FICO Small Business Scoring Service
The SBA Loan Score.. Many have never heard of it but business owners need to know where their business stands, as the SBA requires that lenders use this score to pre-screen all 7(a) loans for $350,000 or less. If your score is less than 155, your application will have to go through a manual approval or worse- get denied
.
It's important to know the different attributes that will be a predictive indicator if your loan will be approved or not. Some of these factors will include:
Personal Credit History
Revolving Debt Burden
Business Credit History
Number of Years in Business
Product Type for which you are applying for
Personal Income & Debt
Personal Net Worth
The SBSS is calculated by FICO, the same company that calculates personal credit scores but its important to understand that they are not the same.