Depending upon where you apply, your business credit profile, and other factors, it might be difficult to get a loan approval.
There is some confusion about whether or not every small business has a credit profile (in addition to a personal credit score.) If your business is a registered business, including sole proprietorships, along with your personal credit score, your business will have a business credit profile.
Some challenges will put stress on your business — and yourself — more than others, and bouncing back after such a challenge can be crucial in your long-term recovery.
Every small business needs internal financial controls to help ensure its money is properly managed. Read more
Although your business credit profile and your personal credit score are very different, and even express different information about you and your business, they both impact your ability to qualify for loan and the options available to your business.
With a range of financial institutions vying for your business, from small and big banks to credit unions and online lenders, there’s no reason to stay in an unsatisfactory banking relationship.