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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Three Considerable factors for Faster SBA Loan Approval

The military veterans of USA can now avail the financial help through SBA through a veteran SBA loan. SBA has the resources to fund especially for veterans or service disabled veterans. Along with other loan programs like 7a loan program, it is also a famous loan program of SBA. SBA has recuited several many lending institutions and banks for this program.

SBA Loan- A Funding Source for Small Business from Smart Green thumbnail

SBA Loan- A Funding Source for Small Business

A working capital loan may be required either to bridge the gap of day to day expenses of the business or to purchase a equipment or for business debt refinance, for fund expansion or to meet payroll. For ongoing business expenses, the business owners may need the funds for their existing business, which they can get from SBA.


SBA Business Acquisition Loan Program

SBA business loans can be helpful for you to buy or purchase a business. There are a number of SBA business loans available like SBA 7a loan program or express loan The business acquisition loans are one of them, which is applied by small business owners to buy an existing and functional business.

For Profit and Not for Profit SBA Small Business Loan from Smart Green thumbnail

For Profit and Not for Profit SBA Small Business Loan

For any loan program, the borrower will have to follow a specific loan application procedure. Either you can check the on-line application criteria for that, or can visit the SBA website for reference. For applying the loan application review is also important. So submit a complete application when you apply for the business loan.

SBA Loan Application Procedure from Smart Green thumbnail

SBA Loan Application Procedure

When you will submit your loan application with the form, then it must have the document checklist and before submission loan application review is also recommended. Here for the SBA small business loan credit score is of much importance and you can check it online even. SBA prefers a loan application, having good credit score, so SBA loan credit score review application can be an organized way to get it quickly.

SBA 7(a) Loan Program For Small Business from Smart Green thumbnail

SBA 7(a) Loan Program For Small Business

SBA also ensures the loan repayment ability of the borrower, his business practice, his credit score and character and a significant business equity along with other factors. Maximum loan amount under SBA 7(a) loan program is $5 million. You may apply for SBA loan expand your existing business or to refinance your business.


Advantageous SBA 7(a) loan program

A small business owner may need cash flow for his business, and for this SBA has brought small business loan programs, with which they can renovate their existing business or purchase a new equipment for their business or add working capital into their business.