Some entrepreneurs think the brilliant business idea is all they need to make it big. Unfortunately, there are some logistics that can keep even the greatest concepts from launching into successful businesses – like credit scores.
Buffalo’s Business Today reports that credit scores are a critical component of finding funding for business formation. In a slowly recovering climate, entrepreneurs must put themselves in a position to be attractive to lenders.
Dolores McCarley, president of the Resource Planning Associates, told the source a borrower’s credit score can be a major factor in loan decisions. She told entrepreneurs, “your personal credit is also your business credit. They are closely linked, inseparable.”
In order to improve their credit, the Clarion Ledger advises prospective business owners to take simple, financially responsible steps. Paying bills on time is essential to maintaining good credit, and it’s smart for businesspeople to do their homework on tightened credit standards at individual institutions where they might apply for loans.
Business owners may also benefit from seeking professional guidance on how to improve their credit scores to increase chances of securing loans. Entrepreneurs with companies of all business types can look to online incorporation service providers to see what they can do to improve credit scores.