To ensure you have a solid business line of credit, you’ll need to gain familiarity with the D-U-N-S number. Having a strong credit score can offer small business owners better terms with vendors, suppliers and lenders, which in turn will help the company’s bottom line. Having a solid business line of credit can help a small business in a time of crisis. In addition, 29 percent of small businesses failed because they ran out of capital. Just how important is a business credit score? According to Fundera, 43 percent of small businesses applied for a loan last year and 36 percent were denied at least some of the funding they requested because of their credit score. And your D-U-N-S number determines your creditworthiness. Just like your personal credit score, your business credit report is a way for potential lenders and vendors to gauge your financial reputation. But as an entrepreneur, you’ll need to get familiar with D-U-N-S number too, which has to do with your business credit. When it comes to credit scores, you’re probably familiar with the FICO® and VantageScore®.
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