How important is getting a D-U-N-S number?

[chrysanthemum43]

As a single member LLC I'm curious it is overkill to get this? Other than small business loans are there more reasons to get it?

 

[sierra1412]

@chrysanthemum43 Not important at all to be honest.

Much like the BBB, it's a service with very little tangible value.

As a single member LLC, you will likely never benefit from having a DUNS number in any way.

If you grow to the point that you're doing 8 figures annually, and need to seek complex lending, maybe. But even then it's not that big of a deal.

 

[chrysanthemum43]

@sierra1412 Thanks for that advice. Am I correct in understanding that for small business loans DUNS is usually required?

 

[sierra1412]

@chrysanthemum43 No.

You don't need a DUNS number for anything.

As a small business, all you'll ever use for lending is your personal credit information, and the business' cash flow.

There are a TON of scam enterprises built upon convincing you that you can get SB lending without your personal credit, and they are all lies.

You can effectively ignore that DUNS even exists and it will never impact you in any way.

 

[chrysanthemum43]

@sierra1412 Thanks man much appreciated

 

[niguellox]

@chrysanthemum43 It takes some time to get issued and propagate to various business listing databases and such. It's free. My vote is to go for it just in case as it can make some silly little things just a tiny bit easier or more official looking depending on the business.

 

[chrysanthemum43]

@niguellox Another good point thanks.

 

[ckmervin]

@chrysanthemum43 You need a DUNS# if you want to do business with the US federal government. Possibly state govt too, but I don’t recall.

 

[chrysanthemum43]

@ckmervin Thanks man