This week, we welcome another new face to the Loans 101 series: Head of Underwriting, Dominik St-Denis!
When it comes to small business lending, perhaps one of the biggest and most recurring sets of inquiries we get from new applicants centers on their personal credit score. As the blog has investigated in numerous past instances, credit score is a complicated part of the lending picture. Bigger banks will often refuse to lend to small businesses on the basis of a low credit score that may have been impacted by an unforeseen event in the borrower’s history: alternative lenders offer a more holistic approach to business funding appraisal, but still need to include the personal credit score of the business owners in their assessment in some capacity.
Take in the video below to get all the facts about your credit score – and how it doesn’t have to be an obstacle to finding the right funding solution for your small business!