Whether you’re seeking financing already, or expecting the need for future growth, it’s always a good idea to prepare your business for the often strict standards of a small business lender.
The best way to prepare is taking control over your business credit health. Every business has credit scores, as well as credit reports. Similar to your personal credit score, your business credit score serves as a financial grade of how worthy your business is of financing and trade credit.
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One such score is the FICO® SBSS℠ score. There’s not a whole lot of information about the FICO® SBSS℠ score online, but many lenders use this score to pre-qualify small businesses for financing, so it’s an important one to monitor.
The U.S. Small Business Administration even uses it to pre-screen their most popular loans!
Check the graphic below for what you should know about the FICO SBSS score.
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