This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/03/30/how-startups-build-credit-worthiness-for-business-growth-funding/
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When you first stepped into the world of entrepreneurship, you probably knew that sooner or later you would need to apply for financial credit. Whether it’s a laptop for freelance consulting or a warehouse full of inventory, credit is part and parcel of any business, and it plays an even larger part in your business growth plans.
Yet it pays to approach the process carefully. Truth is, anyone can apply for business credit, but getting accepted is a lot harder than you might think.
A 2015 survey by business credit advisor Nav found that 1 in 5 small business owners had been turned down for business credit between 2010-2015, and 43% had been rejected more than once.
Unfortunately, the situation seems to be getting worse. According to Fundera, the number of small business owners who have been rejected for a bank loan now stands at 80%.
That’s a staggering number.
On top of that, Fundera reports that over the past two decades, small business loans have fallen from about half to under 30% of total bank loans. As a result, it’s increasingly difficult for small businesses to find banks willing to lend to them.
So why is it so difficult to get approved for business credit? More importantly, what can small business owners do about it?
First it’s important to understand what banks and lenders look for in a business before they decide to offer credit.
Typically this boils down to three key elements:
1. Cash flow: Lenders will examine your business as part of their due diligence. One of the main things they look for is healthy cash flow, as this is a strong indicator that you will be able to repay the loan to the agreed timescales.
2. Collateral: Should they need to recoup their costs, lenders require some form of coll… Read More
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