Fifth Third Bank Financial Center Manager discusses credit and business loans
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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