For businesses looking to take the next step forward, access to financing can be an essential component of their growth potential. However, Liberty says that many borrowers are unaware of business credit scores and how they can help them to secure a business loan.
According to a recent survey, less than 10% of Australian businesses have checked their score - despite being easily accessible online via credit reporting agencies like Equifax or Credit Simple.
According to Head of Communications Heidi Armstrong, a higher credit score can provide greater business loan options, so it's important to understand the score.
"Much like how a personal credit score can affect your individual borrowing capacity, a business credit score can impact your ability to secure a business loan."
"Scores range from 0 to 1200, with a higher number indicating a stronger credit score and a greater borrowing ability."
Providing an overview of a business's financial health, a credit score will include the business credit history, as well as any recent credit inquiries, previous loan defaults or missed payments.
If a score is on the lower end of the scale, Ms Armstrong says that there is still help available.
"At Liberty, we're used to supporting customers with complex credit histories and helping to provide creative solutions for those who think outside the box."
As one of Australia's leading non-bank lenders, Liberty provides a range of free-thinking business loans for businesses of all sizes, with flexible options tailored to their specific needs.
A Liberty Adviser can help businesses to explore Liberty's extensive range of business lending options and support them in finding the solution that best suits their needs.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial.
Contact
Heidi Armstrong
Group Manager - Consumer Communications
P: +61 3 8635 8888
E: mediaenquiries@liberty.com.au
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Original Source: A Strong Business Credit Score Can Help Businesses Get Ahead, Says Liberty
