Credit Score – A Must for Small Business SBA Loan

Credit Score – A Must for Small Business SBA Loan from Smart Green

By: Smart Green  11/07/2016
Keywords: Student Loans, Small Business Loans, business financing

SBA began using the credit score in June 2012 and since January 2014 it has been used in almost all SBA 7 (a) loan programs. Banks consider credit score as an important factor, to decide hat whether they must give a loan to the applicant or not. A good credit score can guarantee the fast loan processing and loan approval. How you, being a small business owner, handle your money is justified by your credit score. A poor credit score can show the inability to manage the business cash flow.
Credit score, which is considered by the banks are:
1 Business Credit Score
According to the USA SBA factors Business credit can go from 0 to 100, which is decided by your business credit history, bill pay cycle and available credit. A score 75 is considered as good by SBA or the lenders.
2 Personal Credit Score
Personal Credit Score is as much important as other factors and the 640 is considered as a good business score. Any score greater than this is usually considered as good. A score of 800 is considered as a good score.
When you apply for any business SBA loan credit score review is a must. It can help you in ensuring that you will get the business loan without any hassle. Every business owner must have a good credit history before applying a loan.

Keywords: business financing, Business Loan, Debt Financing, Debt Refinancing, Debt Restructuring, Small Business Loans, Student Loans

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