Are you loan ready?? No seriously, right now are you loan ready for business credit approvals??!
It’s shocking just how many business owners are not truly loan ready to get approved by a lender or investor right now!
The primary reason that most small businesses or even mid sized businesses are “denied” credit is because they were never loan ready from the jump-start.
Lenders have standard requirements that must be followed before business credit loans can be approved. Without guidelines lenders would not be able to provide credit on fairness. So essentially this is how they set rules for standard requirements. Which also levels the playing field by meeting standards to be loan ready.
What kind of business owners need business credit?
All business owners can use business credit!
How-to Be Loan Ready
It doesn’t matter if the business is a startup, retail, service, food or online company. Any business can benefit from access to credit!
Top Ten States Not Loan Ready For Business Credit
Nav’s State Business Credit Snapshot used business credit data from 15,500 of its small business customers to shine a light on which regions of the country are enjoying the benefits of strong business credit scores, as well as some surprising trends.
These are the states that Nav identified as having the lowest business credit scores:
Nebraska – 34
Montana – 37
West Virginia – 38
South Dakota – 39
Kansas – 40
Oklahoma – 40
New Mexico – 40
Indiana – 41
Tennessee – 41
South Carolina – 41
For business owners personal credit is almost always a primary reason a business is denied credit.
Best Business Credit Approvals
Top Ten States Loan Ready For Business Credit
These are the top ten states identified by Nav with the highest business credit scores. Congrats!
Vermont – 52
Nevada – 49
Iowa – 49
Alabama – 49
Oregon – 47
Utah – 46
Alaska – 46
Wisconsin – 46
Maine – 46
Michigan – 45
The best way to get approved for business credit is to be loan ready!
Start by pulling your free credit report.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to credit reporting companies.
Inspect you credit report among all three bureaus. If you find anything negative challenge the accuracy!!
All information being reported in your personal credit file must be 100% accurate down to every little detail!!
Learn more about how-to dispute negative information inside your credit report at Credit Disputer!
Are you ready to apply for business credit??
After pulling your free credit report from AnnualCreditReport.com
Next you want to find out how strong your scores are to be loan ready.
Visit CreditCheckTotal.com, this is the best source used by lenders and investors for determining personal credit scores for approvals.
Having scores 700 and above is a great starting place to be loan ready and obtain business credit.