One in four small business owners personally guarantee financing: survey
Fifty-four percent of surveyed owners have checked their business credit report at least once, including 34 percent within the past 12 months.
Fifteen percent said they did not know how to access the report, and 10 percent were unaware their business had a separate credit report.
Sixty-four percent said they would be interested in monitoring their business credit score through their bank’s commercial banking platform, rising to 86 percent among those who had checked within the past year.
Among owners under 55, 74 percent expressed that interest, compared with 52 percent of those 55 and older.
“You cannot manage what you cannot see,” Brown said. “Understanding a company’s commercial credit profile can help business owners better understand how lenders may view their business and the financing options that may be available to them.”
