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If you’re having trouble getting a loan for a small business, chances are you are having some difficulty with your credit score. Luckily there some quick and easy ways to fix an ailing Paydex number that are not too difficult to follow.
Business credit is easier than you think it is to repair. The first thing you need to do, of course, is go through your business and eliminate the redundancies. See what parts of the business are causing you to lose money and efficiency, and what parts are helping you expand. Do a thorough examination of each and see what you can do to help the profitability of your business. Your Paydex score, it should be noted, is based largely on your company’s profitability; show a good improvement in your quarterly statements, and you should see a quick improvement in your Paydex score, making it easier to go about getting a loan for a small business.
Start small. Getting a loan for a small business may be difficult at first, but the positive effects of repaying the loan in a timely fashion will rapidly open up the door to other, potentially more substantial loans. You may want to consider the SBA Microloan program, which has gotten some significant help from the Federal government as a result of the recent stimulus package. This can happen much faster than you think; you will probably see noticeable progress in your Paydex score in a few months with these simple strategies. Getting a loan for a small business is not meant to be a challenging tasks, and you can take some solace in the fact that many businesses in more difficult situations have been there before you have.