How to Improve Your Credit Score to Qualify for Better Business Loans
A higher credit score unlocks better rates, higher limits, and faster approvals. Here are actionable steps to improve your score before applying for financing.
Start an applicationUnderstanding Business vs. Personal Credit. In Canada, most small business lending relies heavily on the owner's personal credit score. Business credit scores (from Equifax Business and Dun & Bradstreet) matter for larger facilities. Both should be managed actively.
Quick Wins to Boost Your Credit Score. Pay all bills on time (35% of your score). Reduce credit utilization below 30% (30% of score). Avoid opening new credit accounts unnecessarily. Dispute any errors on your credit report immediately.
What Credit Score Do You Need for a Business Loan?. Traditional banks: 680+. Alternative lenders like Voxen: 500+. The higher your score, the better your rates and terms. Even a 50-point improvement can meaningfully reduce your cost of borrowing.
Apply with Voxen at 500+. Voxen Capital works with business owners who have credit scores of 500 and above. Combined with $15,000+ monthly revenue and 6+ months of bank statements, you can access competitive financing even while rebuilding your credit.