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Credit History

One of the biggest barriers that prevent minority business owners from accessing capital is poor or little credit history. Credit history is a major reason why minority businesses' loan applications are denied. Here are some tips to help improve your credit score.



Review Credit Reports

Reviewing credit reports allows you to view your credit score and identify what is impeding its growth. Understanding what factors affect your credit score can tell you what you need to do to improve it.


Dispute Any Errors Found on Your Credit Report

Any negative information on your credit report can ruin your chances of getting approved for a loan. If you see an issue that might hurt your credit score, dispute it immediately so it can be fixed.


Build a Good Relationship with Vendors & Suppliers

If you already work with vendors and suppliers in your business, establish a good relationship with them. They will be more inclined to make positive reports regarding your payments on your credit report.


Apply For Loans Within a Short Period

Making too many loans at once indicates that you may be taking out credit that you will not be able to pay. However, applying for a few loans of the same type in a short period reduces the negative effects on your credit score.


Make Payments to the Best of Your Ability

Paying off your credit balances on time can help to improve your credit score. It shows that you are able to repay debts and it helps you manage bills so they do not build up.


Register for an EIN 

Registering for an employer identification number can help you establish a business credit history. It also allows you to keep your business and personal finances separate. This can help you manage your credit score more efficiently.

Step Up For All

Our website is dedicated to making entrepreneurship and opportunities  accessible to all underrepresented businesses.


Phone: 203-252-1280

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