Preparing a Credit Report for your SBA Startup Loans
If you approach a lender, they may not place emphasis on you showing an impressive business record and personal credit score, the way they usually do with other small business loans.
However, your credit report still has a lot of importance in your startup credit card loan application. Note that one of the best ways to ensure your eligibility for an SBA startup loan is a good credit rating. Therefore, it is definitely worth the effort of trying and maintaining a healthy business and personal credit report.
Remember to run a thorough check of your credit reports before you submit them to the SBA. For this, you can access your credit report and score through the reporting bureaus. Ensure that all the information is correct. In case there are errors in the report, it could seriously affect your eligibility for the loan. It has been found that there is at least one error in every five submitted reports. Therefore, your vigilance to make sure that your credit score is accurate might make your hopes of qualifying for the loans bear fruit.