Personal Credit

Personal Credit

Your credit score should be at least 740 to rate as a strong candidate for a SBA loan. That being said, if you are above 700 you will still be a good candidate for a SBA loan in most cases.
If you are below 700, then you need to figure out why.

The absolute minimum credit score for most banks when it comes to financing the purchase of a business is 650, but the probability is very low. If this is where your score sits I would highly recommend repairs before trying to borrow money to buy a large business.

The higher your credit score the better and so anything you can do to improve it will help you – especially to get over 700.

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