Tag: credit

It is a common situation: a business cannot qualify for a traditional small business loan so the owner takes out multiple personal loans or merchant cash advance loans with high interest rates. Pretty soon those “stacked” loans with expensive fees become oppressive and can threaten the health of the company. One possible way out is to reconsolidate all that debt. Reconsolidating debt means paying off all your smaller loans with a larger loan that has a lower interest rate. While small businesses […]

The U.S. Department of Agriculture announced earlier this month plans to extend loan help to even more small business farmers, most notably by increasing the loan limits on its microloan program. Farmers with small to medium sized operations will now be able to apply for microloans up to $50,000, a $15,000 increase from the current limit. Microloans are small amount loans typically made to underserved populations, especially those that have a hard time obtaining financing with traditional lenders […]

Running a small business after bankruptcy can be difficult, especially because it can stay on your credit history for as long as seven to ten years. Just because you had a bankruptcy doesn’t mean getting a bank loan is out of the question though. With a few extra preparations, you can overcome that financial blemish and keep your business flowing with funds. Address the Elephant in the Room It can be embarrassing to air out your fiscal dirty laundry with strangers, but being up front about […]

Just like with a residential mortgage, obtaining a loan for a commercial property requires that you meet certain minimum financial requirements. Some of the most common qualifications for a commercial mortgage include good business or personal credit, an adequate loan-to-value ratio and sufficient borrower income. Credit Commercial lenders will use your credit score to judge how trustworthy you will be as a borrower, how likely you are to repay their loan. The minimum credit score that each […]