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18. Maintain a Great Credit Score, 19. Resolve Any Tax Liens or Past Due Payments & 20. Build Relationships With Loan Officers : 26 Business Loan Application Tips

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18. Maintain a Great Credit Score

Steven Millstein, CFA & CFP, Credit Zeal

Although different lenders have varied credit score requirements, having a high personal credit score – ideally 700 – will significantly help with your loan application. Most lenders consider both your business and personal credit scores, so make sure you maintain a good score for both. Your credit score should be verified by the three major credit bureaus.

19. Resolve Any Tax Liens or Past Due Payments

Kamy Ahmed, Finance Expert, Sprout Lending

If you have open tax liens or more than 30 days of late payment, it can be more difficult for you to get approved for a business loan. Also, it might become a much longer process, as you may have to prove that you can manage your finances better. It’s best to set your credit record straight and have no issues with your taxes and other obligations to make your loan application less stressful.

20. Build Relationships With Loan Officers

Jesse Harrison, CEO, Employee Justice Legal Team

Good personal relationships with loan officers will go a long way. Sometimes the loan officers act like they are just the front-liners and they have no power to help you with your loan application. But once you build relationships with them using your people skills, you will find that these people have a lot of power and can mean the difference between rejection and acceptance.

fitsmallbusiness.com

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