5 Simple Ways to Improve Your Credit Score and Help Your Business

There are easy steps to move from borderline to excellent

China's smartphone market fell 13.2 percent to a decade low in 2022 Song_about_summer/Shutterstock

By Mark Abell

Small business owners can significantly improve their chances of getting a loan approved by first taking steps to boost their personal credit score.

The biggest factors that any bank looks at when deciding whether to approve a loan are the 5 Cs of credit: capital, collateral, conditions, cash flow, and creditworthiness. For young companies, consultants operating as solo practitioners, and early-stage startups, that creditworthiness component leans heavily on the owner’s personal credit.