372/vamboa#

About VAMBOA
With over 7,200 members and more than 300,000 fans and followers on social media, the Veterans and Military Business Owners Association (VAMBOA) is fast becoming the “Go To” association for veteran and military business owners. VAMBOA is a non-profit 501(c) 6 trade association that connects members with top corporations seeking a diverse network of suppliers.

About American Heroes Network Radio
American Heroes Network Radio provides support to our nation’s heroes by helping veterans and their families rebuild their lives. They assist veterans with employment, housing, and additional resources and information. American Heroes Network Radio also provides scholarships for families of our fallen heroes. American Heroes Network Radio airs every Tuesday at 11am EST on the VoiceAmerica Variety Channel.

About America Salutes You
America Salutes You is a 501c3 organization created to express our national gratitude to our service members, veterans and their families through an annual nationally broadcasted benefit concert that raises funds for a range of highly rated charities. One hundred percent of all money raised are granted to nonprofit organizations with programs that provide services to our troops, veterans and their families.

By Debbie Gregory.

The Employer Support of the Guard and Reserve (ESGR), a Department of Defense office, has opened nominations for the 2019 Secretary of Defense Freedom Award, commonly referred to as the “Freedom Award.”

The Freedom Award is the highest Department of Defense award given to a civilian employer for exceptional support of Guard and Reserve service members. The award was instituted in 1996 by then Secretary of Defense William Perry, and has since presented the honor to hundreds of recipients.

Almost half of the U.S. military is made up of National Guard and Reserve members, many of whom also hold jobs with civilian employers. The Secretary of Defense Employer Support Freedom Award is the highest recognition given by the U.S. Government to employers for their support of their employees who serve in the Guard and Reserve.

Nominations must come from a Guard or Reserve member who is employed by the organization they are nominating, or from a family member. ESGR accepts nominations for employers in all 50 states, Guam-CNMI, Puerto Rico, the U.S. Virgin Islands and the District of Columbia.

Fifteen awards are presented in three categories – large (500 or more employees), small (fewer than 500 employees), and public sector.

National Guardsmen and Reservists nominated 2,350 employers for the Freedom Award in 2018. The winners were: Amazon, Seattle, Washington; AME Swiss Machining LLC, Ligonier, Indiana; ArgenTech Solutions, Inc., Newmarket, New Hampshire; Big Sky Advisors, St. Louis, Missouri; Crystal Group Inc., Hiawatha, Iowa; Duke Energy, Charlotte, North Carolina; Dunlap Police Department, Dunlap, Tennessee; FMI Corporation, Raleigh, North Carolina; Greencastle Associates Consulting, LLC, Malvern, Pennsylvania; Minnesota Department of Transportation, St. Paul, Minnesota; Slippery Rock University of Pennsylvania, Slippery Rock, Pennsylvania; South Charleston Police Department, South Charleston, West Virginia; Texas Department of Insurance, Austin, Texas; Werner Enterprises, Inc., Omaha, Nebraska; and Wicomico County Sheriff’s Office, Salisbury, Maryland.

A national selection board comprised of senior Defense officials and business leaders select the award recipients.

If you have a “top boss” and would like to nominate him or her, you can do so by clicking here from now through December 31st.

By Debbie Gregory.

HIRE Vets Medallion Program Demonstration Award shines a light on the employers who hire our nation’s veterans. Many veteran business owners fall into that category.

The program is set to kick off in 2019 and utilizes the requirements and criteria of the Honoring Investments in Recruiting and Employing American Military Veterans Act of 2017 (HIRE Vets Act) to determine the recipients.

The program will recognize large employers (500-plus employees), medium employers (51-499 employees), and small employers (50 or fewer employees). Additionally, there are two award tiers: Gold and Platinum.

The demonstration will use the same criteria as the full HIRE Vets Medallion Program and enable more employers to prepare to successfully complete the medallion award application for the full implementation of the program in 2019.

The criteria for most of the awards are based upon the following measures:
1. Percentage of new hires during the previous year that are veterans;
2. Percentage of veteran employees retained for a period of at least 12 months;
3. Percentage of employees who are veterans;
4. Provision of an employee veteran organization or resource group to assist new veteran employees with integration, including coaching and mentoring;
5. Provision of programs to enhance the leadership skills of veteran employees during their employment;
6. Employment of a dedicated human resources professional or initiatives to support hiring, training, and retention of veteran employees;
7. Provision of compensation, to employees serving on active duty in the United States National Guard or Reserve, that is sufficient, in combination with the employee’s active duty pay, to achieve a combined level of income commensurate with the employee’s salary prior to undertaking active duty;
8. Provision of a tuition assistance program to support veteran employees’ attendance in postsecondary education during the term of their employment; and
9. Employer with an adverse labor law decision, stipulated agreement, contract debarment, or contract termination, as defined in the rule, pursuant to either of the following labor laws will not be eligible to receive an Award: Uniform Services Employment and Reemployment Rights Act (USERRA); or Vietnam Era Veterans’ Readjustment Assistance Act (VEVRAA).

“Military service develops leadership skills, technical expertise, and problem-solving capabilities — all in demand by America’s companies,” said U.S. Secretary of Labor Alexander Acosta. “The HIRE Vets Medallion Program provides a tremendous opportunity for employers to recruit talented veterans and demonstrate support for those who have sacrificed so much for their country.”