The last thing you should be thinking about when you are getting ready to ask for a loan is if your business fundability is strong. That is something you should check out long before you walk into a lender's office. Unfortunately, too many business owners are afraid to ask. They feel that not knowing is not as painful. That may be true until you walk into that office for a loan and have a lender look at you with a disapproving look.
Know Your Business
Knowing where your business credit stands, and if you have the proper business fundability to get a loan puts you in control. You can take the right steps to improve areas that are not strong when needed, or if your business credit is stellar, walk into a lender's office with confidence.
It doesn't have to cost money to find out what your business fundability is. You can get business funding information from The Business Fundability Test and also find many helpful tips for improving your business fundability.
Another very helpful website for a free business credit assessment is the Small Business Association. They are in the business of helping small businesses like yours get their credit in order and making sure you have everything you need to get a business loan.
For more information on not only what funding you currently wualify for, but also how to build your business credit take a look at Business Fundability. Business Fundability has a lot of information on creating better credit, how to find money for your business and strengthen your credibility.
All of the major business credit associations can provide you with an overview of your credit. Just like with your personal credit, it is important to check on each of them. No one credit reporting agency has all of the information on your company. Experian Business, Equifax Business and Business Credit USA are all important checkpoints along with the major reporting service at Dun & Bradstreet.
Business Credit Number Shock
New business owners are often shocked when they first view their business credit rating at any of the above companies. To avoid going into convulsions and thinking your business career is over, remember that business credit is scored on a 0 to 100 scale, not the 300 to 850 that personal credit ratings use. A business credit score of 75 or more is excellent.
Business Credit Asset, Business Funding Programs