The credit score required for a commercial loan can vary depending on a number of factors, including the type of loan, the size of the loan, and the creditworthiness of the borrower. While a high credit score can be a positive factor when evaluating a commercial loan application, it is not the only factor that we consider. We also look at the financial health of the business, the business plan, the purpose of the loan, and the collateral available to secure the loan.
That being said, a credit score is an important indicator of an applicant's creditworthiness, and a lower credit score may indicate a higher risk of defaulting on the loan. Therefore, a credit score of 680 or above is typically a good starting point for a commercial loan application. However, we encourage all business owners to speak with one of our lending experts to discuss their individual financial situation and determine the best loan option for their needs.