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I don’t think there’s any secret that it’s tough for Main Street business owners to get the financing they need to grow and operate profitable businesses. Most lenders (even non-traditional lenders) look at some of the same things—they might just weight their importance differently. Before you go into the bank, you’ll want to know where you stand with these four very important metric:
Credit score is #1 for a number of reasons. It’s the most important metric and is the cause of most rejections. Although there is hope for business owners with less than stellar credit, those options come with a cost. What’s more, on Main Street, most bankers are just as interested in your personal credit rating as they are in your business rating (sometimes even more). With that in mind, here are a few pointers Liz Weston shares on MSN Money.
With that in mind, here are a few suggestions to increase your score:
Depending on how bad your score looks today, you might need to invest some time—but there is hope. Just remember, your credit score is the first thing any lender will look at before they offer you a small business loan. Hopefully some of these tips will help you resuscitate a bad credit score.
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Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.
Small Business Tools
7 min read • Aug 12, 2022