From HuffPost Small Business Blog:
According to the Federal Reserve less than 28% of small businesses are able to get loans because of tighter restrictions…

That means roughly 21 million businesses can’t obtain traditional loans, so they have to rely on friends, family, factors, angel investors, crowd funding, credit cards, etc. That is a gauntlet that Clint Eastwood wouldn’t want to go through.

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So what’s the cause? How can you boost your chances?

When these small business owners go for a loan they are asked two things from their bank or lenders. These two questions are:

1. What are their credit scores?
2. What is their current income or salary?

The problem is the business data and credit scoring infrastructure that has been created and in existence since 1843 was not made for the self-employed, the entrepreneur, or the business owner.

It was made for the consumer and applied to the small business owner or entrepreneur and does not give true credit for the value of the actual business itself.

Today, because of technology and infinite amount of data, business owners can plug in data about their company and match it against similar businesses to find out what their business is worth and leverage that data for loans.

Here’s my advice: 

1. Take steps to understand and improve both your personal and business credit scores. The models may evolve, but scores are not going away.
2. Take advantage of new tools that can measure your business’s real valuation.

Bring this information to your lender. You’ll not only paint a more accurate picture of your business’s health, but also show you’re serious about growing a strong business.

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