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Will my square loan help improve my business credit score?
I accepted a small loan from Square, will it count towards building my business credit?
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@Starlettherapie Business credit is a bit of a "horse of a different color". Business credit is determined by relationships, things like d&b ratings, and certain other information tied to the tax id number. In short, square loans are based on your transaction history and history with square. So it may improve your ability to get a bigger capital loan in the future with square. It may not help you get a loan at your local bank unless they look at it it manually or individually. Typically your books and record keeping will stand for business loans.
In that aspect, square is great, because without documentation or proof..it didn't happen.
Hope this helps,
Multi-Unit Manager
Order Up Cafe/Tombras Cafe/Riverview Cafe/City County Cafe
Roddy Vending Company, Inc.
www.OrderUpCafe.com
Using Square since July, 2017
Square Champion
Breaker of Things
"Good judgment comes from experience, and experience comes from bad judgment."
"You can have everything in life you want, if you will just help other people get what they want." Z.Z.
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