Having a high credit score as Small and Medium Enterprises is important. It helps get funding through as well as new clients. This is because your business credit report can be accessed by other stakeholders in the industry before getting into business with you. The following are a few things you can do to maintain a good credit score: 

Things to Do to Maintain Good Credit Score are:

• Consistency 

A good credit score is built overnight. When availing an SME loan, your credit score needs to be in place consistently. A good practice to boost your score over a period is by credit utilisation – use your line of credit but do not max it out. 

• Updating Information 

There are a few major bureaus in India that maintain profiles of companies. Make sure your profile is up-to-date across these platforms. Information such as years in operation, number of employees, and financial statements must be updated periodically. It is also advised to only borrow from lenders registered on these bureaus.

• Credit History
  It is essential that business owners have a good credit history. This means that they must have no defaults in repayments of previous debt or financial commitments. Having a clean public record is also of the essence, it is a business loan requirement and not having a good rep makes lenders sceptical. 

Fullerton India has expertise in business loans that can give your SME a head start. With our flexible tenures and competitive interest rates, you can focus on your business’s growth and be at ease about financing.

Additional Read: Tick-off These 5 Requirements Before Availing Small Business Loan