When it comes to setting up a business for success, it's essential to comprehend what is included in personal and business credit ratings. Lenders may limit the use of loans for certain activities, such as refinancing mortgages or other loans, paying for educational expenses, making commercial purchases, buying bonds or securities, or engaging in illegal or gambling-related activities. To be eligible for an SBA loan, you'll need a score of at least 680 and strong business credentials, such as several years in business or significant annual revenues. If your score is lower, you'll need to have very strong credentials to qualify.
Your credit score not only decides your eligibility for a particular business loan, but it also affects the loan amount, APR, repayment terms, etc. If you're a Baltimore County homeowner and are having difficulty paying your mortgage or other housing costs, you can learn about the Maryland Homeowners Assistance Fund. Late payments, judgments and liens, as well as accounts opened up to date, help current and future lenders assess creditworthiness. Unfortunately, access to capital for individuals and business owners is unequal depending on race.
Research has shown that the presence of bank branches in low-income neighborhoods has a positive correlation with the origination of mortgage loans; that the favorable effects of the presence of bank branches grow stronger as the branch gets closer to the neighborhood; and that relationships are associated with greater availability of credit in the small business lending market. The upper right panel of Figure 10 shows a positive correlation between the interest rate on business and commercial loans and the participation of blacks in a census district. A lower level of business ownership and business assets among black households is a contributing factor to the racial wealth gap. This implies that lenders have stricter credit rules in Baltimore City and especially in majority-black neighborhoods where home income rate is lowest.
If you're looking for a loan in Baltimore County, Upstart personal loans can be used for just about anything. LifeBridge employees who purchase housing in Baltimore County communities near LifeBridge Health centers are eligible for this program.
