Halloween infographic header

Take the Fright Out of Getting Funded

1 min read • Oct 29, 2019 • Mary Kate Miller

We know that seeking business financing can be full of surprises. In the Halloween Spirit, we’re taking a tour through the Business Financing House of Horrors to give business owners an idea of what hiccups to expect from the financing process with some spooky stats from the 2019 Federal Reserve Small Business Credit Survey

Lenders consider 3 main factors when you apply for a business loan: time in business, revenue, and credit score. Both the business owner and the business have their own credit scores, but 85% of borrowers rely on the business owner’s personal credit score.

Banks approve only 26% of borrowers. This scary fact adds to the financial challenges many business owners faced in the past year. Talk about hocus pocus!

 

Small business loans stats infographic

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Mary Kate Miller

Mary Kate Miller is a writer based in Chicago, IL. She specializes in covering finance (personal and business), investing, and real estate. Her mission in life is to give readers the confidence and the knowledge needed to grow their wealth by making financial topics more accessible. When she's not writing about topics like business loans, you can find her playing armchair financial advisor to the Real Housewives.