 TITLE: What Is a Business Plan? CONTENT: Using a Business Plan to Get a Loan\n-----------------------------------\nWill you be using your business plan to apply for a loan? In addition to polishing your business plan, take some time to buff up your credit scores. Lenders may consider your personal credit score when evaluating your loan application, particularly if you're a startup. How well you manage money in your personal life is generally a good indicator of how you'll manage a business loan.\nYou can check your personal credit report and credit score for free. If your score needs some improvement, bring your accounts current, pay down debt and take other steps to increase your credit score before you apply for a business loan. If your business is established, it most likely has a business credit score; check that, too, and take steps to boost that score if necessary.\nJust starting out in business? It's never too soon to begin establishing business credit by incorporating or forming an LLC, getting a federal Employer Identification Number (EIN), and opening bank accounts in the name of your business. Building a good business credit score can help you get credit in the future—and finance even bigger business dreams. END