Business Credit Express is one of the new names in the small business credit report business. It is a program of financial counseling for owners and managers of small businesses who want to improve their cash flow. The Financial Counseling Australia website says this: “Informing yourself about your business's cash flow, assets and liabilities, and their individual effect on your business's financial position is fundamental to management. This type of analysis not only provides valuable information that will guide you in making strategic and operational decisions, but it can also help you identify areas where your business needs improvement.”
In fact, it is important to get the very best from your business credit express credit report. And the sooner you get started, the better. Your financial health is dependent upon the good management of both your cash flow and your credit history. One critical area that most businesses overlook is their credit rating. If you're like most of them, you probably have no idea what this means or how to get a handle on it.
If you don't know what your personal credit score is right now, the Financial Counseling Australia website provides this explanation: “Your personal credit score indicates how well lenders will view your capacity to borrow. Your FICO score, which is determined by combining your credit scores, indicates how likely lenders are to approve you for a small business loan. There are three credit scores in use for small businesses.” (Emphasis added.)
Most financial institutions are willing to work with small business owners. However, when it comes to getting approved for a business credit scores loan, it often turns out to be more difficult than many small business owners realize. That's because there are so many negative reports out there on business credit scores that lenders are reluctant to take the risk.
A few options for small business owners looking for a business credit scores loan include banks, mutual funds and credit unions. A mutual fund company can provide funding that is more attractive to small business owners with poor credit histories. However, many of these companies require high returns along with very aggressive terms. A prime example would be a two-year cash flow requirement. This is standard for most but not all mutual fund companies.
Credit unions have their own benefits, such as lower fees and a strong community presence. But they aren't as aggressive as mutual funds and can be less favorable for borrowers with poor credit histories. The Compass Bank website includes information about the firm's strong community involvement and history of helping clients improve their business finance. The firm does not have an adverse debt recovery history.
If you are looking for a small business credit scores loan through the Small Business Administration, you are going to need a cosigner who has excellent credit. A person who does not have credit or who has bad credit ratings may find it very difficult to obtain a loan from any lender. The SBA's criteria for . . . . . . lending is based on credit worthiness and ability to repay. An individual or company's credit rating is used to determine whether the business receives financing or not. An individual or company's credit rating is also used in employment applications for financial support from the government.
To apply for SBA business credit cards, you must meet the following criteria: meet all the income and expense requirements; own a legal business; not bankrupt or in default of the payments owed to creditors; and you must have an acceptable credit score. You can visit SBA's website to apply for credit scores that are based on your credit rating. In order to apply for a credit card, you must first apply online. Once approved, you will be required to complete application forms and to submit proof of your income and bank statements. Business credit cards are good for making purchases and advances that total $1000 or more each month.