Business Credit and a Virtual Address
One of the most important reasons for business loan applications being rejected is that the business address does not follow certain lender and credit issuer conditions. Your company’s fundability applies to its ability to satisfy loan and credit issuer acceptance requirements in order to receive funding. Your business address is one of the aspects that decides the company’s fundability. Many lenders and credit issuers would turn you down if you run a company out of your home and use your home address on business loan and credit card applications. Lenders use a particular algorithm to work out what kind of address you have on your business loan applications. If you use a PO box or a UPS address on your loan application, you will be rejected. Since most profitable companies work out of any sort of physical office, the best address to use to get accepted is a physical business address. A computer address is a suitable option if the organization does not have a physical address. You can rent a mailing address and a meeting room from a large and respectable office building with a virtual address. You won’t have to pay an expensive rent or lease if you use a virtual address. Companies such as Regis, Coalition, and Da Vinci offer virtual addresses. And if your company is not physically based there, renting a room in a respectable building would make your company seem highly professional to a lender. Check that your address is clear with both of your online and offline business records, especially with the secretary of state.