A systemic trend across the economy.
After the 2009 Recession, banks pulled back from lending to individuals with FICO scores lower than 700. At a FICO score of 700 and above, business owners can qualify for various forms of financing including SBA loans, term loans, and low rate credit cards. Unfortunately, these options can disappear with a credit score less than 600. And the truth is that 35% of Americans have FICO scores less than 620, which means there are thousands of small businesses that lack the funding needed to succeed.