When applying for funding, many business owners meet the minimum requirements but are still declined. Why? Because lenders also run credit checks on the directors’ profiles. This means that even if your business is financially healthy, your credit score can still impact the outcome.
One lender recently explained a decline like this:
We use factors like credit score, industry, and affordability to generate a score. The generated score didn’t meet our threshold, which led to the decline.
How to Improve Your Business Credit Score in 30 Days
Here’s a 30-day action plan to help you strengthen your credit score:
Check Your Current Credit Score
Pay Debts & Bills on Time
- Prioritise settling overdue accounts.
- Timely payments boost reliability in lenders’ eyes.
Reduce Your Credit Utilisation
- Try to keep balances below 30% of available credit.
- Avoid maxing out cards or credit lines.
Fix Errors on Your Report
- Small mistakes can cost you approval.
- Dispute incorrect listings that hurt your score.
Improve Affordability
- Lenders also check your financial health.
- Free up cash flow by cutting unnecessary expenses.
Remember, even if you didn’t qualify before, these steps will help you strengthen your application for next time. Stay focused, keep growing, and you’ll get there.
To help you further, check out our latest guides here:
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Ready for Funding?
If you believe your credit score is in good standing, you can take the next step right now. Apply through our partner portal
Big Moves in SME Finance
Nedbank acquired fintech iKhokha in a R1.65 billion deal to strengthen its SME banking offering.
Why does this matter? It’s proof that the SME finance space is evolving fast — with more innovative solutions and funding opportunities being built for businesses like yours.
Your funding journey doesn’t have to end with one decline — strengthen your profile, apply smartly, and unlock the capital your business deserves.
