Don’t forget to pay equal attention to your business and personal credit score!
If you’re a young business that is still building your credit history, lenders will review both your individual and business credit score and reports when making their decision to give you a business loan. In instances where there isn’t enough credit history to base their decision on, they will use your financial history and finances as a proxy for how creditworthy your business may be.
So, if you use a personal credit card or have any personal loans you’re paying off, remember to pay your bills on time, keep up with your EMI payments, and maintain a healthy minimum bank account balance even in your bank accounts.
Learn more about the impact your credit history has on your business’ creditworthiness.
If you’re a registered SME that has been operational for at least 2 years or more, CreditEnable can help get you the business financing you need when you need it.
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