At one time or another, a small business owner will find themselves at a crossroads in regards to their business and its future. When to trying to expand and grow your business, you will undoubtedly need capital to spur this growth. In most cases, the business owner will not have the capital lying around their managed office space, which means that they will need to take out a loan from a financial institution. One of the determining factors in successfully attaining a loan is having a great business credit score. The following are a few of the many factors that contribute to your business credit score.
Just like your personal credit score, your business credit score is based on your payment history with past and present creditors. The credit report will assess whether or not you have been on time with your payments and how long you have been making payments to your creditors. Just as long as you have made a conscious effort to pay all of your bills in a timely can complete manner, your credit report should reflect that. You should make sure that your payments are never late because these could severely damage your credit score and prohibit you from getting a loan for your business.
Past Credit Limits
Another important factor that is assessed when you are trying to obtain a loan is the past credit limits awarded to your company from other lending agencies. If you have a history of being awarded higher amounts of money and then paying them off in a rapid amount of time, then you have a better chance of getting the loan you are currently seeking. If your company has a very short credit history, then it may hurt your chances of getting a good loan rate.
If you are in need of a great managed office space, then look no further than World Wide Business Centres. We have great amenities that will help you be more productive and work far more efficiently than ever before.