Credit scores have a huge impact on your ability to secure a business loan. Most entrepreneurs find it hard to understand the nitty-gritty of credit scores and thus develop baseless myths.
To secure a business loan, an aspiring entrepreneur needs to have an acceptable average credit score. Much of this also depends on the age of the borrower. For example, a young entrepreneur in his early 20s cannot be expected to have a stellar credit score.
Almost every business will need to borrow money at some point or another. When the time comes, a business's credit score is one of the most important factors that lending institutions will consider.