Top Tips for Better Business Loans…
1. The 1:3:5 ratio.
The 1:3:5 ratio is what lenders look for in assessing business financing. That’s one bank loan, three business credit cards and five vendor lines of credit.
2. Credit history.
Lenders consider your company’s history starts when you open a corporate checking account, so open your account as soon as you can to get your credit history underway.
3. Credit gets credit.
Unsecured business loans are hard to get, however secured vendor credit lines are easier, as your vendor benefits from your company’s business.
4. Compliance checklists are used to determine creditworthiness.
This includes valid business address, separate business & personal accounts, verified phone numbers and proper incorporation.