Whether you are planning to finally scratch your entrepreneurial itch or looking to expand a current company, securing capital is vital to starting and growing small businesses.
As we commence 2013, here are Five Financial New Year’s Resolutions for small business owners, as well as those who have resolved to start their own ventures this year. Following them could make obtaining financing easier.
No. 1: Improve your personal credit scores
Personal credit scores are important for business owners seeking capital. If you are looking to secure financing in 2013, understand that lenders will access your personal credit history from companies such as Equifax and D&B. Loan approvals are based on a combination of both personal and business credit history.
So if you are saddled with credit card debt, pay it down. While you are at it, see if you can get a more attractive rate. Paying off existing debts will considerably improve your chances of obtaining a small business loan. Also, if you have a vendor nagging you for invoices 90 or 120 days past due, pay up quickly and get the blemish off your record.