Banks rejecting SMEs for finance | Dynamic Business – Small Business Advice – Forums – Business Article

The challenge of securing bank finance is seeing a growing number of small and medium enterprises (SMEs) turn to online lenders. One in four SMEs have been knocked back for bank finance Among SMEs rejected by a bank, one in three have turned to family/friends or a credit card for funding Of those SMEs that have secured bank finance, 29% of SMEs have had their business negatively impacted by the time taken to organise funding One in four SMEs plan…

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6 Steps to Repair Small Business Credit – Business Article

Business credit works differently than personal credit, but is similar in that it reflects business’ financial responsibility. There are three major business credit reporting bureaus, and the potential credit scores for these organizations ranges from one to 100 and one to 300. These bureaus receive reports from your business credit card, business loan vendors or any other type of funding (similar to a personal credit report). However, not all vendors report payment history to credit reporting bureaus, and they may…

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The 5 Cs of Credit – Business Article

Running a small business inevitably has its challenges; from cash flow to market stability, almost nothing is guaranteed. Whether starting a new venture, expanding into new areas or replacing old equipment, funding can be necessary to simply stay afloat. The good thing is that loan applications generally look for the same criteria to determine how likely a business is to repay its loans with interest. This is where the 5 Cs of credit come in. Collectively, they are reliable and…

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