If you require an influx of capital for your business, a business loan can be a good option. However, if your business doesn’t have many assets, you’ll have to qualify for an unsecured loan, which is much more difficult than qualifying for a secured loan backed by property. Instead of collateral, unsecured loans use a…
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Using a Home Equity Loan to Finance Your Business
Taking out a home equity loan (HEL) to finance your business is easier than getting traditional startup business loans. Individuals with equity in their home and strong personal credit can use a home equity loan for large one-time expenditures or other capital influx needs in the business. If you are considering using a home equity…
Business Loan Cosigner: When Should You Use One?
When taking out a business loan, a cosigner is a person who is willing to give the lender a personal guarantee to repay the loan in full. This increases your chances of getting an approval because the business loan cosigner becomes 100% liable for the loan in the event that you fail to make payments….
FICO SBSS: A Quick Guide With Everything You Need
The FICO LiquidCredit Small Business Scoring Service (SBSS) is the business version of the well-known consumer FICO credit score. The FICO SBSS score ranges from 0 to 300 and assesses your company’s ability to repay debt obligations. It’s an essential part of your business because it’s used by lenders and other interested parties to evaluate…
DUNS Number: What It Is & How to Get Yours
The DUNS Number is a numeric company identifier used to create and access your business credit report with Dun & Bradstreet (D&B). D&B is the most widely used business credit reporting agency, so it’s essential to understand how to get a DUNS Number if your business doesn’t already have one. Thankfully, you can request your…
Average Credit Card Debt Statistics In the US
The average American holds four credit cards, which isn’t surprising because credit cards are a handy way to finance purchases big and small—from groceries to big-ticket gadgets. However, far too often, Americans can’t afford their balances, miss payments, or get hit with interest charges. This results in these eight surprising average credit card debt statistics…
What Is Creditworthiness?
Creditworthiness is a measurement that banks and credit card issuers use to deem you worthy of credit based on financial markers. These markers can vary by company but are usually based on your income, credit score, assets, payment history, credit accounts, and credit utilization. Your creditworthiness is key to securing financial assets, so it’s in…
How to Build Business Credit in 6 Steps
A business credit score is an indicator of your business’s creditworthiness, which lenders and creditors use to determine your risk as a potential borrower. Scores typically range from 0 to 100 and are measured by the major business credit bureaus: Dun & Bradstreet, Equifax, and Experian. A good score can be the ticket to a…
5 Best Professional Loan Options for Your Business
Business professionals like certified public accountants (CPAs) and consultants bill their clients hourly or by project. While waiting for payment, working capital can be scarce. Professional loans offer financing for short-term expenses and long-term projects. The best professional business loans offer quick funding, long repayment terms, and easy to meet qualifications. Top 5 Professional Business…
Home Care Loans: Costs, Terms & Requirements
A home healthcare loan can help small businesses fund a territory expansion, new business acquisition, or finance immediate working capital needs. Because of the speed of growth in the home healthcare industry, the best home healthcare business funding options are quick and inexpensive. These loans can help you get quick access to growth capital. Best…
Retail Business Loans: Costs, Terms & Requirements
Retailers often get financing to grow their business or to purchase inventory and ramp up for busy times of the year. Retail business loans come in various forms, such as a short-term business loan that can be used to cover expenses in preparation for the busy season, or a Small Business Administration (SBA) loan to…
Business Credit Scores Ultimate Guide
Business credit scores are numerical ratings that use past financial performance to predict future company behavior. Created by Dun & Bradstreet (D&B), Experian, Equifax, and FICO Small Business Scoring System (SBSS), these scores highlight your company’s ability to responsibly manage business debt to lenders, creditors, and potential partners. Although business scores vary across credit reporting…