There has been a lot of talk about how hard it is for small business owners to get funding, and perhaps you have experienced this firsthand for yourself. With a good business credit score, you have access to loans which opens up a world of possibilities, from updating equipment and technology to expanding into new product lines or locations. However the subject of business credit is also quite confusing, and it can be difficult to know if you are on the right track. Most of us don’t find out until we get accepted or denied for a loan – and if you are denied, creditors often do not tell you why which makes you wonder how and if you can improve your score to qualify for a loan in the future.
Fortunately, there are new services popping up to help small business owners, including new lenders and also educational resources. One such example is Nav, a site that provides both personal and business credit information for free, along with tools to manage and leverage credit to help grow a business.
Nav was co-founded by Levi King, an entrepreneur who left college at 21 to start his own manufacturing company, which he eventually sold. This was the first of four small businesses he started in totally different business verticals.
Along the way, Levi had his own struggles with understanding business credit and how to get a loan, but he taught himself the ins and outs and started Nav as a way to share his knowledge to help other small business owners succeed. On the website, you can get details about your personal and business credit score and tips on how to improve them. You can also find and apply for loans based on your credit score and needs.
Click to listen to the interview below to learn more about Levi and Nav, along with a discussion of why credit is important and tips for improving your business credit score.