Category: Business Credit

10 Small Business Loan Requirements (You Should Be Prepared For)

10 Small Business Loan Requirements (You Should Be Prepared For)

If you’re not sure how to get approved for financing options like small business loans, lines of credit, or even business credit cards, you’re far from alone.  In the Federal Reserve’s 2023 Small Business Credit Survey of non-employer firms, only 29% of business owners said they applied for financing in their first two years in business. Seventy-six percent reported using personal funds in response to financial challenges.  Once you understand what lenders are looking for, you’re in a better position… Read More
How Banks Assess Credit Risk in 2024

How Banks Assess Credit Risk in 2024

When your business needs financing, you'll find that some of the best options require the most documentation. Why? It all comes down to credit risk. Banks and other financial institutions need to gauge the risk associated with lending to your small business.  Understand how lenders approach credit risk, and your business can improve its qualifications. What is Credit Risk? The term “credit risk” evaluates the risk of default; in other words, it tries to predict the possibility of losing money… Read More
Business Credit Score vs. FICO Score

Business Credit Score vs. FICO Score

When it comes to credit scores, many of us think of FICO scores first. FICO creates the formulas that are behind billions of credit scores used by lenders, insurers and other businesses.  Most of FICO’s credit scores are used to evaluate personal finances, not businesses, though there is an exception we’ll talk about in a moment.  Business credit scores are credit scores created to evaluate small businesses, instead of consumers. Business credit scores are used to help business owners qualify… Read More
How To Freeze Your Personal Credit (And What It Means for Your Business)

How To Freeze Your Personal Credit (And What It Means for Your Business)

Jump to SectionShareFacebookLinkedInTwitterShare LinkWhy Should I Freeze My Credit? Or Not?Can I Freeze My Business Credit Too? Should I?What Happens When I Freeze My Credit?Can I Continue Operating My Business With Frozen Credit?How to Freeze Your CreditCheck If Your Data Is BreachedIs There a Cost to Freeze Credit?Can I Monitor My Credit With a Credit Freeze?Can I Build Credit When It’s Frozen?How Nav Can Help Consumer data broker National Public Data acknowledged a data breach that may have exposed the… Read More
How to Improve Your Business Credit Score

How to Improve Your Business Credit Score

Building business credit has paid off for Coleman's A/C Heating & Appliance Repair. “(Our) credit scores allowed us to secure a loan, which we used to expand our operations and add a company vehicle,” says April Coleman, vice president of the Jackson, MS-based business, which specializes in the repair, maintenance, and installation of air conditioning, heating systems, and household appliances. How did they do it?  “To improve our business credit scores, we first signed up for a credit monitoring app… Read More
How To Organize Your Small Business Finances

How To Organize Your Small Business Finances

Organizing your business finances can be a challenge, whether you’re a new small business owner just starting out or growing your business.  When Rosie Ferrero started her ecommerce business, Roupa Fashions, a boutique that curates designs and styles from around the world, she did something smart: she opened and used a business bank account. But she found that keeping all her money in one business account didn’t give her the insights she needed to make informed decisions about her finances. … Read More