Are You Losing Joint Ventures?

What are some of the situations that people don’t realize, that if some people are doing business with you or joint ventures, or in the area of government contracts or even any kind of bidding, they actually may check out your Dun and Bradstreet® score in your company. That may be a deciding factor if they do business or joint venture or recommend you.

The Real Importance of Your Dun & Bradstreet® Credit Profile!

It used to be, before the current credit crisis, that 100 people would go into a bank to get a business loan, and probably 90 of them would get turned down for a straight business loan. They would steer them into something else, a second on their house, equipment leasing, a personal loan, something else. And 10 out of 100 would get a business loan.

That was before the credit crisis. The banks didn’t tell you that we’re going to pull your Dun and Bradstreet® credit profile and take a look at that. Now, you take the same 100 people that go in, probably 100 are going to get turned down, rather than 90.

It was bad before. Government statistics show that it was bad for a straight business loan and credit lines before. But it’s gotten worse, the last year especially.

It’s even more important now, if they’re going to pull that credit profile. You could have gone in 3 years ago, even if you didn’t have a full credit profile, and got $15,000, $20,000 if you had decent personal credit.

That isn’t the case anymore. The banks will pull that credit profile. If it doesn’t exist, they’re going to turn you down.

Like I say, the statistics were high before. It’s almost 100% now.

If you have that credit profile there and it’s deep enough and it’s set up and you have the ratings and the scores, then you can get the lines of credit. But very, very few people that are going to go into a bank are going to have that in place.

About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.