Mel feller asks the question
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Mel Feller Asks the Question “How Good Does Your Credit Have to Be for a Business Loan” by Mel Feller Mel Feller understands that your credit scores are an important factor to a bank when deciding whether to offer a small business loan to an applicant, according to the US Small Business Administration, or SBA. To lenders, credit scores reflect how well you handle money and may interpret a low credit score as an applicant not possessing the proper skills to manage finances. If you have poor credit, however, you can still qualify for a small business loan.
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Mel feller asks the question
- 1. Mel FellerAsksthe Question“How GoodDoes Your CreditHave to Be for a BusinessLoan” by Mel Feller Mel Fellerunderstandsthatyourcreditscoresare an importantfactorto a bankwhendecidingwhether to offera small businessloantoanapplicant, accordingtothe US Small BusinessAdministration,orSBA. To lenders,creditscoresreflecthowwell youhandlemoneyandmayinterpretalow creditscore as an applicantnotpossessingthe properskillstomanage finances.If youhave poorcredit,however,youcan still qualifyforasmall businessloan. Here are some suggestionsfromMel Feller: BusinessCreditScore Businessesreceivecreditscoresasdoprivate individuals,butbusinesscreditreportsgobya 0 to 100 numberingsystem, accordingtothe SBA.Factorsthat go intoa businesscreditprofile include howoften youpay your bills,credithistory,andavailablecredit.Mostlendersconsiderascore of 75 as "good" and anythinglessmaymake itharderto finda businessloan,butthere are no particularcutoff scores. Personal Credit Personal creditscoresworkforbusinessloansthe same wayaswithotherloans.Anythinglessthana 640 meansyouprobablycannotfinda lenderatany of the largerbanks,according to BusinessFinance. A score of 700, however,givesyouamuchbetterchance at gainingapproval at mostlendinginstitutions and at reasonable ratesif youwantto use a personal loanforyour business.If yougofora straight businessloan,youwantclose toan 800 score as businessloansare largerthanpersonal loans;this meansstricterlendingstandards,accordingtoFinancial Web. Considerations Generally,youneedanextremelystrongcredithistorytoqualifyforabusinessloanbasedonapersonal credit.Loan.comsuggestsbusinessownersbuildupabusinesscredithistorybefore applyingforaloan. You can purchase suppliesfromvendorswhoreporttocreditagenciesandbuildupa businesscredit score before evensettingupoperations. Warning Mel Felleralongwith www.irs.gov recommendsthatsmall businessownersavoidmixingtheircredit and businesscredithistories,becausebusinessloaninquirieslowerpersonal creditscores.Inadditionto
- 2. loweringaperson'sprivate creditscore, usingpersonalinformationinlieuof businessinformation meansthe businessdoesnotbuildupbusinesscredithistory. Finally, if youhave poorcreditandcannot geta loan,considera communityorlocal bank overa nationwide one.Local banksare more likelytoforgive apoorpersonal creditscore if yourbusinesshas an acceptable rating.Inaddition,some lendersexistthatspecificallylendmoneytopeople withpoor credit;however,expecthighinterestrates. MEL FELLER AND WHAT ARE HIS SKILL SETS Mel Fellerisacertifiedexecutivecoachandconsultantforleaderswhoneedtoachieve significant personal andorganizational results. One of Mel Feller’sexpertise,insightsandengagingstyle helpshisclientsgainwisdomandclarity,which resultin: Executiveswholeadmore effectively Teamsthat seektocommunicate andcollaborate,and Organizationsthatare alignedwithbusinessstrategy Mel Fellerhasoverthree decadesof coachingandconsultingexperience indiverse industries,which providesarich frameworkforhisorganizational insightsandcreative solutions.Ibringsa thoughtful approach to hiswork,carefullyintegratingbothmycoachingandconsultingskillsandabilities.When consulting,myfocusison“what youare doing”(i.e.,goal setting,problemsolving,takingactionand achievingresults).Whencoaching,myfocusison“whoyou are being”(i.e.,how youare leading, aligningyourvaluesandtappingyourgifts).Asaclient,theybecome more consciouslyaware of how payingattentionto – and balancingboth – are criticallyimportanttotheirsuccess. Whenyoucombine Mel Feller’skeeninsightsandengagingstylewithhisin-depthskills,technical certificationsandbroadindustryexperience,the resultisauniquelyqualifiedexecutive coachand organizational consultant. So...whatkindof coach are you?" I getthis questionalot.Moreover,the answeris…Iam a Life Coach,Executive Coach,CareerCoach,and BusinessCoach.Icoach teens,businessexecutives,authors, artists,entrepreneurs,retiredseniors,busy momsand entire organizations.
- 3. “Truth telling,honesty,andcandor:IlovedyouMel Feller!Youhave somuch energyandknowledge!I trulyhope I getanotheropportunitytobe coachedby you.I see myself alittle clearernow,andit’snot so bad.” Lisa Mathews “Mel Felleryouaddedmore value thanwe canpossiblysee rightnow.Mel Feller,youare warm, inviting,andaccommodating.Thankyouforcomingalongside usinthistransition!” VanessaCavanaugh “Mel Fellerthe besteducationsessionthatwe have attendedinmanyyears!Thankyousomuch — I am veryexcitedtoputeverythingyouhave taughtusintopractice!” Michael Randolph “Mr. Mel Feller,Thankyou,thankyou,thankyoufor givinga marvelouskeynote atourSymposium! While we have notyetcollectedthe official feedback,the unofficialfeedbackwasthatYou Were a Hit! I heardnothingbutcomplimentsregardingyourpresentations.Thankyouformakingsucha positive impacton our attendees!” Lyle CunninghamVP "Mel Felleruseshishumor,compassion,anddirectnature tohelpbringoutthe bestinme.Mel Felleris committedtohelpingme live...Imean,reallylive,life toitsfullest." Jose Rodriguez Mel FellerLinks https://www.instagram.com/mel.feller https://ourmrmel.tumblr.com/ https://www.pinterest.com/cfs360/