Access to Capital

The Five Main Credit Scoring Factors

Your credit score is an important part of your loan application. But it takes more than on-time payments to build a good credit score. Five factors help explain how credit agencies evaluate the information in your credit reports when calculating your personal credit score. The better your score on each of these factors, the higher your overall credit score. These five main factors include:

BUSINESS OWNERS: BEWARE OF CORONAVIRUS LOAN RELIEF FRAUD

This blog originally appeared on the blog of our partner CDC Small Business Finance 

As a small business owner, we know you need relief and you want it fast. We urge you to be diligent when getting an emergency loan. It’s critical to know how to not fall victim to scams and fraud.

“Fraudsters have already begun targeting small business owners during these economically difficult times,” according to the SBA, which warned owners in particular of grant and loan fraud and phishing schemes.

Tips: How To Face The Impact Of The Coronavirus On Your Small Business

This post originally appeared on the blog of CDC Small Business Finance

CDC Small Business Finance understands the profound impact of the Coronavirus on small businesses everywhere. The challenge may seem overwhelming, but we have concrete steps for small business owners to take as they face it. 

Our Business Advisers have prepared their top tips for businesses impacted by COVID-19. 

We urge you – these tips are important to address immediately and continually over the next 30 to 60+ days.

Celebrating black entrepreneurship with resources and tips from small business experts

This post originally appeared on the blog of Small Business Majority.

In celebration of Black History Month, we hosted a Twitter chat during which we asked partners like Accion, CAMEO, Working Solutions, Illinois SBDC and Main Street Launch to share resources and advice with black small business owners and entrepreneurs. 

SBA loan sets table for African-American restaurateur to get bank loan and expand

This post originally appeared on the blog of CDC Small Business Finance

When Georgia’s restaurant opened in Anaheim’s historic Packing House in 2016, co-owners Gretchen Shoemaker and Marlon Machado conservatively projected first-year sales to be between $250,000 and $500,000. By the fifth month of serving their version of “soul delicious” food to thousands of patrons, they hit $1 million.

Introducing Venturize

Venturize is a free online resource hub for small business owners who need help accessing tools and resources to grow their businesses. Managed by nonprofit organization Small Business Majority, Venturize offers unbiased education and resources about small business loans, retirement and healthcare options to empower entrepreneurs to make the best financial decisions for their business.

Resources and more for veteran small business owners

Did you know there are more than 2.5 million veteran-owned businesses in the U.S? Our nation’s veterans are hard-working, resilient and resourceful, making them specially equipped for entrepreneurship. However, they can often face significant obstacles when it comes to accessing capital and business networks. If this sounds familiar to you, you’ve come to the right place. In honor of National Veterans Small Business Week, we’re sharing some of our favorite stories of successful veteran entrepreneurs and resources that can help you start and grow a veteran-owned business. 

Predatory lending cripples business half a lifetime in the making

While many 13-year-olds dream of becoming firefighters or football players, 13-year-old Johnathon Bush not only dreamed of being an entrepreneur but was already becoming one. While growing up in Toledo, Ohio, he realized the only way he could make money at a young age was through entrepreneurship, so he started baking cookies and selling them to friends and family. But, his bake sales evolved into something bigger than his middle school self could have expected. 

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