Your business idea first begins with a dream, and then extends to a passion. The passion to do what you love leads you to need financial assistance. Having the means to expand on your passion will bring hope to your livelihood. Does your personal credit affect your chances of getting a loan to begin the business of your dreams? We will explore this question.

All lenders, especially local banks, will do a thorough check of your personal credit history. It most likely will affect your chances of receiving or being declined for a business loan.

You can increase your chances of receiving approval for a business loan by paying close attention to the following personal credit factors: