Daily Tip: Your individual credit score impacts your chances of getting a business loan!


Does your personal credit score impact a lender’s decision to offer you a business loan? Yes, it does! 

A lender will check your personal credit score, in addition to your business credit report, when they’re deciding to lend to your business. 

Your business and personal credit histories can affect:

  • Whether or not you get approved for a business loan
  • Your options for terms and payment schedules
  • The interest rate on your loan
  • The total amount of financing that lenders are willing to provide

Why is your personal credit score important when you apply for a business loan?

If you’re a first-time borrower, your business is relatively young, or your business has a low credit score, lenders will check your personal credit history before deciding to lend to you. This helps them gauge how trustworthy of a borrower you are and whether or not you will be able to repay the loan they give you.

Learn more about why your personal credit score matters.

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