4 Ways The Right Small Business Loan Can Help With Bad Credit
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Making smart decisions with your small business loans can help improve your business credit score. It will also allow you to access more credit than your do with a personal loan. Learn the 4 ways a business loan can improve your bad credit by viewing our Slide Deck. If your business is currently held back by bad credit, you can change that with the right small business loan. Use these tips to make your business credit score a financial asset instead of a liability. Read the full article here: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit For more business tips view our blog: https://www.unitedcapitalsource.com/blog
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4 Ways The Right Small Business Loan Can Help With Bad Credit
- 2. YOU NEED CAPITAL TO EXPAND YOUR BUSINESS D&B's 2014 Economic Forecast showed that 22% of small business owners said increased access to capital would help them expand. In the 2016 forecast, that percentage is now 26% !ย ย ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit ย ย ย ย ย ย ย ย . ย
- 3. IMPLICATIONS OF BAD CREDIT Banks typically reject small business loan applications due to bad credit. ย Because business credit reports aren't con๏ฌdential, bad credit is also a threat to your business. Potential partners, vendors, and clients can check your business credit report to determine whether they want to do business with you. ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 4. LOOK FOR THE RIGHT LOAN PACKAGE FOR YOU, IT CAN TURN BAD CREDIT INTO GOOD CREDIT ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 5. UNDERSTAND PERSONAL VERSUS BUSINESS CREDIT SCORES Before deciding which loan package to take (and from whom), consider the impact on both your credit scores. There are four ways getting the right small business loan will help improve your bad credit rating. ย ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 6. #1. WHAT GOES INTO YOUR CREDIT REPORT Make sure your lender reports your loan and payments regularly to all the right business credit reporting agencies. ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 7. #2. A CHANCE TO CREATE A NEW PAYMENT HISTORY How reliable are you in paying your loan back. To create a new and improved payment history: โข Make payments on time โข Even better - make payments early Most reporting agencies wonโt give your business their top scores unless they see early payments consistently. ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 8. #3. KEEP YOUR CREDIT UTILIZATION LOW Business loans and business credit are different. Business credit = access to cash (think: credit card or line). Donโt keep it maxed out. Keep your balance under 30% (on a $50K credit card or line = a max of $15K). ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 9. #4. GET BETTER PAYMENT TERMS If you have mostly short payment terms (i.e. less than 30 days), this marks you as a risk. If your terms are 60- or 90- days, this shows great con๏ฌdence in you. (Standard terms and their length vary by industry.) A short-term business loan can help you reset, but only if you consistently make payments on time or early. Again, be sure your vendors report your new track record to the top 3 credit agencies. ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit
- 10. GOOD BUSINESS CREDIT IS GOOD BUSINESS Using small business loans wisely to improve your credit scores makes paying for money in the future much cheaper. This makes a good business credit score a ๏ฌnancial asset in its own right. If your business is currently held back by bad credit, you can change that with the right small business loan. ย ย ย ย ย ย ย ย . ย View the full article: https://www.unitedcapitalsource.com/blog/4-ways-the-right-small-business-loan-can-help-with-bad-credit