How Your Phone Number Can Get You Denied2

Bank credit is the full amount of borrowing capacity which a small business can get from the banking system only.

A bank credit rating is the average minimum balance a company maintains in a business bank account over a three month long period.

There are several ways to get a denial when you want a business loan.

Your business bank accounts must be reported exactly the same way all of your business records are. And they would also have to be with the exact same physical address and phone number.

Keep your records consistent. Copy and paste whatever you can. Do not chance it by retyping. And as for your location, if you do not want or need a physical office, go with a virtual one. We particularly like Regus, DaVinci and Alliance.

Can’t find any virtual office space nearby or within your budget? Then talk to other area business owners. And find out who they work with.

You’ll get a denial if you don’t keep consistent, congruent records. Make sure that every credit agency and trade credit vendor, every record keeper, lists the business name and address the exact same way. These include record keepers for financial records, income tax, web addresses and e-mail addresses, directory assistance, etc. No lender is going to stop to consider all of the ways that a business might be listed. That will not happen when they look into the business’ creditworthiness.

Therefore, if they are unable to find what they need easily, they will just deny the application. Or your carefully cultivated credit won’t report to the business credit reporting agencies.

Keep your records as consistent as possible.

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