Owner’s Corner: I have a 700+ score and I have been in business a few years – why can’t I obtain $150K or more in a line of credit or a business loan for my company?

• I have a 700+ score and I have been in business a few years – why can’t I obtain $150K or more in a line of credit or a business loan for my company?

Solution: Here is my advice and the precise steps you need will need to do. This is based on getting the money when it was declined previously or could not be obtained at the best rates and amounts.

1. Check all of your compliance issues. How does the loan processor or underwriter for the good loans make sure you are a real business? From the next step…
2. PULL YOUR BUSINESS CREDIT REPORTS, start with Experian at http://www.smartbusinessreports.com/ then pull your DNB and Equifax reports.
3. Is the addresses correct? Does it state that you have been in business more than 2 years? Does it have your revenue, employees, ARE YOU LISTED AS THE PRINCIPAL?, is it a LOW RISK SIC code? And ABOVE ALL is it clean from any issues and slow pays or liens whatsoever? (more…)