When it comes time to qualify for a business loan, your credit score is one of the top factors that lenders consider. We answer several frequently asked questions (FAQ) about your credit score for a business loan, below.
What is Considered a Good Credit Score?
A good personal score to get a business loan is 720 and above. A good business credit score is 80 or above.
Keep in mind, the various credit bureaus may have different scoring systems. Every lender chooses its own standards. So there may be variations in scoring levels. However, the 2020 Small Business Credit Survey (p. 12) by the U.S. Federal Reserve Banks lays out the general rule for the small business lending industry: