To run a business, having cash is a must. For many business owners, their wallets aren’t so deep, which means they’re looking at loans. When it comes to getting a business loan, the application examines your business plan, any assets and your business credit score. Gerri Detweiler explains that many small businesses often aren’t aware they even have a business credit report.
“There’s no requirement that anyone get your permission before they check your business credit,” she explains. “They don’t tell you if they are turning you down because of your credit, so most business owners don’t have a clue.”
Business loan providers, unlike those of consumer loans, aren’t required to provide free reports or disclose the APR. This results in small business owners getting duped into signing off on not-so-beneficial fine print.
In the latest episode of the “Winning on Main Street” podcast, we sit down with Detweiler, education director for Nav. She has been helping people find reliable answers to their credit and financing questions for over 20 years. Tune in as she shares the most common credit mistakes and how to avoid falling victim to them.
A Sneak Peek
Business owners should make sure that someone is keeping the books up to date on a monthly basis.
More of what you can expect to hear:
- Ways the newly passed stimulus bill will help small business owners.
- The need to embrace the significance of finance organization.
- The sudden rise of business identity theft and how to combat it.
About “Winning on Main Street”
“Winning on Main Street” isn’t your everyday business podcast. Learn how to run a small business in today’s evolving landscape.
In each episode, Gordon Henry brings together small business owners and industry experts to discuss the challenges of starting a business, keeping it running and how to get ahead.
About Gordon Henry
Thryv’s Chief Strategy Officer Gordon Henry hosts “Winning on Main Street.” Gordon is passionate about helping small businesses grow, modernize and thrive in today’s environment. Gordon has more than 25 years of experience in client acquisition strategies and marketing. He’s also a leader in enhancing company images through public relations, brand management and advertising.