Parminder Kaur, Financial Center Manager at Fifth Third Bank, joined us today to discuss credit scores and how they can impact an entrepreneur’s ability to get a small business loan.
Credit is an agreement between the consumer and the credit agencies or lender, she said. A person’s credit ability is comprised of the ability to make payments on time, which builds trust with the lender.
For a small business loan, a lender typically asks for around two years of personal and business tax returns. Additionally, the business should exist for about 18 months to qualify, and present profit and loss statements.
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