Whilst it’s true, good individual credit rating is an essential metric small business loan providers used to assess a small business owners credit history, a less-than-perfect credit score does not rule away that loan supplied other metrics look good.
You have a handle on these four things before you start looking for loan, make sure:
1. What’s my individual credit rating?
Knowing your own personal credit history will allow you to avoid wasting time with lenders that are not likely to supply you financing. As an example, there could be some bankers who’ll dip below this threshold, if your credit that is personal score below 680, it is unlikely you’ll get that loan during the bank. And, even though the SBA will approve that loan application should your personal score is 650 or better, you’ll likely need significant collateral. Continue reading “Business Loans and Bad Credit?”