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Building a positive credit score for your tech business

credit score

Neil Bellamy, head of technology, media and telecomms at NatWest, explains how tech entrepreneurs can build a positive credit score to gain access to bank finance.

Whether you’re a new business that needs startup funding, or a growing company that needs the funds for expansion, any application for finance will mean that your bank will try and build up a picture of your personal and business circumstances combined with your financial history.

This is a critical part of assessing the business and will often be used alongside your business plan and cash flow projections.

Generally a bank uses four sources of information to build a profile of you and your business when deciding whether to loan you money:

  1. The details you have provided on your application
  2. How you manage your bank accounts – both business and personal
  3. Information about you and your business from a Credit Reference Agency (CRA)
  4. Knowledge and assessment of your business from your Relationship Manager

Credit Reference agencies

CRAs collect and maintain information on your individual and business behaviour in the UK and record five different factors of your credit profile including your: ...