NEW YORK, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Everest Business Funding has many reasons why it is a small business owner's trusted partner, as its team of business financing experts always has what's best for the entrepreneur in mind. The revenue-based funding firm is eliminating aggravating hard credit pulls for business owners looking to fund working capital.
Credit cards are often what keep a small business running, but small business owners can still run into walls when trying to access credit lines and loans. The Federal Reserve Banks 2020 Small Business Credit Survey revealed that 36 percent of businesses find it challenging to get accepted for a loan or credit line due to a low credit score being the reason they are denied access. However, numerous small business owners are unaware that they have a business credit score. In fact, vendors, lenders, and even potential business partners may be accessing a business' credit score during the decision-making process of whether to work with an organization or not.
For businesses who are aware of their credit score, regardless of being good or bad, it is common for business owners to want to steer clear of hard credit pulls. A credit pull also is called a credit inquiry. It is essentially a request from an entity to check someone's credit or an inquiry into said credit. Credit pulls are divided into two categories, which are hard credit pulls, and soft credit pulls. Hard credit pulls usually is required when a business applies for credit. Applying for credit includes trying to access a line of credit, a credit card, or a loan. Lenders use hard credit inquiries to determine a business's creditworthiness.
Hard credit inquiries show up on credit reports, thus affecting one's credit and lowering a credit score. This is why hard credit pulls are seen in the eyes of many as a pesky part of acquiring credit.
The difference between a soft and a hard credit pull is that a soft credit pull does not show up on a credit report and has no impact on a credit score. Soft credit pulls are used for reasons other than a lender inquiring about a business' credit history when applying to access credit.
Though the nature of the business beast often brings uncontrollable times, business owners should still strive to avoid damaging their business credit score. Ignoring the fact that a business score exists is one many business owners would not mind doing, but such an unawareness can be damaging to a credit score. Without keeping an eye on a credit score, certain moves, like a hard credit pull, can decrease a score. For example, applying too often for credit can negatively impact a business's credit score. Another way to harm a business credit score is by maxing out a business credit card, even if a business owner is always sure to pay off the complete balance due every month. The most common way to negatively affect a business's credit score is missing payments when they are due.
For more information about Everest Business Funding or to apply online today to get the capital your organization needs without affecting your business' credit score with a hard credit pull, visit www.everestbusinessfunding.com.
About Everest Business Funding
Everest Business Funding provides alternative finance options and revenue-based funding to small business owners. They serve a diverse pool of businesses, from healthcare to retail, to help them obtain working capital to grow, buy inventory, launch marketing campaigns, or hire staff. Everest Business Funding's clients are treated with respect and receive high-quality guidance and service from its professionals.
Media Contact
Anthony Parker
Everest Business Funding
New York, NY
888-342-5709
Info@everestbusinessfunding.com
