If you’re a business owner with a low personal credit score, it’s important to investigate what caused your low score before applying for a business loan. Know that good lenders won’t base your loan eligibility solely on your credit score. Instead, they’ll want to know the story behind it.
As an example, a Valley Bank customer recently applied for a business loan, not realizing his medical office sent him to collections for an outstanding $45 medical payment. Since we heard his story and saw he had good personal credit history overall, it didn’t impact his chance of getting a loan.
– Ryan Radigan, Valley Bank