The amount of feminine business owners in Southern Africa is regarding the increase. In line with the Small Enterprise developing Agency (SEDA), a lot more than 60% of micro-enterprises and 40% of tiny enterprises when you look at the national nation are owned by ladies. Nevertheless when it comes down to loans which are receiving grow the company, small enterprises frequently find funding difficult to find.
One of many issues facing numerous feminine business owners is really a bad credit history – both personal and company. When you have a solid credit score, you’ll generally find it more straightforward to get credit from a selection of conventional financing sources. But, dismal credit ratings are among the main reasons that business owners have refused for loans.
An element of the issue is that in Southern Africa, loan providers usually count on the individual credit documents for the owners to evaluate their threat of financing, and even though company credit file tend to be available. Therefore regardless of if your online business is strong, having a great credit that is personal continues to be crucial.
So what would you do when you have a score that is low but need to get your rating right right back on course to own a much better possibility of getting loans further down the road? Listed below are TransUnion’s top 5 recommendations:
Look at your credit file – and fix any errors
Frequently, customers have actually mistakes on the credit reports that affect their credit ratings. (more…)