Starting a small business can be overwhelming, especially when it comes to securing financing. If you live in certain states, you will find that getting a small business off the ground can be a hassle, to say the least. If, on the other hand, you are lucky enough to live in a small business-friendly state, you will have an easier time of things. If you are looking to launch your idea into a career, you will find it easiest to get a loan if you live in:
- New Jersey
- New York
- North Carolina
No matter where you live, keep this in mind: Your personal credit score matters. As the potential owner of a small business, you will need a credit score of at least 600 in order to secure financing from any lender. If your credit score and history are less than fair, you will want to take the time to build them before you begin applying for loans.
If you haven’t looked at your credit report in some time, do it now. Look for ways you can build your credit, if necessary. Applying for loans means a hard pull on your report. This will lower your score which can hurt if you aren’t approved, making it more difficult to get funded in the near future.
If you need help securing small business funding or want ideas on running your company more efficiently, reach out to our team. We offer a variety of small business services that you will find useful.