Your business depends on your personal credit and business credit. Your business credit report is accessed when you apply for SBA or a conforming commercial loan. Business owners should review their business credit report, if they are applying for business lending or commercial lending. Simply go to Experian Business and Dun and Bradstreet. If you are seeking large scale financing for your business, your business credit report will be used for your request, which is used to ensure the lender your company is stable and financially healthy.
2022 will be a year with many challenges for the business owner, such as:
- Inflated Energy Prices
- Stable Employees
What should a business owner do when we have these obstacles? First of all, you must stay strong and have monthly business strategies to overcome what is going on with the U.S Economy
- Consolidate business debt with Mezzanine financing or a short term business loan that will not affect your cash flow and reduce your monthly accounts payable
- Reduce overhead if necessary
- Review expenditures
Personal Credit Report for Business Financing
As a business owner, it is simple to monitor your personal credit. Simply go to Experian or MyFico to review your business lending score. A 680 lending score is a start for your large business lending or commercial lending request. If you opt into alternative business and commercial lending, a 625 or better with a higher interest rate and shorter terms.
For more information on how we can help business owners in Newport Beach CA, Corona del Mar and Laguna Beach, CA please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page.