Understanding Business Credit Scores and the Role of Minority-led Financial Institutions

Business credit scores play a crucial role in loan approvals and interest rates, while institutions like Carver Federal Savings Bank support minority- and women-owned businesses.

• Business credit scores, like personal credit scores, are a measure of a company's history of borrowing and managing credit, and can influence loan approvals and interest rates.
• Business credit scores range from zero to 100, with 100 being the best possible score. Several companies, including Dun & Bradstreet and Experian, track business credit and offer business credit scores.
• Business credit scores are based on underlying business credit reports that track loans, credit lines, business credit cards, and other business borrowing activity.
• Business owners can access both free and paid services to get access to business credit information, with detailed business credit reports and scores usually available for a fee from the major reporting agencies.
• Carver Federal Savings Bank, a Black-owned bank with branches in New York, has provided about $23 million in loans to minority- and women-owned small businesses.

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