What’s a Good Credit Score for a Small Business Loan?

Do you know what your business credit score is? No, not your personal score – your business score. Unfortunately, many small business owners are not aware of the importance of building their business credit score. Even if you do not anticipate the need to borrow money for your small business, it is still important to start building your business credit score now. “More than half of small businesses have not built a business credit score. And when you go to borrow, that can really hurt you in terms of what you can get.” Unlike personal credit scores which are calculated in a uniform manner, each business credit score has a different range and uses different criteria. Business credit scores can be used to decide how safe it is to extend credit to customers or check the stability of vendors. Here are some guidelines for a good credit score for the above types: To qualify for a business loan, most lenders require a minimum 550+ personal credit score.