Are you applying for a business loan? Perhaps you’re not aware of personal credit and business loan services. It comes with numerous differences that many people don’t know about. This blog will teach tips for applying for business loan services.
1. Business Credit
With Business Credit, agencies look at something different than they usually look at personal credit. Business credit is the opposite of personal credit, as you are rewarded if you keep using your credit cards. However, you must ensure that you pay all payments on time, without a history of past due or finance charges.
2. Obtain All Necessary Requirements
The first thing you need to do to have your business loan approved is to have all the needed requirements. You need to set up a business, so your business needs registration with the secretary of state. You will need an LLC, the S Corp or C Corp, and the EIN, professional number, and email.
3. Obtain a Checking Account
You should have a bank checking account, as this is so important. Some companies also set up to help you get a bank account that you can do straight from your computer.
4. Dun and Bradstreet Number
Having this number is completely free, and you don’t need to get it approved from different lenders because some don’t use Dun and Bradstreet numbers.