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AND received FOUR free Business eBooks worth $39.95!
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Everyone knows that having good credit is an essential factor in securing a small business loan, but what if you don’t have good credit?  How can it be repaired?  How can your small firm improve its credit profile to start getting the funding you need?  Start by pinpointing the cause of your less-than-perfect credit. There are specific steps that can be taken to remedy each problem.

1. Errors

Pull a copy of your credit report and examine it for errors. Maybe your low score is not entirely your fault. Having someone else’s accounts show up on your report is a possible mistake that could be pulling your score down.  Or if your financial troubles were many years ago, you should check to make sure things like bankruptcies older than 10 years have been removed. Cleaning up your credit report can make a significant difference if there are major errors.

2. Late Payments

Have you been so busy you haven’t been able to stay on top of making all your payments on time? If having enough cash on hand is not the problem, your best bet would be to set up as many of your business payments on an automatic schedule. That way it won’t matter how busy you get or how much you are traveling, your payments will be paid in a timely fashion, giving your credit score a healthy boost after several months.

3. Debt
This can be a tough one. If you have been racking up too much debt on credit cards, it gives the appearance that you are unable to manage your business’ finances. And no lender is going to want to invest capital into a money pit. If the accumulating debt is temporary, you may simply be able to wait until you can pay it down, but if you really are having struggles to keep your small company in working capital, you’ll have to make some long term strategy changes. Take a hard look at where your business can scale back until the debt is under control or you might even need to look at pulling out a home equity loan or asking family for loans.

There are plenty of ways to give your credit score a pick-me-up, but focusing on correcting these major three will help you get back into the credit shape that will make your business more attractive to banks.


Search for Small Business Loan Sources and receive your matched lender list
AND received FOUR free Business eBooks worth $39.95!
Search for Small Business Loan Sources